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THE FIRST BOSTON CORPORATION

IOO

j\(ewYork
February 2, 1939

Marriner S. Eccles, Chairman
Board of Governors of the Federal Reserve System
Constitution Avenue at 20th Street
Washington, D. C.
Dear Marriner:
I have thought of you often recently during your written debate
with Senator Byrd, and listened with great interest to your talk on the National
Badio Forum ten days ago. I don't know whether you noticed the excerpt from
the National City Bank Bulletin appearing in the financial columns of the
Herald Tribune this morning, so I am enclosing it*
From the start of the letters back and forth between yourself and
Senator Byrd I have wished that it were possible for you and the Senator to
at some time in the near future engage in a discussion of the two sides of the
question under the auspices of the Town Hall of the Air over which, as you know,
Secretary Ickes and Mr* Gannett engaged in discussion some weeks back. I am
being impertinent enough to suggest it to you because I believe it would further
the interest and knowledge of hundreds of thousands of citizens on this very
important subject, and could be more adequately handled in that manner than
through the various discussions to date. In particular, I feel that it would
enable you to more adequately impress Americans with your sincerity and knowledge
of this broad subject, and the problem itself.
With kind regards,
Very truly yours,

Assistant Vice President
Enclosure




February 7, 1939*

Mr. *ubrey G. Lanston,
assistant Vice President,
The First Boston Corporation,
100 Broadway,
York City,
Dear aubrey:
This is to thanK you lor your letter of February k
and for the enclosed excerpt from the National ^ity Bank
Bulletin which appeared in the financial columns of the
Herald Tribune*
Much as I should like to debate the subject of government monetary and fiscal policy on a public platform with
Senator Byrd, I have reluctantly concluded, under persuasion
from, my associates, that in the position I occupy 1 cannot
very well carry on such a debate without projecting myself
directly into the political arena. Moreover, I am not interested in and 1 am incapable of discussing these matters in
political terms or by appeals to emotion,
while I am by no means experienced as a radio speaker,
I feel that is the only medium through which it is possible to
reach great numbers of people, but, of course, radio time is
very limited and a fifteen or twenty-minute discussion is wholly
inadequate even to outline so complex and broad a subject.
Press reports are necessarily very restricted and unfortunately
continually place emphasis on the wrong points or distort tne
matter so that the subject is confused rather than clarified*
The Town Hall, which you mention, and a number of others have
invited me to debate with the Senator or to discuss my side of
the question, but I have felt obliged to decline these offers.
I wanted you to knov* that I appreciated your interest
and your suggestions.
kindest personal regards,

in

M. b. Eccles,

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