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A . W . POWELU, STATE C H A I R M A N DEMOCRATIC CENTRAL COMMITTEE S1SSETON, S O U T H DAKOTA June 17, 1932 Marriner S. Eccles Chairman of Federal Reserve Board Washington, D. C. Dear Sir: Owning and operating a small country National bank since 1913 through three depressions without a reorganization or preferred stock, I have read with a great deal of interest your statement relative to bank examinations* I was an acting National Bank examiner in the Reorganization Division of the Comptroller's Office at Washington during most of 1933* From the experience gained there and as a country bank owner I feel you have correctly stated the situation in your statement. "In my judgment, one reason that bank credit is not flowing adequately into productive business channels is that the banks are under too severe restrictions in their lending and investing operations. "As to loans, many would-be borrowers cannot get deserved accommodation by the bank - not because bankers are necessarily at fault, but because of restrictions placed on them.11 I am sending a carbon copy of this letter to our mutual friends from South Dakota, Senators Hitchcock and Bulow. Very truly yours A. W. Powell, Chairman South Dakota Democratic State Central Committee AWP: FW CC-Senator Bulow Senator Hitchcock Cashier, Roberts County National Bank June 23, 1938 Mr, A* W. Powell, &tate Chairman Democratic Central Committee Sisseton, South Dakota Dear Mr* Powell: This is to thank you for your letter of June 17 with reference to bank examinations. I was particularly interested in having your comments in view of your previous experience as a national bank examiner and the owner of a country bank. Your views confirm those that have come to me from a large number of bankers in all parts of the country, and are reassuring to those of us here who are trying to bring about some constructive changes in the interest of recovery* I very much appreciate your courtesy in writing. Very truly yours, M* 5, JScclesy Chairman* ET: ead ^ ^ l ^ O © O^rm^ Boa*1 9 0 * Oioovamor* bto lt©
