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February 19,

Honorable Fred K. Vinson,
Secretary of the Treasury,
Washington 25« 0. 6«
Dear Fred:
I air; enclosing a copy of i l e t t e r which I fc-rote to the Reserve
Ban* Presidents at the end of LMt asonth on the subject of the British
loan and copies of the responses which I bars received from a number of
the Presidents. I do not expect that you will hsvs time to read through
this correspondence, but you slight pmm i t on to soff.e of the people in
your Department who will be interested. The replies frois the Presidents
indicate that the directors &n& officers in all of the Birttl are taking
a keen interest in this Flatter and art doJjaf their part in s t i l l i l l f
public discuesion of the issue.
I h&d previously sent the Presidents a considerable aaOVAt of
• i t f i l l relating to the British negotiations, including th« oriirinal
agreements, MaWPaBdl i l i j T l n j their contents, coplsg of Lord Keyne»f
speech, etc. I had also arranged for D & Acheson to speak on the British
e n
loan at • luncheon Bee-tin^ here at the Board which w * attended by rsprt
sentatives frois the research divisions in the vmriotti federal Uvsorv*
Banks. With this background tm& with the further coverage of this sub,j«ct *hieh has been given in the Federal Re serve Bulletin* I believe that
the Federal Reserve Banks will be able to i l k i a largo contribu.tion to
public understajidinf of the British problem..
Sincerely yours,
(Signed) M. S. Eccles
M. 5. Eccles,