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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. ET:b
