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NO.1553 Th e Fi r s t Na t io n a l B a n k : P o r t l a n d ,O r e g o n December 18, 19^+0 Mr. M a rrin er S. E c c le s , Chairman F ed e ra l R eserve Board W ashington, D. C. Dear S ir * I have read w ith in t e r e s t you r statem ent o f November 28 g iv e n a t a m eetin g o f th e N a tio n a l I n d u s t r ia l C onference Board. I fin d th a t f o r th e most p a rt I see eye t o eye w it h you on th e is s u e s d iscu ssed . In l a t e O ctober a t D el Monte I gave u tte ra n c e t o some th in g ak in t o your remarks in t h is r e c e n t statem ent* Soon - indeed v e r y soon - we need t o do some f o r t h r ig h t th in k in g and tak e some b o ld and perhaps courageous step s in our n a tio n a l fin a n c e i f we are t o head away from h o t t r o u b le . A ls o , I have no q u a r r e l w ith your t h e s is o f F ed e ra l a id t o b u siness in p e rio d s o f low fin a n c ia l v i s i b i l i t y ( t o use an a v ia t io n te r m ). I g e t r a th e r im p a tie n t when business y e l l s about t h i s id e a , f o r e v e r s in c e we have had a government, b u siness has had f e d e r a l ' a id through cheap land t o s e t t l e r s , g ra n ts t o canal com panies, r a ilr o a d s , m in e ra l, o i l and tim b er lands p aten ted t o s e t t l e r s th e whole gamut o f a id f o r y e a rs on end - so what a re th e y y e l l i n g a b o u t.in r e c e n t y e a r s . Yours w it h good w ish es f o r th e New Y e a r. Yours v e r y t r u ly , EBJi Re E. P re s id e n t B. MacNaughton December ¿8, 1940 Mr. E . b, MacNaughton, P r e s id e n t, The F i r s t N a tio n a l Bank o f P o r tla n d , P o r tla n d , Oregon. Dear Mr. MacNaughton: T h is i s t o acknowledge r e c e ip t o f you r l e t t e r o f December 18 w ith r e fe r e n c e t o my re c e n t t a l k b e fo r e th e N a tio n a l I n d u s t r ia l C onferen ce Board. I am g r a t i f i e d t o have your comments and t o le a r n th a t you a re so gen e r a l l y in a ccord . I was in t e r e s t e d a ls o in your r e fe r e n c e t o th e in c o n s is te n c y o f th o s e in business who oppose h a vin g th e Government p ro v id e employment — though b u siness i s th e r e a l b e n e f ic ia r y — and f o r g e t a l l th e F e d e r a l g ra n ts th e Government has made t o a id bu sin ess through th e y e a r s . I t i s en cou ragin g t o know th a t you a re sympa t h e t i c w ith my view s in p e rio d s which you so a p t ly de s c r ib e as th o s e o f low f in a n c ia l v i s i b i l i t y as w e l l as in tim e s l i k e th e p re s e n t when business and employment a re r a p id ly expanding. P erm it me t o r e c ip r o c a t e most h e a r t i l y your good w ishes o f th e season. S in c e r e ly y o u rs , M. £>. Eccles, Chairman. ET:b
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