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George T. G-albreath
Box 334, Station A.
Palo Alto, California
Mr* Marriner S, Eccles
The Board of Governors of the Federal
Reserve System
Constitution Ave. and 20th Street
Washington 25, D. C•
Dear Mr, EcclesJ

December 3> 1949

I am writing a thesis at Stanford University on the
subject of recent efforts to consolidate and coordinate
monetary authority (or control)•
The clear and consistent views you have heretofore
expressed on this subject, and particularly the stand you
have ta^en before the Subcommittee on Monetary, Credit, and
Fiscal Policies, have impressed me considerably* If you
could possibly make available to me a copy of any papers
or documents you may have which contain your views, or if
you could inform me of the titles of any such papers that
have been made available to libraries or other agencies
that I may have recourse to, it would be greatly appreciated•
While any material related to post-war efforts pertinent
to my subject would be of great value to me, I am particularly interested in material concerning amelioration of
conflicting policies and authority of the Federal Reserve
System and the Treasury•
Ralph A. Young h?s sent me a copy of the reply of
Thomas B. McCabe to the questionnaire of the previously
referred to Congressional Subcommittee• If you are aware
of any other writings that you may. deem important to the
subject of consolidation and/or coordination of monetary
authority and would inform me of them, and if you care to
express any further personal views you may have concerning
this subject, I would be especially indebted.


December 13, 1949•

Mr. George T. Galbreath,
Box 334, Station A,
Palo «lto, California.
Dear Mr. Galbreath:
I am glad to note from your letter of December
3 that you are taking such an interest in the question of
administration of monetary authority. I wish that mo»e
students would exolore this subject. £>ince you have already
received a copy of the reoly of Chairman McCabe to the
questionnaire of the Douglas subcommittee, I am sending you
a copy of the statement that I p're$ented at a session of
that committee and a copy of a l3tt^r that I wrote following my appearance before the committee. In thfese you v»ill
find references to the subject in which you are interested.
The hearings before the ±>'ou£las subcommittee have not y e
been printed and therefore I would surest that you put in
your request to the subcoramitt 3e for a cooy because in these
hearings you will find that Senator Douglas directed a considerable amount of attention to your question. In this
general connection, I assume that you have read the discussion of the complexity of Federal supervision of banking
in the Boc.rdfs iinnual Keoort for 1938 which no doubt is
available to you in your library.
Vvith best wishes, I am
Very sincerely yours,

M. S. Eccles.

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