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Chairman
xxxxxxx




November £0, 1955*

Mr« Lyman Hyde, Manager,
Stoddard Lumber Company,
Ogden, Utah.
Dear Lyman:
I thought you might be interested in
reading the authentic report made by the Associa­
tion fs reporter of the address which I made last
week before the American Bankers Association at
New Orleans, in view of some of the garbled ac­
counts carried and the wrong impressions given by
the press* I did not prepare a written speech, but
spoke from some notes which I wrote after X got to
New Orleans and had read and listened to the re­
actionary and trite addresses of some of the pre­
vious speakers*
I got a much more favorable response
from the bankers assembled than the press would
indicate or than I had expected*

With kind regards,
Sincerely yours,

enclosure

MSEiVEtb
Same letter sent to: Mr. Wm. T. Nardin, Mr, S. P. Harter,
Mr* James Grant, Mr. L* S* Corey, fir, H. A* Benning, Mr.
Robert H. Hinckley, Mr. Horace Havermeyer, Mr. S. J* CiUinney,
Mr. W. W* Anderson and Mr. Stephen L. Richards, Mr* P. L*
Mulcahy, Mr* Barnaby Conrad, Mr. Wilson McCarthy*

Chairaba
xxxxxxx

November 20, 1935*

My clear ?ilr* Fahey:

In view of the interpretation placed by
certain sections of the press upon my remarks before
the American Bankers Association in New Orleans last
week, I thought you might be interested in having a
copy of just what was said, as taken down by the As­
sociation’s reporter* I am, therefore, enclosing a
copy with the hope that you may find time to read it*
I did not prepare a written address, but
talked from some notes which I made after I got to
New Orleans*

Sincerely yours,

M. S. Eccles,
Chairman*

Honorable John H* Fahey, Chairman,
Home Loan Bank Board,
Washington, D* C*

enclosure
The above letter sent to Mr. Preston Delano, Governor Myers
Oliphant, Mr. Coolidge, Secretary Wallace and Mr, Hopkins,
MSB:¥E:b
Afefaeffftoy
,




Sent to: Senators LaFollette, Harrison, Robinson of Arkansas,
and McNary.
Chairman
xxxxxxx




November El, 1955*

My dear Senator:
Last week I spoke before the American
Bankers Association at New Orleans and I am send­
ing you herewith a copy of what I said, as taken
down by the Association* s reporters. X thought
that you sight care to have a copy of just what
was said, inasmuch as the speech, which was given
from notes and not from a prepared manuscript,
undertook to deal in a fairly comprehensive way
with subjects in which X know you are much in­
terested, and some of the reference to it in the
press may, I feel, have given a misleading im­
pression* I am, therefore, taking the liberty of
sending stenographic copies to a few of my friends
who might wish to see it*

Sincerely yours,

M. S. Eccles,
Chairman*

Honorable Charles I». McNary,
United States Senate,
Washington, D* C.

enclosure
ETsb

Chairman
xxxxxxx




November &L, 1955*

My dear Senator:
Last week I spoke before the American
Bankers Association at New Orleans and I am sending
you herewith a copy of what I said, as taken down
by the Association^ reporters. I thought that you
might care to have a copy of just what was said, in­
asmuch as the speech, which was given from notes and
not from a prepared manuscript, undertook to deal in
a fairly comprehensive way with subjects in which I
know you are much interested, and some of the re­
ferences to it in the press may, I feel, have given
a misleading impression* I am, therefore, taking the
liberty of sending stenographic copies to a few of my
friends who might wish to see it*
I have encouraging reports of your re­
covery and, needless to say, that is very cheering
news to those of us here who, like myself, have had
and count on having the benefit of your advice and
counsel.
Sincerely yours,

M. S. Eccles,
Chairman*
Honorable James Couzens,
Arizona-Biltmore,
Phoenix, Arizona.

enclosure

Chairman
XXXXXXX




November 21, 1935,

Mr* Allan Smith,
Attorney at Law,
Baker, Oregon*
Dear Allans
I thought you might be interested in
reading the authentic report made by the Associa­
tion1s reporter of the address which I made last
week before the American Bankers Association at
New Orleans, in view of some of the garbled ac­
counts carried and the wrong impressions given by
the press* I did not prepare a written speech, but
spoke from some notes which I wrote after I got to
New Orleans and had read and listened to the re­
actionary and trite addresses of some of the pre­
vious speakers*
I got a much more favorable response
from the bankers assembled than the press would in­
dicate or than I had expected.
You might let Joe and Guy Hill read
the speech if they are interested.
With kind regards,
Sincerely yours,

