Full text of Marriner S. Eccles Papers : [Excerpt of a Transcript from a Meeting of the Federal Advisory Council], Box 82, Folder 6, Item 2

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Mr. Hemingway:

Mr. Jackson:
given."

You are suffering for your past sins

I resent your statement when you say, "Ho help has been

I know, as a fact, that the recommendations we have made to the

Treasury are exactly what you have made on many occasions.

Mr. Ray:

I would like to say to Mr. Eccles that if he has tried to

use this kind of salesmanship, it is not any wonder that you have failed.

Mr. Ringland:

I think that last night I was perhaps a little more in­

sistent than others that Mr. Brown make the statement he did as to why the
Council made the statement the way they did.
stood.

I thought Mr. Eccles under­

There is no lack of courage in the Federal Advisory Council.

have felt this is no time to take sides.
vital that there be some agreement.

We

Everyone of us felt it was most

Sometimes there is not agreement be­

cause we are not talking about the same thing.

This statement we gave you

applies only to the period immediately ahead.

Mr. Eccles:

Maybe I should apologize to the group.

man McCabe) - when you were out, Tom, I made a statement.

(Turning to Chair­
I have been so

wrought up over this thing for a considerable time, I guess maybe I said
some things I should not have or said them stronger than I should have.
have to have a "Devils Advocate."
role of d®4ng ijrnt.

You

I certainly seem to choose the difficult

I possibly should not have done it today.

I hope you

won’t, any of you, take it as a personal thing. It is a strictly objective




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objoottvo question.

2

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I might have said the same thing differently.

I know,

individually, you all have different views, and, when you get a group of
this sort, strong men have to compromise their views, and the statement is
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HUqA. OLk J?
not the kind of statement that each ofle of'jyou would put oujt.^Therefore,
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ijo
^
i n I g / y o u collectively, I want to apologize to you individually.

Mr. Ray:

As the one who picked up the flag when Mr. Eccles waved it

I guess, I want to say I accept the apology.

Mr. Brown:

The reason the Council felt unwilling to make this state­

ment at that time was that it would merely increase the difficulty of nego­
tiations with the Treasory.