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c 0 p Y EXECUTIVE OFFICE OF THE PRESIDENT BUREAU OF THE BUDGET September 17, Dear Marriner: Your letter to Senator McCarran and Representative Manasco causes me to be impressed again by the high degree of wisdom, perception and statesmanship in the Federal Reserve Board. Sincerely yours, (Signed) Harold D. Smith Director Honorable Marriner S. Eccles Chairman, Board of Governors of the Federal Reserve System Washington, D# C.