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February IX» 19^6 Do&r Domnt It is with & good deal of diffidenee that I send a oopy of aay speeoh of odne on the British losn to a gifted public Speaker like youreelf , but X am doing so* nevertheless, be~ oause eotae of the staff might »iah to look at it and perhape you would oare to add it to your extensive file on tnia question« With best regards, Sine©rsly yours. The Honorablo Dean Acheaon, ünder Seoretary of State, Washington ¿5* D. C. Snolosure February IX, X9&>, Dear Hill* X aa venturing to enclose a oopy of ay first effort to disouse the British loan la publie. Busy as you are, X do sot aean to in* fXlot this on you« but thought you might care to glanoe at it and possibly have it at hand as part of your doubtless elaborate file on this issue« With best regards, Sino« rely yours. The Honorable 11« L. Clayton, Assistant Secretary of State» Washington 25, D* C. EnoXosure February 11, 19^6 tiy dear Lord Keynes t You were kind enough to «end ne a oopy of your aoat able address to your countryman on the loan, and I «1 taking the liberty of enclosing a y initial effort to disouss the subject publicly* This Is not a fair exchange since your cum speech was outstandingly excellent, said this effort of nine is the better for having quoted a few lines from yours. With every good wish. Sincerely yours. The Right Honorable Lord Keynes, Treasury Chambers, London, Stagland. February 11, 19^6* Dear Predi Uhlle X know you are much too busy to read just another speech la favor of the Britiah loan, I am venturing to sand you a copy because it 1« *ay first effort in public osa this subject, and it occurred to me that possibly you night wish to have it or sons of the staff ai^it be interested in looking it over. With best regards. Sincerely yours, The Honorable Fred SI. Vinson, Secretary of the Treasury, Washington 25, D. C. Enclosure February 11c I9I46* Dear Henry: Apparently you and I both appeared on the stunp for the British loan on the saae day. At least Z a«» a aention of your speech, though not of Bine, in the press« I a» venturing to enclose a copy not because X wanted to infH o t this on you, but thought you sight oare just to glance over it and that possibly aone of your staff would be interested in seeing it* Sincerely yours, The Honorable Henry A* Wallace, Secretary of Cosraeroe, Washington 2*>, D. C. Enclosure February *3# 19^6* My deer Mr* Brandt I «a taking the liberty of aending you a copy of a talk X gave in Philadelphia laat Saturday on the Britiah loan since it eaa ay first publie effort on this subject, in which you are ao deeply interested, and it occurred to ae that you sigbt possibly oare to glance at it and have it for your files. ■ffith best regarda, Sincerely yours. the Honorable Sobert H* Brand, 929 The Willard Hotel, Washington, D. C. Enclosure F O U N D E D IQI2 T h e f o r P e jo t s y l v a n ia In s u r a n c e s o n L i v e s a n d G C o m p a n y r a n t i n g A n n u it ie s MEMBER FEDERAL RESERVE SYSTEM P h i l a d e l p h i a WM. FULTON KURTZ P R E S ID E N T February 8, 1946 Mr. Marriner S. Ecoles, Chairman Board of Governors of the Federal Reserve System Washington, D. C. Dear Marriner: I am particularly sorry that I cannot hear you at luncheon tomorrow at the Foreign Policy meeting, but I find myself involved over the weekend. While I write, I want to tell you that I am person ally much concerned over the continued depreciation in the interest rate. I hear enough of the general gossip to under stand that the Secretary of the Treasury has not yet been con vinced of the dangers of the present fiscal trend. It seems to me and to many others that this puts the problem pretty squarely up to the Board of Governors. The next