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July 11, 1936.

Mr, Marriner S. Eccles, Chairman,
Board of Governors of the Federal Reserve System,
Washington Building,
Washington, D. c.
Dear Governor:
I hope to get the Williams and the Frazier-Lemke
material to you on Monday* We have been very short handed
on stenographers for the past few days*
I had the memo on fiscal and monetary policy with
special reference to the tax on undistributed earnings
brought up to date and mimeographed. It occurred to me
that in addition to Board members you might be interested
in sending copies to the various Presidents who know you
took an active part in the tax legislation*
Would you like me to prepare any material for your
vacation trip?
I had to ring off the other day because Mr. Goldenweiser came into my office. What I was going to suggest,
but didn't have the opportunity, was that you should ask
for the Organization Chart of the Division. That brings
out very clearly, I think, the unbalanced nature of the
Division by indicating that with the exception of my two
Juniors there is no research being carried on in monetary
If and when you get around to possible people, I have
three men in mind, who although still in their early thirties
have already established reputations for interpretive and
analytical work of a high order. One is George Terborgh, at
present with Brookings. He was one of the authors of the
Brookings NRA study. He was with the Division from 1951 to


-2To: Mr* Marriner S. Eccles

July 11, 1936

1935 but found the atmosphere so uncongenial and felt that
his work was so futile since nobody made any use of it, that
he left* I have gone over some of his work here and think
it excellent*
The second is Arthur Gayer of Columbia. He has written
a book on public works which is widely used and quoted, and
another one on monetary policy and economic stabilization,
which received excellent reviews* He shares our general
attitude on monetary and fiscal matters. He is an Englishman and a member of the Keynes school. In addition, he has
a facile pen, as so many Englishmen have, and a gift for understandable exposition. He is, I believe, becoming a naturalized
The third is Arthur F. Burns, who teaches at Rutgers
and is a research associate of the National Bureau of Economic
Research. His book on production trends is an outstanding
piece of work. He is thoroughly conversant with all production and income statistics and has given evidence of a fine
analytical mind. I do not know whether he would be available*
Silverman, whom I mentioned before, is to my mind the
best man for our purposes in the country. He is, however,
not available now, being Director of Research at the Railroad
Retirement Board. He might become so later, however, if the
Supreme Court declares the Railroad Retirement Act unconstitutional, as seems likely.
I am sure Viner would given you excellent and unbiased
advice. The last time I saw him he said he was concerned
with the lack of good research men in the System, saying that
the Board would hold the fate of the country in its hands in
the next fisre years, and that it should be preparing now for
that time*

Lauchlin Currie*