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THE SECRETARY OF THE TREASURY
WASHINGTON

December
Twenty-second
1947
Ivor Circulatwil
First to I

Pear Marriner:
Mr. Seymcsdfr,
Mr. Draper,
Mr* Evans

*•

Mr. Vardamafi
Mr. Clayton A
Mr. Thurston.1
Mr. Morrill
Mr. Carpenter STT—.,
Mr. Sherman.:*;..
Mr
MT

The fine understanding between
e Federal Reserve System and the
easury Department which has made
possible such a splendid record of
during the past year, is
of much gratification to me.
indebted to you for setting the
You have ny best wishes for a
'Eappy and prosperous holiday season
~a~nd New Year.

Mr

Honorable Marriner S. Ecclcs
Federal Reserve System
Washington, D. C.