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-THE SECRETARY OF THE TREASURY
WASHINGTO N

Dear Marriner:
All of us here in the Treasury are delighted
with the results of the Second War Loan Drive.
Much of the success of the Drive was due to your
counsel and guidance and I want to thank you personally, the Board, and the entire Federal Reserve
System, for your cooperation.
I am sure you will agree, however, that there
is much yet to be done in broadening distribution
among individuals who are benefiting from the increase in war activities. Future campaigns will
require all the energy and ingenuity that we can
muster in order to reach the objectives you and I
know are important.
I know I can count on your continued cooperation.
Sincerely,

Honorable Marriner S. Bccles
Chairman, Board of 3-overnors
of the Federal Reserve System
Washington, D. C.

.
ICTORY
BUY




May 11, 1*3.

Dear Henry:
Your letter expressing appreciation of the aid
and cooperation which the Board and the Beserve System
were able to render in the Second War Loan Drive is most
gratifying and I am taking the liberty of circulating it
among the members of the Board.
I, of course, concur heartily in what you say
about the importance of broadening distribution among
individuals who are benefiting from the increase in war
activities and the necessity for organising future campaigns so that the proportion of public subscriptions
will be much greater and that from the commercial banks
much less* We are wholly in agreement as to the objectives toward which we must strive, recognizing the
responsibilities we all share in connection with the financing operations of the Government.
Youra&ybe sure that you will continue to have
the wholehearted support and cooperation of the Board of
Governors and of the entire Federal Reserve System.
Sincerely yours,

(Signed) M, S, Eccles

Honorable Henry Morgenthau, Jr.,
Secretary of the Treasury,
Washington, D. C.

T:b




rf
r

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Thursday, May 13, 19^3.

Frees Service
No. 36-70

The Treasury today made public the following exchange of
letters, between Secretary Morgenthau and Chairman Ecclee of the
Board of Governors of the Federal Reserve System;
May I, 1943
.
Dear Marrlner:
All of us here in the Treasury are delighted with the results of the Second War Loan Drive. Much of the success of the
Drive was due to your counsel and guidance and I want to thank
you personally, the Board, and the entire Federal Reserve System,
for your cooperation.
I am sure you will agree, however, that there la much yet
to be done in broadening distribution among individuals who are
benefiting from the increase In war activities. Future campaigns will require all the energy and ingenuity that we can
muster in order to reach the objectives you and I know are Important ,
I know I can count on your continued cooperation.
Sincerely,
(Signed)
Honorable Marriner S, Eccles
Chairman, Board of Governors
of the Federal Reserve System
Washington, D. C.




K. Morgenthau, Jr.

- 2 -

May 11, 194-3.
Dear Henry;
Your letter expressing appreciation of the aid and cooperation which the Board and the Reserve System were able to
render in the Second War Loan Drive is most gratifying and
I am taking the liberty of circulating it among the members
of the Board.
I, of course, concur heartily in what you say about the
importance of broadening distribution among individuals who
are benefiting from the increase in war activities and the
necessity for organizing future campaigns so that the proportion of public subscriptions will be much greater and that
from the commercial banks much less. We are wholly in agreement as to the objectives toward which we must strive, recognizing the responsibilities we all share in connection with
the financing operations of the Government.
You may be sure that you will continue to have the
wholehearted support and cooperation of the Board of Governors
and of the entire Federal Reserve System.
Sincerely yours,
(Signed)
Honorable Henry Morgenthau, Jr. ,
Secretary of the Treasury,
Washington, D. C.




-0O0

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