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CHAIRMEN OF BOARDS

A WELCOME AWAITS YOU AT EVERY SERVICE

W. W. BURK
Religious Education

SECRETARIES
PAULINE IIASK
IWUdoUR Education

J. E. SIMPSON
Stewards
OMAR KEAR
Trustees
STANLEY BASH
Yountr People's Work

METHODIST PROTESTANT
CHURCH
JOHN K. CHANEY, Pastor

HELEN McVITTY
Missions
CLARA H U N E
Ladies Aid Society

FOREST, OHIO

RUTH RASH
Missions
IRENE BURK
Finances
BLANCHE MEEKS
Indies Aid Society
LOREN BAKER
Church Board
ESTHER SIMPSON
Music

June 18,1938
Hon. Marriner S. Eccles,
Chairman,Board of Governors
The Federal Reserve System
Washlngton9 D.C.
Dear M r. Eccles,
Your letter to Senator Vandenberg as printed
in the Record of June l6th has been read with great interest,
especially your statement regarding "too severe restrictions
due to examination policies."
Your statement is most encouraging. During
past weeks I have asked officers of banks why they did not
release surplus credit in their communities and help business
men whom they knew to be sound risks• I found that all of them
live in fear of the unsympathetic attitude of examiners.
" You have no damn business lending money to
these farmers to buy tractors",was a statement made by an
examiner and repeated to me.
If these farmers are good business men
and good pay,why haven1t they the right to borrow of the local
bank for machinery?
The average small business man has no
security acceptable unless he mortgage his automobile and
his residence



CHAIRMEN OF BOARDS

A WELCOME AWAITS YOU AT EVERY SERVICE

SECRETARIES

W. W. BURK
Religious Education
J. E. SIMPSON
Stewards
OMAR KEAR
Trustees
STANLEY BASH
Young People's Work

PAULINE BASH
Religious Education
RUTH BASH
Missions

METHODIST PROTESTANT
CHURCH

IRENE BURK
Finances
BLANCHE MEEKS
Ladies Aid Society

JOHN K. CHANEY, Pastor

HELEN McVITTY
• Missions

LOREN BAKER
Church Board

CLARA HUNE
Ladies Aid Society

FOREST, OHIO

ESTHER SIMPSON
Music

I think ©very 'average citizen' appreciates that
we have a sound banking system which is standing the test of
this depression,but is it not possible in the examination
policies to bend backward too far'*
I am of the opinion that word will have to come
from the top before our banks will consider good notes
along with cash in estimating soundness*
Thirty days or sixty days ( between examinations if
possible) are not the type of credit needed in a small busines
and agriculture,
I know nothing about banking and own no bank stock
but I am glad that your informing letter wasgiven to the public
through the Record.




June 27, 1938.

The Rev* John K. Uianey,
Methodist Protestant Church,
Forest, Ohio.

My dear Mr. ^haney:
This is to thank you for your letter of June
18th with reference to my recent letter to Senator
Vandenberg.
Your comments and your experience in your own
community are of particular interest to me and reflect
a condition that seems to have prevailed throughout the
country, judging by letters which I have had from bankers,
business men and others. Wiile you state that you know
nothing about banking, your letter reflects a clear .understanding of the essence of the problem which, I hope, will
be in a large part met by the agreement just announced changing policies and regulations heretofore prevailing with respect to bank lending and investment functions.
I very much appreciate your courtesy in writing.

Sincerely yours,

M. S. Eccles,
Chairman.

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