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FEDERAL RESERVE BANK
OF RICHMOND

Y

April 18, 19I1I4.

The Honorable If* S. Eccles, Chairman,
Federal Open Market Committee,
c/o Board of Governors
of the Federal Reserve System,
Washington 25, D. C.
Dear Marriner:
Allan Sproul sent me
of April Xlj.* I have carefully
which he sent too and think it
problem than the memorandum of

a copy of his letter to you
reviewed the memorandum
is a better approach to the
April Q.

I should think that the Treasury would agree to
an exchange of bills as a part of the proposed bill program.
If they do not, I believe as Allan does that it would be
preferable to leave it to them to suggest the other procedure*
Sincerely yours,
(Signed) Hugh Leach*
HUGH LEACH, Member,
Federal Open Market Committee

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