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Internal Memorandum September, 1955 A Oven D. Young Papers Copy of a letter dated April 11, 1927 to Mr. Case from the manager of the National City Bank of Havana.- The name is C. E* Little, It gives a picture of the then-situation* It is followed by a carbon paragraph without attribution or date which reads as follows, "So long as we have a direct agency of the Federal Reserve System at Cuba, the New York Bank will do everything within its power to make it successful in its usual operations and to aid it in meeting such a crisis as happened last year, and such as may come again (that crisis included a run on some of the banks in Havana with a hasty effort to send down currency enough to meet the run), but we do not wish this attitude on our part to be construed as an approval by us of the principle of the Federal Reserve System operating a direct agency in Cuba, My position on that question is unchanged, and we hope that the Federal Reserve Board will renew from time to time its discussions of the wisdom of the existing policy in the light of experienced gained*n (This may be a quote from a board of directors1 minute) MA:IB "7
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