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BOARD OF GOVERNORS OF THE S± () FEDERAL RESERVE SYSTEM p WASHINGTON January 12, My dear Mr. President: Your thoughtful personal note to me of January 7 in regard to reappointment leaves me somewhat in the predicament of the snark-hunting banker, endeavoring to say what my tongue can no longer express. If I may paraphrase the oysters, however, may I say, "But wait a bit, until we have a chat"? Gratified and honored as I am by your felicitous note, the question inevitably arises in my own mind as to whether I may not have served out my usefulness under the present set-up of the Federal Reserve in its relationship to the economic, monetary and credit responsibilities of the Government. I am reluctant to ask for any of your over-crowded time, but I would greatly appreciate having an opportunity to talk with you on this matter. Respectfully yours, M. S. ECCLSS The Honorable The President of the United States, The White House. (Signed)
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