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Sears,Roebuck and Co.

Executive Offices


May 7, 193S.
Hon. Marriner S. Eccles, Chairman,
Board of Governors of the
Federal Reserve System,
Washington, D. C.
Dear Governor Eccles:
just returned from a month1r fiT
to Alaska, where I
out of cormnunication with the rest of
the world much of t * , ,


I Ir•'••
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
I also
in regard to the p]
tily in ace

in the Wall Str et J
I c]
;t. I
Lth the sugg t
'. I thi;"
iflage • • that 1
rve Prof Governors should constitute the open market committee iI ut
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,