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Sears,Roebuck and Co.
Executive Offices
R E Wood

June 16, 1958.
Hon. M. S. Eccles, Chairman,
Board of Governors of the
Federal Reserve System,
Washington, D. CMy dear Governor Eccles:
I heard recently that the old question
of having Mr* Crowley appointed to chairmanship of the
Federal Reserve Bank here had again come up.
I think it would be a great mistake to
make this appointment unless the Board here were consulted, and I am quite sure what the Board would say.
On general principles I think it would be a mistake to
make a political appointment of this chairmanship.
You understand, of course,rayown attitude in the matter. As far as I am concerned, I do not
care. I went on the Board simply to be of such assistance
to you as I could and I still feel the same way, but once
on the Board I should not like to see a political appointment made such as that of Mr. Crowley, especially since I
understand he did not have a very good record as a banker.

Sincerely yours,

Sears,Roebuck and Co.
Executive Offices

June 16, 1958,

Hon. M. S. Eccles, Chairman,
Board of Governors of the
Federal Reserve System,
Washington, D. C.
My dear Governor Eccles:
Is there any chance of your
being out in Chicago within the next few weeks? I
have not been able to get down to Washington for a
long time and doubt whether I will be there this
Business continues getting
progressively worse. I think it is more or less a
race between the deflation spiral and the forces
loosedby the new money that you are able to put
into circulation within the next. 90 days, coupled
with the two steps taken in April. To my mind the
great mistake was that these steps were not taken
last November.
• 1 ' >

Do you get any news from
England as to the possibility of their again raising the price of gold? As you know, I have not been
in favor of changing the gold price since the President
raised it in 1934, but if England should change their
price, I think we would be forced to follow suit. If
there is any information you can consistently give me
on the subject, I should appreciate it.

Sincerely yours,

June 22, 1958,

Mr. R. E. Wood, President,
Sears, Roebuck and Co*,
Chicago, Illinois.
Dear General Wood:
With regard to your letter of June 16th as to »y
progr&a, it does not appear at the aoment that I shall
have occasion to be in Chicago within the next few weeks.
It is ary intention to remain here until I go west about
the middle of August, at which time I aight be able en
route to look in on you in Chicago in case you will be
there. In any ©vent, I shall make a point of trying to
see you then, in case no earlier opportunity presents
I agree with you about the business situation,
and, as you know, did what I could to bring about broadscale action last fall to meet the depression that to my
aind was clearly developing.
So far as the gold matter is concerned, I have no
inforsmtion whatever on the subject, beyond what i& already known generally* these persistent rumors, which
have been repeatedly and emphatically denied, apparently
originate abroad and have no substance so far as I ai informed or have reason to believe.
With reference to your personal note of the same
date, I deeply appreciate your attitude and the public
service you are rendering, as we all do here, and you
say be sure that you would be fully consulted if any such
step were to be taken.
Sincerely yours,


M. S. Bccles,