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THE UNDER SECRETARY OF THE TREASURY WASHINGTON Dear Marriner: I am enclosing drafts of four letters which the Secretary proposes to send within the next few days to the Federal Reserve Banks, the commercial "banks, the insurance companies, and to a list of large corporations. These letters cover policy matters relating to the Fourth War Loan that the Secretary wishes to "bring to the attention of the institutions and corporations addressed, I should appreciate it if you could give me your reaction to these drafts at your earliest convenience. Sincerely, Honorable Marriner S. Eccles Chairman, Board of Governors of the Federal Reserve System Washington, D. C. Enclosures SE BUY UNITED STATES SAVINGS BONDS AND STAMPS BOARD DF GDVERNDRS DF THE FEDERAL RESERVE SYSTEM I December 27, 1943• MEMORANDUM The attached drafts of letters were discussed this morning at a meeting in Ronald Ransom's office, at which Mr. Tickton of the Treasury (who brought over the attached correspondence), Mr. McKee, Mr. Morrill, Mr. Piser and myself were present. One letter is to be sent to all banks, another to from 800 to 1000 large corporations, and another to insurance companies. A number of suggestions were made for purposes of clarification, and Mr. Tickton said he would also clear them with Allan Sproul and Bob Rouse, at whose suggestion they were originally drafted. He will furnish us with copies of the final revisions when and if the Secretary, who is at his farm in New York, signs them. Elliott JPhurston. •^^PTB»5B«P»^^'^^^WM(' W »f I***, tt«*«ftit« mi to if #f i© ia tiwwlit fl»y 'W^^^PW^^r^P'wt,j^™*-»F*w^P P tnm 9m %tak It f #n at «©arpe*fettaB ef * II I* Vm %m% mmh %mmt%$* t f IMIt . if ^o« t^#y a * 4 «9^>Mil»tt It if tt Hit f I t Us* Jittttt «*f «f credit ftt ai<M?n*l«a t f iw*l H»«t t » t AtMt pf$Wl«a« of lmtlat«» tut rel^lUns m |te» vmrlo^t t t w m i t i t t la w<ii yeu t ten &f Of t « g f AMI IIMI n #* 1*?** f ? t* 4»t*#t •#«# wJMPwww # t% if 1m ito* it Hi 111 mmm t* m fwtm to I* If «pf»»*ftt*t« I t i f i t *% %%m W i l l er to * s*l»t «f yum IMM^ wm tm&* to tfee tSmt tli* In . It u to m i f ftoti» #f *«*&£** f«»* If Ilk* I* Ha* £ftt& of vhtcfa I* $1% U U loo«> I I i« #a* ft** %* of 14 la Hi* cul tt In tiui t it in favor %# Jolat mm mM im r»httw of I * fcaw IMMMI of out t #Ad of of INI la tf to h nil la tlw a f«ir • f ftas&ei&f * * * n * * it* lAf^ft&jr *» w#«l%X fcaaltlag • ? • * • * » * a * ttow I t f t l t i a t war-1 l a * sarovt* i s Utn ii cupifiiipiiujriiiij^, gsvMtftta i s UMI mmwjr laffily l a fwwi of ^ufc «*©oilta. Oft tlMi eontwiir, ftlffjr U^tr* l a - carefully «U »«eori%l«» *ff«»»d fa tmilitmte* %mm*1mmA la m dl«%l«^»t*,fe«4 ftw» leant tint £$lst «%n^Mt«iit 1»»«B4 Ingr t l » $*tioaal am& ant tfe* | of t l » tiiwuiftt of U*» lusiitr e#f$*r*,Ht*as ^f «ad i i i * ^ar fia^aeiag epftyattafct, la i a ta* cantlaa^ui »«1* «f «*vl»«9 voaic, Aa4 la to S *» melanin* h«r*wlth f»r y*m* I*f5r**iti*a «M»fti«« *# %hsmm l t t t e r * whlofe S »* •«n41»g withi* tlw mutt f«tr 4sjr* tout**, t# %m immnmmi wm*m&m» «RH t» «ii# tfe* o o r m i'mrmut *««uHtl*« 4«fln* tit* ft* t of ttt« . It in «f t*r mm \malQAin4 tomUt* mA bi»k«ri l a i«flnlt« «»4«r»i««di»^ tlwi I aw *• « • ter* ««n» l a tlwi $***• Jhnrtuiw i#Mt * • * • f f J? «• in l d & 3 1 H • t %lw «lt« #f %lu» l«r«*t«^it f | » » mm m*\ tmm Im atat MHI «*^ar« «nd >r»fctri should W «dTl**d f*r in %hm wm& thlt ¥«tlr t (I* I • ». • • . • * - «••• ••' • • » » » . » . • « . . . . . - . . . • Yitglal*