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F. R . V O N W l N D E G G E R ,

PRESIDENT

T H E PLAZA BANK OF ST. LOUIS
1230 OLIVE STREET
SAINT

LOUIS

August 8th, 1938

Hon. M. S. Eccles, Chairman,
Board of Governors of the Federal Reserve System,
Washington, D. C.
My dear Mr. Eccles:
It was veiy kind of you, indeed, to write me as you did
in your letter of August 3rd. You have no idea how
encouraging your letter was.
When N Y worthy Vice-President, Mr. W. L . Gregory, and I
R
arrived at the general conclusion that the One Hundred
Percent Plan was the answer to many of our monetary problems
it was only done after complete submergence of our selfish
viewpoint.
This was four years ago* We told Professor Fisher then
that, in our opinion, his thinking was many years ahead
of the times and yet we have seen amazing progress made in
these few years.
We still think the Congress will have to restore that
feature of the Banking Act of 1933 which gave the Board
unlimited power over reserves. It would be unfair to
expect the Board to manage our money (meaning, of course,
"Check Book Moneyn) without that power.
In our humble opinion this would help to bring the One
Hundred Percent Plan within the realm of practical
possibilities.

FRvW/EW



President.