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CAB LE A D D R E S S -B A M E R I C A L SAN FRANCISCO HEADQUARTERS A P G I A N N IN I SA N FRAN CISCO * CALIFORNIA. C H A IR M A N O F T H t B O A R D O F O I R E C T O R S July 18, 1955 Mr. Lawrence Clayton, Assistant to the Governor, Federal Reserve Board, Washington, D. C. My dear Mr. Clayton: Mr. Giannini asked me to send you the enclosed copy of a telegram which he sent today to Senator Hiram W. Johnson, thinking that you might be interested in the information it contains. Very truly yours, For Mr. A. P. Giannini. HONORABLE HIRA& f. JOHNSON MIMBSK OF 3 i M £ w a s h i n g t o h d *c * BSLIEfJI TOO LITTLE THOUGHT HAS BEEM GIV£S TO THE I3iD*PBIBfiiCS OF THE FEDERAL KSSEBfS BOARD FROM POSSIBLE DOMINATION BY PRIVATE IHT1RBSTS STOP MEiBIRSHIP OH THE BOARD SHOULD 31 A LIFS GARSXR SIMILAR TO THS SUFM&S COURT JUDGES STOP 3ERATS PROVISION OF W R S U K IXAE TSBfi WITH HO RMPPOIHTMIHT AMD SO PSHSIOS PUTS BOARD MIMBXRS IN A POSITION WHERE THEY WILL 82 FORCED TO A MEW OOiHKTJOK AT A T B S B* THEIR U T O WSBI IT IS MO St DIFFICULT 10 DO SO STOP TEE ANSWER IS MAHY CASES WILL BI TMPTING OFFERS FROM INTERESTED PRIVATE PASTIM TO GUARANTEE THStf A JOB AS SOOS AS THH2? TS2«I EXPIRES STOP IMAGINE THE POSITION OF A CAPA3LS HAN OF FORTY JIVE ACCEPTING A TOUHfEBH Y M E APPOISTMEWT AHD AT FIFTY SZBS HAVlSfG TO START ALL OVER AGAIN IM A M W POSITION WITH SO GHAi*C£ OF G m i S G A PENSION FOR HIS SERVICES WITH HSi IdPLOXSR STOP BE.IIVX m £ viATTXR SHOULD HAVE A GREAT DEAL OF ATTENTION AS PRESBIT SENATE ACT WILL HOT T M D TO iAIKE kSlBl&S XSSB»EiiM* AMD MAX TMMD TO MAKE XH&t S U B S E R V U K STOP A G R M WITH ADOLPH MILLER THAT BOARD SHOULD NO? BE BX-PiLRTlSAS! AND OMLX CONSIDERATION FOR APP0IS®l2iiT SHOULD BS ABILITY AHD FITNESS FOR THI POSITION STOP KNOW YOU APJB BUSY MAH BUT TI&UGHT YOU MIGHT WISH TO HAVE B I S PHASE OF MATTER POINTED OUT All JUST PASSING IT OH TO YOU FOR WHATEVER IT MAI 3M WORTH &IHDIST REGARDS A P GIAK&IKI
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