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P l W E Y - OFFICE OF THE B O W E STAMFORD, PRESIDENT CONNECTICUT March 21, 1951 Mr. M. S. Eccles Board of Governors Federal Reserve System Washington, D. C. Dear Mr® Eccles: I must apologize for the unreasonable delay in answering your nice note of February 21st, but I postponed an immediate acknowledgment in order to read the materials you sent me. In spite of the month or so it has taken me to get them read, I am grateful for your thoughtfulness in sending them along, and I certainly did find them stimulating* Meanwhile, I notice a good deal has happened regarding the Federal Reserve, and I must say I am very pleased to learn that its position has been vindicated -- which is another way of saying that your long-standing position has been vindicated, too. I have been encouraged, as I imagine you have too, at the way in which informed opinion rallied behind the Federal Reserve in this controversy. I can't help believing this was a decisive factor in persuading the Treasury Department to re-examine its policy. My best wishes and kindest regards. Sincerely yours # WHW: jml
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