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QRGAKIZIEID 1 8 0 3 o.howard WOLFE VICE PRESIDENT AND P l i X L A J D E I ^ H I A March 26, 1941 CASHIER Dear Marriner: You will receive many letters complimenting you on the timeliness and soundness of your excellent reply to Senator Patman - and here is one more • It is, indeed, a fortunate thing for all of us that you replied so promptly and so convincingly to this - one of the many economic fallacies - that have been proposed in high places. It is, indeed, a sad reflection on our educational and political systems when such proposals as Senator Patmanfs can be introduced by an elected representative of the people entrusted with the responsibility of making laws. And it is even sadder to think that so many people accept this type of boot-strap lifing theory. Again I congratulate you. Federal Reserve System Washington, D. C. March 31, 1941• Mr. 0* Howard iftolfe, Vice President and Cashier, The Philadelphia National Bank, Philadelphia, Pennsylvania. Dear Mr. toolfe: AS Mr. Eccles is on a trip to the i/*est, I wish to acknowledge receipt of your letter to him of March 26 with regard to his recent letter to Mr. Patman. He will be gratified to have your approval and will appreciate your thoughtfulness in writing to him. Sincerely yours, (Signed) Elliott Thurston Elliott Thurston, Special assistant to the Chairman. ET:b J tooerved la ikmro t. - ^ "j e-