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MICHIGAN N A T I O N A L B A N K BATTLE CREEK. MARSHALL GRAND R A P I D S PORT HURON LANSING SAGINAW LAPSING, MICHIGAN September 30, 1941 Mr. M . iceles, Chairman Federal Reserve Board Washington, D . C . Dear Marriner: I wish to compliment you on the very firm stand which you took yesterday before the Banking and Currency Committee, relative to the price controls that must be made effective to avoid the pitfalls of runaway inflation as a result of our defense program. I can recall only too vividly my experiences in Germany during 1919-1923, and although I do not anticipate a similar situation in this country will ever arise, nevertheless something must be done to retain our tt economic stability, or, as you put it, we will lose the very thing we are fighting for". Yesterday in Chicago I was visiting with an acquaintance of mine of several years standing, M r . Arthur Morris, head of the Morris Plan Banks in various parts of the country. He is probably the pioneer in the instalment loan business, and wanted to know if I would put in a good word for him in reference to his possible appointment as a member of some advisory committee that will function in connection with the operations of Regulation W. M r . Morris is a vigorous, dynamic type of individual, and I believe would be well worth adding to the list of names considered for that important function. We are continuing to experience an entirely satisfactory growth in our banking developments, and have met with fine public acceptance of the type of banking in which we are engaged. With kindest personal regards, I remain C President HJS:M r ours October 8 , 1941. M r . Howard Stoddard, Michigan National sank, Lansing, Michigan. Dear Howard: 1 have yours of September 30, and I appreciate your commendation of my testimony on the price control bill. In your letter, you also suggest that in the event the Board appoints an advisory committee on Regulation M r . Arthur Morris, President of the Morris Plan Bank of New York, and a national leader among Morris Plan bankers, be included as a member of any such committee, he have met M r . Morris on several occasions here during the last few months, out just between you and me, he is more interested in oroadcasting nis own eminence as founder of the Morris Plan ¿>ank idea than in analyzing the problems arising out of Regulation ft. However, if sucn an advisory committee is formed, 1 should suppose that the Morris Plan ^anks would be represented in some way, or at least that the cash lending agencies as a group would be so represented. lours sincerely, LC cm
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