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F ederal of R Min eser ve Bank neapolis O FFIC E OF T he P resid ent October 4, 194-3 Chairman M. S. Eccles Board of Governors of the Federal Reserve System Washington, D. C. Dear Marriner: Here's an editorial from the Commercial West of October 2, expressing the Editor's (Tom Boright) reaction to your Cincinnati speech. I am beginning to believe you and I suffer from the same malady - misunderstanding due to direct ness of speech. Here's hoping it isn't fatal*. Regards, JNP:B October 7# 19U3 Pear John: On behalf of the Chairman who will not return from Ogden until next week, permit me to acknowledge re ceipt of your letter of October 1+ enclosing editorial from The Commercial West commending the Chairman for his speech. I would have been disappointed if that speech had not struck some sparks, but the denunciation has not been ’’spontaneous, widespread and vigorous” as the edi torial asserts* It has been pretty feeble, as this edi torial is. That Statets rights red herring should have been given to a cat long ago* Incidentally, I didn’t know that you suffered from the consequences of directness of speech. I had the curious notion that it was an asset. At least various people have spoken of it very favorably so far as you are concerned, and if you ever start turning into a mouse, I hope a cat will get you too. Faithfully, P. S. I will show the editorial to the Chairman, although he will probably express surprise that anyone is left in your district with such archaic ideas. B.f. Mr* John N. Peyton, President, Federal Reserve Bank of Minneapolis, Minneapolis 2, Minnesota*
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