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To a l l Commercial Banka:
The Board of Governors of the Federal Reserve System
encloses f o r your information a copy of my statement before
the Jfcint Committee of the Congress on the Economic Report
dealing with the current problem of i n f l a t i o n a r y bank c r e d i t

The Board i s sending t h i s statement t o you d i r e c t l y

because of the importance of the subject matter and of the
pronouncement to the banking community as w e l l as to the
public generally.
Very t r u l y yours,

Um S # Eccles,