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8029

FIRST NATIONAL BANK
IN BOTTINEAU

CAPITAL AND SVRPLVS
0.
6.

H . L O N G . VICE

A. REFLING,

PRESIDENT

J. E. J O H N S O N . VICE

PRESIDENT

MS0,000.00

PRESIDENT
H A R O L D C. R E F L I N G .
A. G . B R U S V E N . ASS'T.

CASHIER
CASHIER

BOTTINEAU, NORTH DAKOTA

January ?6th, 1950

Hon, Marriner
Eccles
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
I thoroughly enjoyed reading the statement you made "before the Subcommittee on Monetary, Credit and Fiscal Policies of the Joint Committee on the Economic Report.
Perhaps others on the Board feel the same as you do concerning reserves, the attitude of most correspondent "banks
concerning the system in relation to the dual "banking system,
and concerning the objectives of the Hoover Commission as
applied to "banking activities. You have issued the most frank
and courageous statement on the subject that we have ever read.
You indeed sound like a country "banker - in ddep contrast with
your fellow Board members.
We hear reports that you plan to leave the Board and return
to private "banking. We hope this will not materialze, and that
you will continue as the spokesman for the small country National
Banks.
Thank you for having the statement sent out to us.
Sincerely yours

Harold C. Refling
Cashi er

February 10, 1950.

Mr. Harold
hefling, Cashier,
First National Bank in Bottineau,
Bottineau, North Dakota.
Dear Mr. Refling:
Thank you very much for your kindly comment upon
my statement before the Subcommittee on Monetary, Credit and
Fiscal Policy as well as upon my continuance with the Board,
and particularly for associating me writh the viewpoint of the
small country national banks. As you know, I received most
of my banking experience in the atmosphere of small country
banking and I feel that I know it from the bottom up. I would
be remiss, however, if I did not suggest that if you knew the
others members of the Board better you might not feel that
there was so great a contrast in their desire to advance the
interests of our banking system as you suggest, even though
their background and experience have been different. How long
I shall remain with the Board will depend upon circumstances
as they develop.
Very sincerely yours,

M. S. Eccles.

CM