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corr. •• •« 2 5 * 1- • tim President, The Whit© 5 i, .- . m the Pnutier-'IiEBateB b i l l was dim for a w t e .1 v with SMfcfe 'rote you t h a t t! B appo3G& ' 111 ought to bo fur: I -ursmaiitiGri -• ,-lted .in -V. - sparing, a brochure -, was only <xm aartrld£;o» Vllnst i g ar Eecles i s '^ drapl® I eaa uadare bl » OB ! :as /as ::C ,. rally< bo "be d< j j I s i t true thffib I nwumfe ttlets u n «i i2Oi5dy or tlie uso of tho Gcnrersffimtis credit** for pract i c a l l y no I t ic mt«adia .o Federal Ii i heiro to pay ;;oin* Interest for i , , Federal liescrre do not go t o ' . other tlian C;' on t I I it ti*e ?ed©ral"l!GGer'yo W&TQ liqu.f would ©et ao nor@ tlian lOO^f on the 0 on tlieir Gtocl:j that t.r 0 : becoKje thv propein;;* of th* '. -a !*«•« a l l f ipl»» rather n ^•atoiV etc*» etc* Bale iafofsatiosi ought to b# ass@sbled axid gotton to# a t l e a s t , the llous© asnibors who voil a s t tlie Frazier-La^rc b i l l , so that w© caai tnsuer t h e breast-bettors # N ".air .Itlifull , (Sigaod) Sttoual B« Sariuel B. Petfcensill, >.11 . , THE WHITE HOUSE WASHINGTON June 26, 1936, FUtt FOR P&fiPJAATIiJgi OF &&PLX fUH MJ F . 6. K. Let. frc^ Rep, SAMUliL B. P£TTiil4GIU*t 6/25/36, suggesting i t would be weH for Secy. Morgeathau and Gov. B c d e s to give statement on Fed. Res. and banking generally which may clear up current c r i t i c i s m s . Letter sent to Treasury. TREASURY DEPARTMENT WASHINGTON June 27, 1936, Honorable Ilarriner S, Ecclcs, Chairman, Board of Governors, Federal Reserve System, Washington, D.C, Dear Llarriner: I am. enclosing a copy of a l e t t e r from Representative Pettengill to the President, together with a copy of a suggested reply by the President and of ray raenorandun to the Yfhite House. If you approve, will you ask rone one to vork up sons data on this subject? TTe v/ill be doing the same. Very truly yours, Herbert E. Gaston Assistant to the Secretary, Enclosures. 1956 l a response t o josar l e t t e r of Juae £7t& to RttpEfsceatfttive Petteaglll 1 © sa*gg©8ti have had tha eii&Lased amteariel promr«i f which I will b® bad siailar r«$a®st»i and© directly and aeeordlngly copies of this have alraady bmmi given to l l , B^preeefit&tiv® S » i l l j of Wi»sad l*®oa EenderfiO% with the OBderstftadiag that are to me® i t «a their <»m and not %® eoMaatixig aach as X ftbotild like to see t ^ Pedoral E®* dafezideay X feel that we c^mot d i r e e t l j enwith those tiio ar© attaclcing i t * Chalniuu Assietaat to t&© BT:b $*££.. - ' nature. .1: 1 think t.. Is ' , ^io-n co I hwro ar-.. . I r* 9OBMI MRteriai ar Jtmo 2Sth -/STOOP i i t avail«bl« « Juno 27* 1956. .GS of til© attached l e t t e r f rwta i l l eaail i»ill ^o t o wor ' • • . 3 #
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