enclosure

jiSEiVEsb

Chairman
fflxxxxx




November Í.Z, 1955,

My dear Mr, Presidents
Enclosed are the copies which you
requested of the speeches delivered before the
American Bankers Association convention by
Harper Sibley, president of the Chamber of Com­
merce of the United States, Iiwwis H. Brown,
president of Johns-Manvilie Corporation, and
Orval W. Adams who was elected second vice
president of the American Bankers Association
and who, as you will note, proposed that the
bankers should "declare sn embargo” against
Government bonds. I hi've marked various para­
graphs in which I think you might be interested.
If you have an opportunity t¿ read
these speeches, I hope you will also find time
to read the one which I gave at the closing
session. I am enclosing a finally revised copy
of my speech as taken down by the convention1s
reporter. My speech was given from notes rather
then from a prepared manuscript and I felt that
it was imperative for me to make it in the nature
of a reply, following such violently critical
speeches as had gone before. I therefore sought,
speaking extemporaneously, to meet as foreefully
as possible, the important issues which had been
raised, while at the same time maintaining the
impartiality which is expected from those who
speek for the Federal F*eserve System.
While most of the bankers appeared to
have an extremely hostile attitude towards the
Government and X had serious misgivings about the
reception which would be accorded anything I might
say, I was more than surprized end pleased by the




- 2 -

favorable response evoked by my speech* From
this response and from similar ones from smaller
groups to which I spoke off the record during
the summer, I am strongly of the opinion thet
the general presentation which I undertook at
each instance end as embodied in the enclosed
speech, provides a rather comprehensive survey
and rationalisation of Government action in an
effective nay with bankers, business sen and
others who have been loiking at fragments of the
picture rather than et the whole perspective.
And I have had a good many hostile bankers and
business men tell me that this has given them
a better understanding end a far greater con­
fidence than they had previously in the broad
significance of what has been and is being done*

Respectfully yours,

M, S* Bccles,
Chairmen.

The Honorable,
The President of the United States,
Washington, D. C,

enclosures
ET/fgr

Chairman
2CXXX3000C

Sent to all members of both Committees,
with the exception of those members to
whom letters had previously been sent.

November 22, 1925*

My dear Senator}

Enclosed is a stenographic transcript
of the speech which I delivered last week before
the American Bankers Association at Hew Orleans* I
am taking the liberty of sending it to members of
the Banking and Currency Committees of the Senate
and House because of their interest in the subjects
discussed*

bincerely yours,

M. S. £ccles,
Chairman*

Honorable Carter Glass,
United States Senate,
Washington, D. C*

enclosure
£T:b




Sent to Attorney General Cummings; Senators Byrns,
Wagner, and Fletcherj and Congressmen Steagall
and Goldsborough.
Chairman
auarxscac

November 22, 1935.

Dear Rexs
Last week I spoke before the American
Bankers Association at Hew Orleans and I am sending
you herewith a copy of what I said, as taken down
by the Association1s reporters. I thought that you
might care to have a copy of just what was said, in­
asmuch as the speech, which was given from notes and
not from a prepared manuscript, undertook to deal in
a fairly comprehensive way with subjects in which I
know you are much interested, and some of the re­
ferences to it in the press may, X feel, have given
a misleading impression. X am, therefore, taking
the liberty of sending stenographic copies to a few
of ay friends who might wish to see it*

Sincerely yours,

M* £* Eccles,
Chairman.

Honorable Rexford G* Tugwell,
Assistant Secretary of Agriculture,
Washington, D* C.

enclosure




Chairman
XXXXXXXX




November 25, 1935.

Mr. Charles Michelson,
Director of Publicity,
Democratic National Committee,
National Press Building,
Washington, D. C.
Dear Charlie:
Steve Early yesterday asked Chairman
Eccles to send you, and I am therefore enclosing,
copies of the speech he gave to the American Bankers
Association convention at New Orleans. Steve thinks,
and so do I, that it is a remarkable, comprehensive
survey of the government*s broad action in turning
the tide of deflation and restoring stock, bond, real
estate and all other values by so many billions of
dollars that the cost of intervention — and the net
cost is but three billion dollars — is insignificant.
This was the last speech given to the convention and
followed a series of more or less violent attacks upon
the government. Mr. Eccles sought, of course, to
maintain the impartiality expected of spokesmen for
the Federal Reserve System. In other words, this was
not intended to be a political speech, but an appraisal
by banker end business man of the broad meaning and
factual tangible results of government intervention to
bring about general recovery.
I have not yet seen anywhere any such ef­
fort to survey the entire picture. The effect, in my
opinion, is highly reassuring, particularly in the face
of the pumped-up hysteria about the government spending
and deficit, and the superficial talk about "balancing
the budget1* and "restoring confidence".




