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November 29, 1935

Honorable Marriner S. Eccles
Chairman, The Federal Reserve Board
Washington, D. C.
Dear Mr. Eccles:
The University of Cincinnati would be honored if you would
accept the appointment as University Lecturer on Contemporary
Problems, speaking informally before our Business and Pro­
fessional M e n ’
s Group on the subject ’
Changes in the Financial
Structure." We should like to schedule this talk for Friday
evening, February 21, or Friday evening, March 6. However, if
some other Friday evening in February or March would be more
convenient for you, we shall be glad to rearrange our program
In many ways this is an unusual group. It is limited to three
hundred representative business executives and professional men,
who meet each year under University auspices for a series of ten
informal talks and discussions by nationally-known authorities on
topics of current interest and importance. This will be the fif­
teenth series that has been offered for this group. Because of
the outstanding men who have served as lecturers on this program
and the real service which their talks have been to men who are
seriously interested in the study of contemporary problems, this
annual series has acquired unusual prestige among the men of affairs
in this vicinity.
For several years we have been fortunate enough to have one or
two dominant persons in the Administration as speakers on our
program. Mr. Harry L. Hopkins addressed the group last year;
Secretary Wallace and Dr. Tugwell were here the year before;
and Professor Moley visited us three years ago. All of their
talks were interesting, important, and helpful. At the conclusion
of the meeting they paid us the compliment of saying that this
was one of the most interesting and stimulating groups they had
ever addressed. Perhaps you would care to call them to get their
In selecting the subject "Changes in the Financial Structure”we
had in mind a discussion of the essential differences between
the 1933 and the 1935 Banking Acts, the methods provided for the
control of credit and inflation, an analysis of the two different
theories of banking, the desirability of government control of
credit, the long-term effect of these changes on business, prob-


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lems to be met in connection with, the reorganization of the
financial structure. These topics are mentioned merely by way
of suggesting the interests of our group in this subject. We
would want you to feel free, however, to select the particular
subjects which you might wish to emphasize under this general
heading. Perhaps you might also prefer a different title for
this talk.
We are interested in having the speakers talk fully and frankly
on each subject. In order to be of assistance to them in this
respect, we have made arrangements with the local newspapers not
to report the talk nor the discussion which follows, whenever
the speaker thought that this arrangement was desirable. The
one-hour discussion period is carried on by means of written ques­
tions. This was our general procedure in the case of Mr. Moley,
Mr. Hopkins, Dr. Tugwell, and Secretary Wallace, and they seemed
to be well satisfied with it.
The University is in a position to pay you an honorarium of four
hundred dollars, including expenses. This amount is in no way
a measure of what we know you would contribute to this series; it
is merely an expression of appreciation.
I know that you receive many similar invitations and that your
official duties will permit you to accept only a few of them. I
hope you will feel that our invitation should be given preferred
consideration. We can promise you an appreciative audience of
three hundred men of affairs in this vicinity who are seriously
interested in the study of contemporary problems. On our part
we shall do everything we can to make your visit with us both
pleasant and interesting.
We sincerely hope that your answer may be favorable.
please wire us collect within the next few days.

Will you

Sincerely yours


V. H. Drufner, /J
Director, Business and
Professional M e m ’
s Group

December 6, 1935*

Mr. V. H. Drufner, Director,
Business and Professional Wen's Group,
University of Cincinnati,
Cincinnati, Ohio.
Dear Mr. Drufner:
This is to acknowledge your letter of November 29th
and your telegram of December 4th inviting me to speak informal­
ly before your Business and Professional Men's Group under the
auspices of the University of Cincinnati on some Friday evening
in February or March.
Subject to your convenience, I shall be glad to
speak on the subject of current economic and banking problems
on Friday evening, March 20th, with the understanding that ex­
penses only are to be paid and that the honorarium be used for
some educational purpose that you consider worthy, a s a matter
of principle, I feel that those who occupy responsible public
positions should not accept remuneration for themselves for
writing articles or making public addresses when the occasion
for writing or speaking arises from their occupancy of public
While I am necessarily obliged to limit the number
of occasions on which I undertake to speak, I am always glad of
an opportunity to appear informally and not for quotation before
such groups of business men and bankers as you describe and un­
der the conditions which govern your group meetings. I am, there­
fore, looking forward with pleasure to being with you can the eve­
ning of March kOth and I assure you that I appreciate your invita­
Sincerely yours,

M. S. Eccles,