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Form No. 131 Office Correspondence To_ Governor Eccles From^ J. M. Daiger, FEDERAL RESERVE BOARD Date March 22, 1955 Subject: The House committee made mincemeat of Hemphill this mornings doubt that he will go back this afternoon, unless he is a bear for punishment. Steagall, Sisson, Ford, Brown, Spence, Duffy, Cross, and Cavicchia all took cracks at him this morning. The only reason the rest of the members did not was because they adjourned around £2:50 to answer roll-call in the House. Incidentally, Ford and Cross both gave marked evidence of having learned a good deal from your testimony. At the outset of the hearings, I thought, Ford showed less under standing than any other member. The notable fact about Cross is that he now knows what velocity means. He was the one this time who told Hemphill that he had to consider velocity as well as volume. Professor Fisher is to testify this afternoon. Mr. Steagall told me after the adjournment this morning that he was going to hear some "farmers'1 on Monday, then wanted to get Mr. Hollister to "bring on a couple of bankers to testify against the bill," and then try to close the hearings by the middle of next week.
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