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Federal R eserve Bank o f Chicacjo
October 20, 1941


Dear Mr. Eccles:
We enjoyed having you with us last
Many favorable comments have been
made to me by bankers who were present at
the meeting, but I thought you would be
interested in the round table by Phil Hanna,
a copy of which I am enclosing.
I will have Mr. Hanna join us for
luncheon within a few days and clear up a
few questions about which he seems to be
With kindest regards, I am
Sincerely yours,

Mr. Marriner S. Eccles, Chairman
Board of Governors of the Federal Reserve System
Washington, D. C.

October 27, 1941*

Dear Mr. Young:

Thank you for your letter of October kO. I was glad
to know there were some favorable comments and I was interested
to see the clipping from the Chicago Journal of Commerce,
This writer is so hopelessly ignorant that I wonder
whether it would be possible to start far enough back to educate
him in the rudiments that would enable him to grasp what it was
I was attempting to say. You might perhaps send him a copy of the
Fortune article, and I enclose an extra one for that purpose if
you would care to do so.
One of the difficulties of speaking off the cuff is
that one does not always have time to think how a phrase may be
misunderstood by an ignorant or hostile individual, as in this case.
The point about the "drop in the bucket” is, of course, that the
bulk of expenditure now is for defense. As for the rest, the amount
that you could possibly cut off without seriously crippling the
essential Government activities and social services would be relatively
insignificant, but I despair of trying to educate any man who portrays
such lack of understanding as this one does.
Sincerely yours,

M. b. Eccles,

Mr. C. £. Young, President,
Federal Keserve Bank of Chicago,
Chicago, Illinois.



This article is protected by copyright and has been removed.
The citation for the original is:
Hana, Phil S. “The Round Table: Bureaucrats Give Sound Advice But Bureaucrats Won’t Let
Business Act.” Chicago Journal of Commerce, October 20, 1941.