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EL PASO BRANCH FED ER A L RESERVE BANK OF DALLAS EL PASO, TEXAS September 22, 194-3 Dear Mr. Eccles: I have just read your address before the National Asso ciation of Supervisors of State Banks. Having been in the banking business since 1900, I have read enumerable articles and heard countless discussions on the subject of your address. Please permit me to say that, for carrying conviction, I do not see how your paper could have been improved upon. I was also particularly impressed with the tact ful manner in which you handled this controversial sub ject. Chairman Marrinej? S. Eccles, Board of Governors, Federal Reserve System, Washington, D. C. October 13, 1943 Mr, J. L. Herman, M a n a g e r , El Paso Branch, Federal Reserve Bank of Dallas, El Paso, Texas. Dear Mr. Hermann: Your very kind note of September ¿2 was on my desk when I returned from a visit in the west, and I wanted you to know that I greatly appreciated your comments on my talk before the State Bank Supervisors. In what may have been an unguarded moment, they invited me to speak and assigned to me the subject of "The Dual Banking System". i/«hile I tried to be tactful, I knew, of course, that I was not going to say the things they like to hear a n d they must have known what to expect, irnyway, the reception was not hostile, even though most of them, but not necessarily all, thoroughly disagreed with me. Naturally, it is gratify ing to have your encouraging note. Sincerely yours, M. S. Eccles, Chairman. ET:b
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