- z-

A huge audience of bankers, manifestly
extremely hostile, listened with the most careful at­
tentiveness to this speech, and many afterward said that
it gave them an entirely different and altogether re­
assuring estimate of what was being done and what has
already been accomplished* Steve thought you should
have this for your own "satanic" purposes*

I wish that I could have an opportunity
to spend an evening with you and will do so any time
that you appoint*
Faithfully,

Elliott Thurston,
Special Assistant
to the Chairman#

enclosures

ETib

Chfilnssn
X3ooaao3,




SoYeaber £5, 1955»

l?y desr Mr. Secretary*
I £is transmitting Tor your information
a copy of c gt&Lo&eat which I g&ve to the press

yeateraay and which X thamc «111 be of interest to
yout dealing with exeese reserves and the potters of
the Federal Heeorve Systes with respect to the stack
market or other ixiflaiionfcry noveatmte.
I hope you m y find time to reed it,
since it undertakes to alley sone of the public un­
easiness which has been atirrou up by overemphasis
or wrong emphasis on curreat conditions, with re­
sultant criticism directed at the 5y»te* or the Gov—
emwent for nox intervening.

Keepectiully youre,

M* S. Eccleg,
Chairman.

The Honorable
The Secretary of the Treasury,
Washington.

enclosure

hairman

November 23, 1935«

My dear fir* Delano:
L&st week I spoke before the American
Bankers Association at New Orleans and I am sending
you herewith a copy of what I said, as taken down
by the Association*s reporters* I thought that you
might care to have a copy of just what was said, in­
asmuch as the- speech, which was given iron notes and
not from a prepared manuscript, undertook to deal in
a fairly comprehensive way with subjects in which I
know you are ranch interested, and some of the re­
ferences to it in the press may, I feel, have given
a mxsleading impression. I am, therefore, taking
the liberty of sending stenographic copies to a few
of my friends who might wish to see it.

Sincerely yours,

M. S. Eccles,
Chairman.

Honorable Frederic A. Delano,
Washington, D. C.

enclosure




Chairman
xxxxxxx




November 25, 1955»

Mr* Frank Hogan,
Attorney at Law,
Colorado Building,
Washington, D* C*
Dear Franks
Because of your cheering interest and en­
thusiasm about the speech that Chairman Eccles gave be­
fore the American Bankers Association, I am sending you
a copy as finally revised and mimeographed here from the
stenographic transcript taken down by the conventions
reporter.
I wish you would apply your justly cele­
brated intellect to this reasoning and if you can detect
any flaws in it, we would like to know about them with­
out delay* As you know, my idea is that if this so-called
capitalistic system is to be rescued from the cranks and
demagogues, those who have won through to the top, like
yourself, must take the trouble to ponder the problems
and the possible solutions.
Bill Lewis once referred to the bankers just
before the holiday as "God*s frozen people"* He alluded
to their assets, but sometimes I think he might have in­
cluded their minds, speaking of them as a class* Anyway,
I know that your mind is far from frozen. Hence, your
opinions on the enclosed subject natter are solicited as
no mere polite gesture, but for real value.
Faithfully,

Elliott Thurston,
Special Assistant
to the Chairman.

Chairman

YYTmnr
aaaaaaa

November 25, 1935*

My dear Mr* Coolidge:
I am enclosing for your information
a copy of the statement I gave to the press on Fri­
day* I thought in view of the wrong interpretation
placed upon it by the New York Times headlines - al­
though most of the papers, including the Herald Tri­
bune and Wall Street Journal presented it accurately
and fairly - that you might wish to have at hand the
actual text which, I think you will agree, is a
factual statement of the case from the Board’s stand­
point*
Sincerely yours,

M* S* Eccles,
Chairman*

Honorable T* J* Coolidge,
Under Secretary of the Treasury,
Washington, D. C,

enclosure