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February £6, 1956 The Honorable Henry Sargenthau Secretary of the Treasury Washington, D.C. Hy dear Mr. Secretary! It Is ay understanding that the Treasury has an arrangement with the State Department by which reports on foreign financial developments are supplied by cable from our foreign representatives. I appreciate the confidential character of much of this material; but I as also impressed with the fact that it is the sort of current information which in some form should be available to the Board of Governors of the Federal Reserve Systea, since international gold movements constitute a major element in the problem of excess reserves with which the Board must deal* In view of the fact that the Treasury has already made arrangements with the State Bep&rtsent, an independent arrangement by the Federal Reserve Board would not only involve duplication but possibly soae confusion as well. It has occurred to me that you anight be agreeable to an arrangement under which a designated member of the Board's staff would consult the reports forwarded by the State Department to the Treasury. If this suggestion meets with your approval, I shall only be too glad to set up any procedure you say wish in the interest of preserving the confidential character of the information. Very truly yours, !• S. Eccles Chairman a ASSISTANT SECRETARYOFTHE TREASURY WASHINGTON March 9, 1936. Dear Chairman Eccles: I have your letter of February 28th, with reference to the desire of the Board of Governors of the Federal Reserve System to receive copies of confidential cables which are furnished to the Treasury Department by the State Department which have a bearing on foreiaa. financial developments and international gold movements. The Treasury is pleased to cooperate with the Board in this matter and if you will designate some member of the Board's staff to whom you wish such cables to be sent, we will be glad to make the necessary arrangements Very truly yours, Acting Secretary ry. Honorable Marriner S. Eccles, Chairman, Board of Governors of the Federal Reserve System, Washington, D. C 7T {y/ Honorable' fiayne C* Taylor Acting Secretary Treasury Department EasMnsrton, D« C# Dear Hr» Taylors loft ate thank you very micb for JWHP .1 etter of March 9 in which you offer to send to a designated member of the Board # s staff eables furnished to tfct Treasury Departaent fey tli© Department of ttete which have a bearing; on foreign f i a a n d a l deTelopsente and iBteraatioaal gold aiovemeuts* ilie aenber of the Board*a staff who i« chiefly concer*i« with international derelop»»Tit/? i s Mr. taltfltf R« Gardner of ths Division of Research anci S t a t i s t i c s , arid I shall appreciate i t if you will aend the cables to hla for use in b i s reports to the Board. Very truly yours, St. $• fceeles