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FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON OFFICE OF THE CHAIRMAN September 10, 1948 Dear Marriner: Enclosed herewith, vrlth our "best wishes, is a copy of the "Annual Report of the Federal Deposit Insurance Corporation for the Year Ended December 31, 1947"• Incidentally, although 1947 was another year expansion in "bank lending, we are happy to report that period there was not a dollars loss to a depositor or receivership of an insured bank, vrhich evidences in no terms the confidence the public reposes in the FDIC« of great in that a single uncertain In addition to the foregoing, we are happy to report that only recently we repaid the United States Treasury the two hundred and eighty-nine million dollars originally advanced in order to capitalize this Corporation, thereby eliminating, insofar as this organization is concerned, pjiy governmental subsidy to the dual system of banking* Thanking you for any suggestions and comments you care to make regarding the matters covered by the enclosed report, furthermore, appreciating your fine cooperation at all tines, I am, believe me, Cordially and sincerely, Mapl Chairman. Enclosure Honorable Marriner S. Eccles Board of Governors Federal Reserve System Washington 25, D. C. October 7, 1948. Mr. Mi*ple T. H^ri, j Federal Depo6it insurance Corporation, fc nn <c5, D. c . Dear Maple: Your l e t t e r of SeptemDer 10, »ith a copy of trie Annual Kepoit of trie Federal Deposit Insurance Corporation, wo.6 received while I was on a western t r i p . Upon m return i bad so many .natters y awaiting m attention th<*t i have not nad <n opportunity t o send you y a an earlier acknowledgment. Naturally I share your gratification that the Corporation has repaid to the Treasury the <JK89 million dollars originally subscribed for capital of the Corporation, although I aight nave sojae reservations as to whether tnis entirely eliminates "any governmental subsidy to the dual system of banking" even in so far as .your organization is concerned. May i also oiier the coiu^ent that % in the federal Reserve e System had a snare in cringing about the retirement of tnis c a p i t d , of wnich $139 million was originally furnished by the federal heaerve Barnes and upon which tney have received no return. I t M upon iay M s u r e s t ion, with the concurrence of the Boo.rd of uovemors, that the iiudget bureau proposed and the President recoai.;.ended in January that Congress authorize tne Corporation not only to retire the million of capital furnished fej the Federal reserve System but to maKe the payment to the Treasury instead of to the Federal tie serve Banks. This »as in addition to tne proposed retirement of capital furriished by the Treasury. Tne comoined steps helped at tnat time to balance the bud5et. «%ith uest wisnes, 1 am, Very sincerely M CM/H/ra