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ABRAHAM J. MULTER 14TH DISTRICT, N E W YORK Congress of tfje ®ntteb States ffiau&t of &et>resfentattbe* Masrtjmgton, C. December 9, 1947 Hon. Marriner S* Eccles, Chairman Board of Governors Federal Reserve System Washington 25, D.C. My dear Mr. Eccles: Before I became a Member of the House Committee on Banking and Currency Secretary Snyder delivered his statement to the Committee wherein he indicated, among other things, he was in favor of some restraints being placed upon inflationary bank credit. In your statement yesterday you also indicated your specific support of such restraints. I believe that when you two gentlemen appeared before the Senate Committee you both took the same position there. I t is my recollection, however, that some Members of the Senate Committee raised the question that there was some difference of opinion between Secretary Snyder and yourself on this subject. I w i l l be pleased to have you advise me whether or not there i s any real difference and, i f so, what i t is* Sincerely yours, AJM:lfb December 1 2 , 1947. H o n o r a b l e Abraham J . M u l t e r , House o f h e p r e s e n t a t i v e s , Washington 25 > D. C. Dear Congressman M u l t e r : I n response t o y o u r l e t t e r o f December 9 , 1947> I am g l a d t o be a b l e t o say t h a t t h e r e p o r t e d d i f f e r e n c e i n v i e w s between S e c r e t a r y Snyder and m y s e l f has been somewhat o v e r - e m p h a s i z e d and s p r e a d out o f f o c u s . The a r e a o f a g r e e ment between us i s v e r y s u b s t a n t i a l and such d i f f e r e n c e as e x i s t s i s due t o t h e f a c t t h a t S e c r e t a r y Snyder q u e s t i o n s t h e e f f e c t i v e n e s s o f t h e p a r t i c u l a r p r o p o s a l t h a t I have advanced on b e h a l f o f t h e B o a r d w i t h r e l a t i o n t o a s p e c i a l r e s e r v e program. I n v i e w o f t h e emphasis pla-ce-d i n some o f t h e p r e s s r e p o r t s on t h i s q u e s t i o n I p r e p a r e d a s t a t e m e n t u n d e r d a t e o f December 1 0 , 1947 w h i c h I t h i n k answers y o u r q u e s t i o n as c o m p l e t e l y as i t i s p o s s i b l e f o r me t o do and I am t h e r e f o r e e n c l o s i n g a copy f o r y o u r i n f o r m a t i o n . Very s i n c e r e l y M. Enclosure CM: am Eccles, Chairman. yours, ABRAHAM J. MUL.TER 14TH DISTRICT, N E W YORK Congress offteUntteb States sfe of ftepregentattoeg Maafjmgtou, C. December 16, 1947 Hon* M. S. E c c l e s , Chairman Board, of Governors o f the Federal Reserve System Washington 25, D. C. Dear Mr. Eccles: I want t o thank you f o r your l e t t e r of December t w e l f t h , w i t h which you enclosed a copy o f your statement of December t e n t h i n regard t o a s p e c i a l reserve program. Sincerely yours, Abraham J . M u l t e r AJM:lfb
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