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' WAR DEPARTMENT OFFICE OF THE UNDER SECRETARY WASHINGTON. D. C 26 March 1947. Honorable karriner S« jL.cci.ee Chairman, Boara of Governors Federal heserve bystea Washington, D« C« Dear Mr. £cclesr On this anniversary of fijcecutive Order 9112, which was signed by the Resident on 2b March 1^42, I desire to express to you persona I ly, ana through you to the members oi the Board of Governors of the Feaeral rieserve bystem and to the officers of the Feaeral Reserve Banks, the deep appreciation oi the uar department ior tne very great assistance which the entire System has rendered it in connection with the Guaranteed i»oan program. The underlying philosophy oi the tocecutive Order was, us you Know, that In assi^tiiifc war production contractors through guaranteed loans the Viar Department shou±a use not oruy the funds already in the coiaiuercial banks of the country, but shouxd utilize tne existing credit machinery as well. It was to that end that the Federa^. Reserve Banks were appointed the Fiscal Agents ox1 tne nar Department, The universal acceptance of the principle of hegulation V loans by both the contractor s and the bamcs is uue in no smaol part to the good judgment, the siciil and the expedition with which tney have been handled by the Federal ueserve Barnes, Especially appreciated were the helpful suggestions of the iteserve Banks uurlng the liquidation phase of the "V" ana "I" programs which, in many respects, called for an even greater degree of financial management tiian that required in the initial extension of creait. You ana tne members of the Federaj. iteserve System who participated in trie pro^raiu snoulu ieel a deep satisfaction in your contribution to this important part of tne war effort. Sincerely yours, Kenneth C • hoyajJL Unaer secretary of «ar April 1, 19U7D«ar Mr. Tinder Secretary* Oa behalf of our Board and the Federal Ussei Banks, I vdsh to thank you aost sinoerely for your ganerout alnded letter of March idb «Hl«h has just reaehed «e* In a l l th« various activities la wfeioh our 3ystaxa has bo«o emgagad or«r tb« y«ars # I do aot that tti«r« ha* «rtr b««a cano i s whiati th« spirit tha two contracting parti as ;-^a» baa® aor« aoostructitv and free frcn f rloticm than tha joint effort of tha Wmr D*partaa«at and oursalTos l a carrying out th« jmrpoaas of Szaeutlva Ordar 9112. la the anxious days auriag tii8 war «ith a l l i t s probleau and diffioultia* aad in taa nany aoatlis of r«c on Torsion aftar host! 11 t i as had ceassd* m. genuinely oooporati-va s p i r i t axis tad at a l l tiabss batvaaa as* this taajwork aad tha uniformly f a i r attitude of the War Dejpartaa&t BMde possible ^i* suooessful administration of Regulation ?• With ay beat personal wisns* to you, I aa Sinoerely yours. the Boaoracle Ksnaetfo C. aoyall, Under Secretary of Ifcr, Yashingtoa, 0. C. EGD:BT:b
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