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CABLE AD D R ESS - B A M E R IC A L SAN FRANCISCO HEADQUARTERS A .P O IA N N IN I C H A IR M A N O F T H E B O A R D O r D IR E C T O R S ' SAN FRANCISCO. CALIFORNIA October 17, 1955 Ur. Lawrence Clayton, Assistant to the Governor, Federal Reserve Board, Washington, D. C. Dear Mr. Clayton: This morning I received the enclosed letter from Ur. Frank E. Gannett, Publisher of the Gannett Newspapers, in which, you will notice, he asks certain questions in regard to issues of national importance which undoubtedly will be raised during the next Presidential campaign. After reading his letter the thought occurred to me that it might be a good idea to answer his questions in such a way that it would be good material for the Roosevelt cause. If you agree with me, I shall appreciate it if you will discuss the matter with Hr. Farley, Chairman of the National Democratic Committee, or with his assistant, Ur. Hurja. In the event that it is considered advisable to proceed along this line the information to be incorporated in my letter to Mr. Gannett should be sent to me by air mail, in order to avoid unnecessary delay. Until Mr. Roosevelt's candidacy in 1952, when I gave my whole hearted support to him, I was listed as a Republican. Since Mr. Gannett states that he is a Republican, that may be the reason he has written to me. However, as a former Republican (progressive-Republican) I think it would be appropriate for me to express an opinion concerning the questions asked by him. If I do so, naturally, I should like to say something that would be in line with the Administration's views. Please have no hesitancy in giving me your frank opinion. If you consider it inadvisable to do anything about the matter, you can re* turn Mr. Gannett1s letter to me and I will simply acknowledge it and say that I would prefer not to comment on the subject. In closing I just want to assure you that my only desire in this matter is to be of service to an Administration that has been and is doing so much for the people of the country generally. Warm personal regards. CHAIRMAN October E2, 1955. Mr. A* P. Giannini, Bank of America, 1 Powell Street, San Francisco, California* Dear Mr* Gianninii This will acknowledge your letter of October 17th inclosing the letter from Mr* Frank I* Gannett of Rochester, together with a copy of his telegram of September I-3rd to Mr* Henry P. Fletcher* I hare been turning this matter over in my mind for several days and my considered judgment is that there is little opportunity in this situation to help the Administration. An answer to the questions propounded by Mr* Gannett would necessarily be very lengthy and would involve economic philosophies which are, to say the least, controversial* My first impression upon reading this letter and its Inclosure, was no doubt similar to yours, namely,that here was an opportunity fof you, as an erstwhile Republican, to answer Mr* Gannett,at the same time using language or doc trine which would be helpful to the Administration and con founding to the opposition* Our mutual friend also considered this matter for a moment and shared in the feeling expressed above. Mr. Gannett*s letter and the copy of his wire to Mr* Fletcher are returned herewith* It was a real pleasure to hear from you and I am hoping that you will find time to visit Washington either going to or returning from Mew Orleans next month* With best wishes, I am Tours sincerely, Lawrence Clayton, Assistant to the Chairmen. Inclosures LC/fgr
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