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CHARL.ES W . TOBEY, N . H . , CHAIRMAN C . DOUGLASS BUCK. D E L . HOMER E . CAPEHART, IND. R A L P H ElJ F L A N D E R S , V T . HARRY P.! CAIN, WASH. J O H N W . B R I C K E R , OHIO JOSEPH R . MCCARTHY, WIS. ROBERT F . WAGNER, N . Y . B U R N E T R . MAYBANK, 5 . C , G L E N H . TAYLOR, IDAHO J . W . FULBRIGHT, ARK. A . W I L L I S R O B E R T S O N , VA. JOHN SPARKMAN, ALA. QICrixieb J£>lctie& J&enaie ROBERT C. HILL, CLERK COMMITTEE ON BANKING AND CURRENCY February 2, 194.8 Marriner S. Eccles, Esq. Board of Governors Federal Reserve System Washington, D. C. Dear Marriner: Doubtless you have seen the d i a t r i b e by L e s l i e Gould. About twelve copies have been cut out and sent t o me by d i f f e r e n t individuals, and in case you have not seen i t , I enclose i t and w i l l be glad t o have any comments you care t o make. Unless you wish, I would be inclined t o make no answer* Sincerely yours, Enclosure This article is protected by copyright and has been removed. The citation for the original is: Gould, Leslie. “Was Anti-Eccles Force.” New York Journal American, January 30, 1948. PERSONAL AHD COHFIDEHTIAL February 9 , 19^8. Dear Senators I had intended acknowledging sooner your l e t t e r of February 2 enclosing one of Leslie Gould's t y p i c a l d i a t r i b e s but, as you knew, 1 have been somewhat preoccupied. He has been writing t h i s s t u f f f o r y e a r s , some of i t -very vicious, and possibly l i b e l o u s . I have long suspected t h a t he gets h i s i n s p i r a t i o n in a very p r a c t i c a l way from a number of sources* He has long crusaded a g a i n s t margin requirements and has always been v i t r i o l i c on t h i s point* He has echoed with remarkable s i m i l a r i t y e f f o r t s of a c e r t a i n West Coast banker t o muddy the waters by personal a t t a c k s on me i n connection with the bank holding company b i l l . The innuendo which he constantly makes i s t h a t I have i n fluenced the awarding of contracts t o t h e Utah Construction Company. I hardly need assure you t h a t t h i s i s a malicious falsehood and t h a t I have never, d i r e c t l y or i n d i r e c t l y , i n any way whatsoever, i n t e r vened i n behalf of t h a t or any other company, nor have I ever been asked t o do s o . tty ovvn and my f a m i l y ' s business and banking connections were exhaustively s c r u t i n i z e d by Senator Glass when I was f i r s t nominated but 1 emerged with a clean b i l l of h e a l t h , as was evidenced by the f a c t t h a t I was confirmed without opposition, except from Senator Glass himself, on t h e f i r s t occasion and then confirmed on three subsequent occasions without a dissenting v o t e . Gould's i r r e s p o n s i b i l i t y i s evidenced by t h i s a r t i c l e . For i n s t a n c e , he refers t o "Eccles 1 p u l l i n g the plug the day before Christmas on t h e Government bond market, bringing chaos t o the trading i n a l l highgrade securities. 1 * That action was unanimously approved by t h e e n t i r e Board and Federal Open Market Committee as well as by t h e Treasury i t s e l f . I t had no such chaotic consequences as he suggests. In f a c t , t h i s a r t i c l e i s r e p l e t e with misrepresentation but I s h a l l not intrude f u r t h e r on your time. Much as I am tempted t o answer such d e l i b e r a t e malice, I have not r e p l i e d t o Gould d i r e c t l y because I do not want t o d i g n i f y him or give him an excuse f o r using me as & f u r t h e r springboard. At one time we gave seme consideration t o a l i b e l s u i t but discarded t h e idea f o r much t h e same reasons, i n addition t o the - 2 - f a c t t h a t i t i s so d i f f i c u l t or impossible f o r a public o f f i c i a l t o o b t a i n any r e d r e s s through t h a t channel, p a r t i c u l a r l y i n t h e case of a s l y w r i t e r i3ho r e s o r t s t o i n f e r e n c e and innuendo r a t h e r than an o u t right accusation. I a p p r e c i a t e your passing t h e column along t o me as w e l l as your own comment. Always with b e s t regards, Sincerely yours, The Honorable Charles IT. Tobey, United S t a t e s Senate, Washington, D. C.
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