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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*





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.