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T H O M A S F. F O R D I4TH Dl«T. CAUFOKNIA COMMITTEE: BANKING AND CURRENCY Congress of t\)t J&nittb *tatetf %ovat of fcepretfentattoe* December 26, 1938, Hon. Marriner S. Eccles, Chairman Board of Governors, Federal Reserve System, Washington, D. 0. My dear Governor: In this morningf-s Post I read with intense delight and complete approval your answer to Senator Byrd. With that philosophy animating the Board in the ensuing two critical years, those of us who look forward with courage and determination need have no fears that our leadership lacks what it takes to meet the grave and multitudinous responsibilities that the situation entails. Let me say that I personally believe that the examination of banks should be in one department and that the relation of the Federal Reserve System to the banks is so close that the examining authority should be vested there. "Too many cooks spoil the broth" is r old and trite, but, nevertheless true. Our government has ignored this truism to its great loss and detriment both in the matter of economy and efficiency. With heartiest congratulations and the season's greetings, I remain, Cordially yours, January 3> 1939* Dear Mr. Ford: This is to thank you for your letter of December 26th with reference to my recent reply to Senator Byrd. I was very much gratified to have your approving comment for, of course, the"subject matter is jighly controversial, widely misunderstood, and bound to be more productive of brickbats than of bouquets. However, I felt' that if in this way it were possible to Simulate discussion, it would be all to the good. I was also interested in jour reference to the close relationship between monetary policy and bank examinations. You and 1 have the same viewpoint on this question. I greatly appreciated your tnoughtfulness in writing and I want to reciprocate most heartily your good wisnes of the season. Sincerely yours,. £>. Eccles, Chairman. Honorable Thomas F. Ford, House of Representatives, Washington, D. C. ET:b in "•;''!;~;a • •• ->t'
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