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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*is many off-the-record consultations with 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. ET:b
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