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F e d e r a l R e s e r v e B ank o f P h ilad elph ia
T h ir d D i s t r i c t
R ic h a r d L. A u st in

h a ir m a n a n d

F ed eral R e s e r v e Agent

O f f ic e

A rt h u r E.P o s t

of the


C h a ir m a n


of the

R eserve

B oard

A gent

A s s is t a n t F e d e r a l R e s e r v e A g e n t

Er n e s t

C. H ill

A s s is t a n t F ed e r a l R e s e r v e A g e n t

October 22, 1935.
Dear Governor Eccles:
Ever since hearing you talk to the Robert Morris
Associates at French Lick Springs bn October 7, I have been in­
tending to write and tell you that I enjoyed exceedingly your
Almost without exception the comments I heard upon
your address were highly favorable.
The men liked your infor­
mality and I am sure you made a host of new friends.
to many bankers in your audience, some of the subjects to which
you referred were matters with which they were insufficiently ac­
quainted, for as you know these men are concerned more particular­
ly with the detailed analyses of credits.
They were undoubtedly
keenly interested in what you had to say and I am convinced that
you gave them much food for thought.
The Associates are a live
bunch of fellows and we need their hearty support.
I think you
did a lot toward bringing about a closer relationship than ever
before between the System and these bank credit men.
% expectations were fulfilled and I was delighted
when I read in the news dispatches that the President was to
appoint you as chairman of the new Board of Governors.
I am
sure that now "We are going somewhere and we are on our wayI"
There are no doubt a few rocks on the financial highway, but the
thoughtful and progressive bankers can soon drive over a smooth
and safe road with a destination in sight.
Some other bankers
may be left behind, recalling the old adage, "Where there is no
vision, the people perish" for I'm afraid there are still a few
bankers who do not have much in the way of vision.

Cordially yours,

Arthur E, Post.


October 31, 1935

Mr. Arthur E. Post,
A s s is t a n t Federal Reserve A gent,
Federal Reserve Bank of Philadelphia,
Philadelphia, Pennsylvania.
Dear Mr. Post:
I appreciate very much the kind comments con­
tained in your letter of October 22nd with reference to
my remarks before the convention of the Robert Morris
Associates at French Lick Springs early this month.
It may well be as you state that bank credit
men as a class are more interested in detailed analysis
of a borrower’ statement than they are in the total
supply of credit money, yet there may have been some who
had some comprehension of the larger problem. I also
believe that many people who are ordinarily not interested
in a subject can become thoroughly interested if their
minds are sufficiently stirred in that direction. I am
hoping that as time goes on bankers and businessmen will
take more interest in the problem of control and use of
the total volume of credit as it affects the public welfare.
Most bankers are naturally like the man in the woods: they
can't see the forest for the trees.
Yours sincerely,

M. S. Eccles,