time I go to Washington I shall call up to see if I can have a chat with you and get your ideas of where we go from here. With all good wishes, I am WFK:ELJ % FOREIGN POLICY ASSOCIATION Telephone: RITtenhouse 8181 1223 Land Title Building, Philadelphia 10 R IC H A R D L. D A V IE S , Chairman E ARL G. H A R R IS O N , Vice Chairman A LFR E D G. S C A T T E R G O O D , Treasurer E D W A R D S. M O R R IS , Executive Secretary C H A R L E S H. F R A Z IE R , Assistant Treasurer M R S. G. R. W IG FA LL, Secretary February 11, 1946 Dear Hr. Iccles: Tour address on Saturday was very effective. Many compliment s to you have come in from those who were present and judging from past experience, there will "be a substantial number of thoughtful letters to members of the Congress re sulting from your clear and persuasive presentation* It m s a great pleasure to have you with us and I am looking forward to the opportunity of another visit with you soon. Co rdi8*•• f Cordially, Chairman The Honorable Karriner S. Sccles Chairman of the Federal Reserve System Twentieth St. and Constitution Ave., H.W. Washington, D. C. Offic e o f m Efl/GffCoM M issiONm iw m £ ¿frJTFD/fWGDOM, JS a rn s c liffe , Ottaw a . CHÂTEAU LAURIER OTTAWA 19th February, 1946 Dear Mr. Eccles, Thank you so much for your letter of February 13th sending me a copy of the speech you gave in Philadelphia. I have read it, not only with great interest but with great appreciation and it seems to me to have been an excellent statement of the case. I am in Ottawa negotiating with the Canadian Government for further borrov/ings for my unfortunate country. I hope we shall be able to; come tc some satisfactory conclusion. With best regards, Yours sincerely I H Marriner S. Eccles, Chairman of the Board of Governors, Federal Reserve System, Constitution Avenue, N.W., WASHINGTON, D.C. % Tx ivvvti^ ^ THE BRITISH SUPPLY COUNCIL IN NORTH AMERICA BOX 6 8 0 O F F IC E O F TH E BENJAMIN FRANKLIN STATION C H A IR M AN WASHINGTON, D.C. 16th February, 194-6 Dear Sir Mr. Brand is in Canada and I am writing in his absence on his behalf to acknowledge receipt of your letter of February 13th, with which was enclosed the text of your address at Philadelphia on February 9th. I am forwarding your letter to Mr. Brand in Ottawa. Yours sincerely, Private Secretary to Mr. R. H. Brand. Mr. M. S. Eccles, Chairman of the Board of Governors, Fédéral Reserve System, Constitution Avenue, N.W., Washington, D. C. ‘Private M a il in g C a r d There will always be a UNITED STATES OF AMERICA IF W E DO NOT GIVE IT A W A Y W rit« your U. S. Congressmen & Senators LET GOVERNMENT DEFEND The Man W ho Wants to Work SECURE in His Job Despite the Picket Line What else do w e want an army for? PEACE— Prosperity and Progress U.S. s bond U S K YOUR POS $ - Z-* M. O. HICKMAN 107 NORTH 34T H Tur^ f Z c t n ~ L _ r?u~ M* te^C^. PHILADELPHIA, STREET c u z ' j^ c ^ yi^fcp-vt_ ’77-x^ c ^ -¿w-v &>*CL y^q' -- ^# , - A^CyC yh^ct u * U ~ * + d i Z ^ c ^ t r - ^ & “W A^/ ^ %JL^ ¿UAJ^ J^SL, http://fraser.stlouisfed.org/ Sl*jL&Reserve piZjf Bank ? ^ 7of ^ -^.ÌZm.' Federal St. Louis <X- PA . £±<\s ------------ - ---------- >é ou^c, f u ^ t ^ r POST OFFICE BOX 9 7 TELEGRAMS AND TELEPHONE STUART CHASE REDDING CONNECTICUT February 20, 1946. Mr. Marriner S. Eccles, Chairman, Board of Governors, Federal Reserve System, Washington, D. C. Dear Marriner:I've just been reading your speech on the British loan which you sent me, and I think it ad mirable. 