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REPUBLIC XATIOXAL BAXK OF DALLAS CAPITAL AND SURPLUS DALLAS $20,000,000.00 TEXAS December 16, 1947 FRED F. FLORENCE PRESIDENT H o n o r a b l e M . S. E c c l e s , C h a i r m a n B o a r d o£ G o v e r n o r s , F e d e r a l R e s e r v e Washington, D . C . Dear M r . System Eccles: Y o u r l e t t e r of N o v e m b e r 28 has b e e n r e c e i v e d , and I have r e a d w i t h i n t e r e s t y o u r s t a t e m e n t b e f o r e the Joint C o m m i t t e e of the C o n g r e s s on the E c o n o m i c R e p o r t dealing w i t h the c u r r e n t p r o b l e m of i n f l a t i o n a r y bank c r e d i t expansion* A g a i n , w e a s s u r e you of our d e s i r e t o cooperate i n e v e r y p o s s i b l e w a y t o w a r d the a c c o m p l i s h m e n t of the objectives a l l of us have i n m i n d . With kindest regards, Sincerely yours,
@FedFRASER