Letter to the Speaker of the House Transmitting an Estimate of Appropriations for Federal Land Banks.

Sir:

I have the honor to transmit herewith for the consideration of Congress an estimate of appropriation for the Treasury Department for $125,000,000, for the fiscal year 1932 and to remain available until expended, for subscriptions to capital stock, Federal land banks.

I am transmitting this estimate of appropriation at this time so that funds may be available for the stock subscriptions authorized by the act at the earliest possible date.

Further details regarding this estimate are set forth in the letter of the Director of the Bureau of the Budget, which is transmitted herewith.

Respectfully,

HERBERT HOOVER

[The Speaker of the House of Representatives ]