1 see that we are in close agreement on the "basic principle of foreign trade, namely exchanging stuff for stuff. I don't think I'm quite as worried about in flation as you are. I see no possibility of a runaway inflation of the German or Greek type, but we might get something like 1920 if we follow the advice of the N.A.M., so I'm supporting Chester Bowles for all I'm worth. With all best wishes, Sincerely yours, SC:LD GEORGETOWN CONNECTICUT March 2 , 1946. Dear S t u a r t : Thank you for your note of February 20 in regard to my initial effort to discuss publicly the British arrangement. It is very gratifying to have approval from a discriminating authority like yourself. I quite agree that we are not likely to have a runaway inflation of the German or Greek type, but the situation could be pretty bad if, as you put it, we were to follow the advice of the N.A.M. I am glad you are backing up Chester Bowles. I am certainly trying to do so. With best regards, Sincerely yours, Mr. Stuart Chase, P. 0. Box 97, Georgetown, Connecticut. ET:b \iy=> ( T H IS S ID E O F C AR D IS FOR A D D R E S S ) 'Vyl '/ / ^ . H ' ¿a e * ¿ L ~ -N / :jbU~ÿj£~(A^C ^ ’ y^*ypr¿~-j / b " t & <r+ <3 * ' £ y, i * ~ J ^ £ > > /? f*;::^ J °~~>,‘ if ■fyp?4£ * >24L<Ji, Oo http://fraser.stlouisfed.org/ fay Zc*sV-~i^JLjTi' S*<sis3*±. Federal Reserve Bank of St. Louis r2 ?****&, ESTABLISHED union nnnonflL I 1911 briik B u n o i n c P%oc£, ¿&cA.a*t4a&— February 22, 1946 Mr. Marrier S. Booles Chairman of the Board of Governors Federal Reserve System Washington, D. C* Dear Mr. Ecolesi I have received and read with much pleasure a copy of your address on the British Loan, delivered by you in Philadelphia on February 9th, and I thank you very much for making it available to me* I am serving with much interest and pleasure as Director and Chairman of the Board of the Little Rock Branch of the Federal Reserve Bank of St. Louis. SMB/js March 1, 1946. Dear Mr. Brooks: Let me thank you for your thoughtfulness in writing in regard to my talk on the British loan. 1 want to take this occasion to say that I am particularly pleased to know that you are find ing your service as Director and Chairman of the Board of the Little ftock Branch of the Federal Re serve Bank of St. Louis interesting and agreeable. Sincerely yours, Mrs. S. M. Brooks, Union National Bank Building, Little hock, Arkansas. ET:b N O .1 5 5 3 Th e T u ts t N a tio n a l B a n k March 25, 19*46 Mr* Marriner S. Eccles, Chairman Board of Governors Federal Reserve System Washington, D. C. Dear Mr* Eccles* I have just read the remarks you delivered before the Foreign Policy Association in Philadelphia on February 9» 1946« These remarks are reprinted in the March issue of the Federal Reserve Bulletin* I commend you upon your statement. I haven’t always agreed with some of your pronounce ments but on this one I go with you 100%. E M Re E« B* MacNaughton President April 4, 1946. Mr. E. B. MacNaughton, President, The First National Bank of Portland, Portland, Oregon. Dear Mr. MacNaughton: This is to acknowledge your letters of March 19 and March 25 which were on my desk on my return from a brief visit in the ilkest. I appreciate your references to my remarks before the Foreign Policy Association in Philadelphia. I understand that you are the chairman for your State of the nationwide committee which is sponsoring support of the British loan proposal and because of your interest in the matter, I am ventur ing to enclose a copy of the statement I made before the Senate Committee on ■Banking and Currency on March 8 when 1 appeared on behalf of the loan. as I trust I shall have the pleasure of meeting you whenever I have the good fortune to get to the Coast or whenever you chance to be in Washington. I would appreciate it if you would give my best regards to our mutual friend, a . C. Lighthall, when you see him. Sincerely yours, M. S. Eccles, Chairman. Enclosure ET:b W. H. P A T R I C K . P O D O S CARAWAY. r e s id e n t W. W. TAYLOR. C ashier R. V ice-P resident S. W H IT E . K A T H E R IN E 5463 F i r s t ^ a t io m l R a n k CAPITAL STO CK $ 5 0 , 0 0 0 . 