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Congress of t Je Wixiitzb States



R e v i s i o n OF L A W S

Jfyau&t of l\epre3entatibe£

March 12, 1938.

Hon. Marriner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Washington, D. 0.
Dear Mr. Eccles:
I append below an excerpt £rom a letter just
received, the scrutiny of which should tita^ate your jaded
nerves and perhaps furnish your being with some slight exaltation. Judging by my own reactions, there is nothing so
stimulating to a public man as to know that his efforts strike
a responsive chord.
Quotation from a letter addressed to myself by
J. M. Jones, President of the Citizens State Bank of Puyallup,
Wash., one of the best run, most prosperous and soundest banks
in *
* *the Pacific Northwest:
"I want to say in passing that I think Mr. Eccles is doing a
most excellent job. X have been in the banking business ever
since the Federal Reserve System was established and Mr. Eccles
is the first chairman of the board that has the small country
or small city banker's viewpoint. In the small cities I include such cities as Tacoma, Seattle and -Puyallup. In other
words, he has been opposed to placing the assets of banks in
the hands of the large city banks such as New York, Chicago and
"From the tone of the above letter you can readily see that I
would be opposed to the McAdoo bills which will extend branch
banking across state lines. The passage of the McAdoo bills
would simply mean that in due time banking interests would be
contrcjced by a few, perhaps a half-dozen or dozen large banks
located in eastern cities.
"I know that you are well informed regarding these matters and
will give these bills your prompt attention when they come before Congress.w

Very cordially,


March 19, 1958

Hy dear Mr* Coffee:
In Mr, Eccles* temporary absence from Washington, I ranted to acknowledge receipt of your
letter of March l£th, which I know he will be
gratified to see* Since brickbats predominate, it
is refreshing to have an occasional bouquet, as
you remark, and X know that the Chairman will appreciate your thoughtfulness in passing this one along
to him*
Sincerely yours,

Elliott Thurston,
Special Assistant
to the Chairman*

Honorable John M* Coffee,
House of Representatives,
Washington, D. C+