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Sears,Roebuck and Co. R.E.Wood Executive Offices Chicago President May 7, 193S. Hon. Marriner S. Eccles, Chairman, Board of Governors of the Federal Reserve System, Washington, D. C. Dear Governor Eccles: I just returned from a month1r fiT to Alaska, where I out of cormnunication with the rest of the world much of t * , , C I I•• r'• n reading with much Interest the President's message of April 15th. Of course, I think the action he took at that time was wise both as to the desterllleation of gold and the lowering of the reserves, though I would agree with you that the latter was not particularly important and will have little, if any, influence. I only regret that the action was not taken three or four months ago, as this deprt ssion has fed on itself. Fowever, I think the chanc are more in.favor of, than against, the possibility thi I 1 will : t l ber. I also in regard to the p] tily in ace in the Wall Str et J I c] 1 ;t. I Lth the sugg t ' I thi;" . iflage • • that 1 rve Prof Governors should constitute the open market committee i ut I representatives from the Reserve Banks. I also believe in the re1 of the section of the low which forbids the Reserve Brmks from buying government securities directly from the Treasury. I think the question of the price of gold may come up in the next four months. I have been opposed to any change in " ice the original change. I see the franc ir again devalued, but I do not think that is of any particular importance in itself and it should not influence our action one way or the other. But if the British should devalue again, then I think we will have to make a change comparable to what the British do. Sincerely yours,