0 0 SU R PLU S $ 3 5 .0 0 0 .0 0 March 26th 1946. Marriner 3 Eccles,Chairman, Board of Governors, Federal Reserve System, Washington, D.C. Dear Mr Eccles:I have just read a copy of your Philadelphia speaeh published in The Federal Reserve Bulletin for March, I want to commend you for the most able presentation of the proposed British loan. I cherish the hope that every member of congress will read and reflect on the many fundamentals covered by you. Very sincerel^7~1) cc/p* S W.H.Patrick*Presideat. A ss t . C ashier BUGBEE. A ss t . C ashier A p r il 4 , 1946« Mr. fo. H. Patrick, President, First National Bank, Clarendon, Texas. Dear Mr. Patrick: This is to thank you for your comments on my Philadelphia speech in support of the British loan. Because of your interest in the matter, I am. venturing to enclose a further statement on the same subject vnhich I presented to the Senate Banking and Currency Committee on March 8. Sincerely yours, M. S. Eccles, chairman» Enclosure ET:b F e d e r a l R e s e r v e B a n k o f Sa n Fr a n c is c o SAN FR A N C ISC O 2 0 ; C A LIFO R N IA March 25, 194-6 A L B E R T C. A G NEW GENERAL CO UNSEL Honorable Marriner S. Eccles Chairman Board of Governors of the Federal Reserve System Washington, D. C. Dear Governor; While it may be considered "gilding the lily”, nevertheless, I shall not refrain from expressing to you my admiration of your presentation of the issues involved in the British loan in your address to the Foreign Policy Association in Philadelphia, February 9th last. You covered the subject in a thorough and dispassionate manner, pointing to the ad verse features as well as the favorable ones, and I think you "made a case” which is unanswer able. It is quite too bad that so much public misunderstanding exists regarding the issues involved. I do wish your constructive comments might have wider circulation than will be obtained through the Federal Reserve Bulletin. Sincerely yours, ALBERT C. AGNEW NEW -, I April A, 1946. Mr. iilbert C. *»gnew, General Counsel, Federal Reserve Bank of San Francisco, San Francisco 20, California. Dear Mr. Agnew: This is to thank you for your letter of March 25 commenting on my address before the Foreign Policy Association on the British loan. Because of your generous comments and your interest in the subject, I am venturing to enclose a subsequent statement which I presented before the Banking and Currency Committee of the Senate on the same subject. Sincerely yours, M. S. Eccles, Chairman. Enclosure ET:b F e d e r a l R e s e r v e B a n k o f Sa n Fr a n c is c o SAN F R A N C ISC O 2 0 , CALI F O R N IA April 15, 1946 A L B E R T C. A G NEW GENERAL COUNSEL Dear Governor: I thank you for your note of April 4 and particularly for affording me the opportunity of reading your brief and cogent statement to the Banking and Currency Committee of the Senate re garding the proposed loan to Great Britain. If press reports are correct, your work has not been in vain. I am so delighted that the numerous substitutes suggested, such as that of an outright gift of one billion dollars (an en tirely inadequate amount and based upon an improper premise) have been rejected. Your presentation was concise, factual and most pursuasive. I have no doubt that it con tributed very greatly to the creation of a favor able atmosphere for further consideration of the matter. I am particularly glad that you included the final paragraph. National gratitude is short lived but certainly, in this case, it is a factor to be considered. Chairman Board of Governors of the Federal Reserve System Washington 25, D. C.
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