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FIRST STATE BANK OF SAUK CENTRE
SAUK CENTRE,

BEN

DUBOIS,

PRESIDENT

L. L. K E L L S , V I C E

December 21, 1 * .
919

PRESIDENT

PAT D U B O I S , V I C E
F. S . C O O P E R ,

MINNESOTA

PRESIDENT

CASHIER

H. M. H E D I N , A S S T .

CASHIER

DAVID D U B O I S , A S S T .

CASHIER

Mr. Marriner S. Eccles
Board of Governors
Federal Reserve System
Washington, Dl C.
Dear Marriner:
Just finished reading your testimony before Senator Douglas's
Committee and also the supplementary letter• You are treading on many
toes but your arguments for what you propose are hard to refute. Too
many of us in banking lack a long-range view — we are more interested
in the immediate financial gains than we are in a sound long-time
working economy. We have been critical of little things and have
ballooned them up out of proportion. We little bankers have been
influenced by the expressed views of the bigger bankers, perhaps many
times to our own disadvantage.
The Congress has placed a heavy responsibility upon the System
and with the change in conditions and the large government debt, the
powers of the Board appear to be far from effectual. I believe that
our economy must be directed and if sufficient authority rests with
the System to control the volume, availability and costs, much benefit
will accrue and without serious regimentation.
I am glad that you have sent your statement to all the banks in
the country. It will, I believe, clarify the thinking of many of the
banking fraternity. Your contribution to a sound economy will be
better realized as, time goes on. I am hoping that you will not retire
from the Board for years to come. Your voice is much needed there.
Your courage in stating your views wins my admiration and I believe,
Marriner, that the banking fraternity*s estimation of you is definitely
on the rise*


http://fraser.stlouisfed.org/
BD:A
Federal Reserve Bank of St. Louis

Ben DuBois
President

January£5,.1950.

Dear Ben:
I can think of no one whose voluntary expression
of agreement with my views is so encouraging and so much
aoprecif>t.ed as that in your letter of December 21 which
came during my absence in the West. This is particularly
so in view of the influential position which you occupy
among the indeoendent bankers of the United States. While
I have remained with the Board in the hope that my voice
and my experience may continue to carry some weight in
Congress and with the public, I have been in public life
in Washington for 15 years and believe the time has come
when I can seriously and justifiably consider relinouishing my place here. However, I have not reached a decision
and consequently have not set a date. Your letter gives
me great encouragement in the hope that a better understanding of the fundamental principles and importance of
monetary and credit policy is spreading.
With the expression of my highest regards, I am
Sincerely yours,

M. S. Eccles.

Mr* Ben DuBois, President,
First State Bank of Sauk Centre,
Sauk Centre, Minnesota.