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CARTER GLASS,
KENNETH MC KELLAR, TENN.
ROYAL S. COPELAND, N.Y.
CARL HAYDEN, ARIZ.
ELMER THOMAS,OKLA.
JAMES F . B Y R N E S , S.C.
MILLARD E . T Y D I N S S , MD.
RICHARD B . R U SSELL, JR., 6A.
MARCUS A. COOLIDGE, MASS.
ALVA B . A D A M S , COLO.
PATRICK MC CAR RAN, NEV.
JOHN H. OVERTON, LA.
JOHN H. BANKHEAD, ALA.
JOSEPH C. O'MAHONEY, WYO.
VA., CHAIRMAN
FREDERICK HALE, MAINE
HENRY W . KEYES, N.H.
GERALD P . N Y E , N.DAK.
FREDERICK STE1WER, OREO.
PETER NORBECK, S.DAK.
L. J. DICKINSON, IOWA
JOHN G.TOWNSEND, JR., DEL.
ROBERT D. CAREY, WYO.
ROSCOE C. PATTERSON, MO.
I.
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C O M M I T T E E ON APPROPRIATIONS
KENNEDY F. REA, CLERK
JOHN W . R. SMITH, ASST. CLERK
Lynchburg, Virginia,
December 24, 1934.
Honorable C. S. Hamlin,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Hamlin:
The Washington Post and other newspapers,
learning I had written a member of the Reserve Board a
letter on deposits payments, asked leave to publish same,
and on Saturday night my office here was instructed to
forward copies accordingly, as I could see no reason why
thousands of banks should, from my point of view, rest
under the mistaken notion that they would be bound to
obey an illicit order of the Federal Deposit Insurance
Corporation.
However, I feel prompted to disclaim all
responsibility for newspaper conjectures which misinterpret
my letter to you as an attack on Mr. Eccles in any sense or
degree beyond what I regard as an unfortunate announcement
by the Reserve Board. The nomination or confirmation of Mr.
Eccles did not enter into my mind in writing the letter. Of
course I know the Reserve Board has a right under the
statute to fix, from time to time, interest payments on
time and savings deposits; hence talk on this line does
not meet the issue. I do not concede that Congress intended
that the Board should make the charges uniform throughout
the country. This it clearly did not intend.
I note you are quofed in The New York Times
as saying you had not read my letter. From your acknowledgement of December 20th, I assumed you had read it; and from a
comment to-day credited to Mr. Eccles by. the Associated Press
I am convinced he has not read my letter; otherwise he would
not ascribe to me something I did not say in order to
contradict it.
Sincerely,
@FedFRASER