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W A S H I N G T O N




OAKS

ST. AUGUSTINE,

Personal

FLOKID

February 9, 1940

Mr* Marriner Eccles, Chairman
Federal Reserve Board
Washington, D* C*
Dear Marriner:
I was greatly interested and correspondingly pleased by the public announcement
of your re-appointment to the Chairmanship of the
Federal Reserve Board*

The ingenuity with which

the term was diminished, to the satisfaction I
imagine of Chester Davis, excited my admiration*
I send you personally my congratulations on your
re-appointment, my satisfaction with it as a member
of the Federal Reserve system, and my best wishes
for you always*

0DY:lw

February

Dear Mr. Young:
Your thoughtful note of February 9 witch regard
*
to my reappointment is very much appreciated*
You noted what in effect was my exchange of
terms with Chester Davis, and 1 trust you felt it was
appropriate. It was given a good deal of consideration, for while it was of no advantage to me in the
event of my resigning later on, it will, 1 think, assure the System of Mr. Davis1 services, which have
been of the greatest value, in my judgment. *s you
know, he enjoys the confidence of the agricultural
leaders in this country and I have no doubt that as
a result of r i many off-the-record consultations with
*s
them, he has been instrumental in diiecting their
thinking along sound economic lipes and away from
monetary experimentation that sometimes wells up from
these as well as otner sources and finds expression
in Congress.
I am glad to have your personal congratulations. It has likewise been a satisfaction to me
that the System has continued to have your services.
I want to reciprocate most heartily your good wishes.
Sincerely yours, •

Mr. Owen D. Young,
Washington uaks,
St. augustine, Florida.

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