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o.howard WOLFE

P l i X L A J D E I ^ H I A March 26, 1941


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
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.


J tooerved la


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