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December 10, Dear Macs Aa you suggested in our phosro conversation last evesing, I aa enclosing a gsesaoraadus that you aight u w la taking up this rotter as, of course, wo would not waat to go ahead with it except oa hearing from you that there was no objection, I suggests, and the Board agreed, that I should get in touch with you, as the tiasa 1« short, and if iw» are to proceed it is necessary to b&ve word frois you uo% later than Monday aoroing. In view Qf all t^ie circuaataaces, and laying aside ay personal feelings which have suffered &s such as anyone* « f and possibly saore, t have coiidudad that It is the atoat appropriate «&y to aark a rather is~ portaat aaiaivers&ry of this Systea, with what would, of course, be only a brief ceremony attended by a very limited aufltfoer. Sincerely yours, Honorable Sl&rvin H, ilclstyre, Secretary to the President, The Ihltd iiouse. II s* ^:b December 10, 1958, December 2S, 1953, will be the 25th Anniversary of the signing of the Federal Reserve Act by President Wilson. The Board of Governors feels that it would be appropriate to mark the occasion with a brief, simple ceremony, attended by a limited number, to cotaaeisorate this great achievement of the Wilson Administration. When the new building of the Board of Governors was constructed, a baa relief in bronze of President Wilson, with an appropriate Inscription, was placed on the east wall of the Constitution Avenue lobby* The corresponding space on the west wall was left with a view to placing there at an appropriate time a bronze bas relief of Senator Glass, as the chief Congressional chaspion of this reform, and the bas relief, for which the Senator sat, was recently completed. In considering what might be done to mark the 25th Anniversary, the Board concluded that the noat appropriate way would be to erect the portrait of the Senator, assuming that he would approve. The natter has not yet been taken up with him. While It may be somewhat unusual to erect a bronze relief of a living person, it will be recalled that silver half dollars were specially ainted, carrying a portrait of the Senator, to celebrate the 150th Anniversary of the settlement of Lynchburg. The present occasion is likewise one of historical rather than of contemporary significance. The Board felt that, if it is decided to go ahead with this, the ceremony should be a simple one, particularly In view of the Senator* s advanced age, and for this reason, as well as the small space available, that the number of those present should be Halted to members of the Banking and Currency Committees of the two houses of Congress and to a few officials of the Government directly concerned with banking matters. Senator Wagner, e.o Chairman of the Senate Banking and Currency Committee, and Congressman Steagall, as Chairman of the House Banking and Currency Committee, would be asked to sake a few remarks. While the notice is short, the Board hoped that the President aight be able to arrange his engagements so that he could participate, or that, if this cannot be arranged, that the White House be represented, assuming, of course, that it is finally decided to proceed with this program.
@FedFRASER