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THIRTY THREE LIBERTY NEW YORK STREET December 5Of 1927, Beer Handolph* This is to tbaaak you for your thought* fuloesd in sending ae a copy of the speech which yoa delivered in Atlantic City on Beeesaber 2Sth« I g&tlier that you are yearning for the return of the gold standard or so«© aatoaiiitic equivalent, &&d warn highly dubious about currency management by m&r^ hxiswn beings living in & political «orid. I will not v«ature to debate so uaat a theia© by letter, but I would like to take this it heartily your oee&aion to reciprocate aoet best wishes of the season* Sincerely j-ours, Dr» Bm Baadolph Bwrg&m, Vice President, Federal Besenre Bank of Usw York, Sew lork Gity* o p THIRTY THREE LIBERTY STREET NEW YORK December 31, 1937. Dear Marriner: Many thanks for your note of yesterday. I am not foolish enough to believe that we shall ever go back to anything as automatic as the old gold standard, and I would not wish it. But I suspect we are going through some pretty tough experiences before we get a mechanism and traditions of management shaken down to a point where they will prove really effective. What I was trying to do in the speech was to give some of our academic friends a jolt from the blythe assurance that the whole problem is very simple if you just have a certain amount of theoretical knowledge. In the meantime there seems to me, and I suspect to you also, nothing more fascinating than to work at the business of making monetary control do the job as best it may. In this ?,re can be sure of an interesting New Year, whether it is happy or not. Sincerely yours, Hon. wiarriner S. Eccles, Chairman, Board of Governors of the Federal Reserve System, Washington, D. C. WRB.H
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