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October 2&, 1954. Mr. D« J* The Bank of California, Tacossa, Washington* Dear Sin Your l e t t e r addressed to Ur* Karl/ has been referred to M | smd I #ish to herewith acknowledge it* I have turned aver your pl«D for ;KOtiet&ry control to of the treasury staff who are f—111 af viib tia^ involved snd they haTt given i t careful consideration. If you ftrt goi*5g to be in iaahington in the near tutor* I » i l l i m f i | i for you to B*«t iOlM ccmyetoat ssember of the Treasury itaff who will be glad to discuss with ft/a details of your projKiMilt Very trulv ]TOBri| to October 80, 1954 Mr* Gaston Mr* Eccles I have not had tine to mad Ur* Young's plan, but I have referred it to my assistant, Mr» Edmiston, who hfti ^one over it carefully* Mr* ioungfs plan contains some pertinent observations about the difficulties which result from the poor functioning of the money system and he has nade sop;e accurate observations about the volu&e of isoney and its velocity of circulation* However, his suggestions for im- provement are not as carefully worked out as they right be, and there is considerable doubt that they could be effectively inaugurated into our banking system. Considering the low order of the average plan which is presented to the President, Kr« Koung'l is far above normal snd therefore I think It wuld be well for somebody in the Treasury to aee M m when he eoir.es to $ashington« Either myself or iikk.iston »-ili be glad to talk to him about his proposals* Attached is a suggested reply to his letter for your signature*
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