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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 Marrirv»r
