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BURNET R. MAYBANK, S. C., CHAIRMAN J. W. FULBRIGHT, ARK. A. WILLIS ROBERTSON, VA. JOHN SPARK MAN, ALA. J. ALLEN FREAR, JR., DEL. PAUL H. DOUGLAS, ILL. RUSSELL B. LONG, LA. HOMER E. CAPEHART, IND. JOHN W. BR1CKER, OHIO IRVING M. IVES, N. Y. ANDREW F. SCHOEPPEL, KANS. EVERETT MCKINLEY DIRKSEN, ILL. WALLACE F. BENNETT, UTAH A. LEE PARSONS, CLERK niieb s$bt<x{e& s&ei?aie C O M M I T T E E O N BANKING AND CURRENCY February 13, 1951 Hon. M. S. Eccles Board o f Governors F e d e r a l Reserve System Washington, D . G. Dear Governors I was g l a d t o r e c e i v e your letter and a p p r e c i a t e y o u r t h o u g h t f u l n e s s i n sending me a copy o f t h e statement by t h e Department o f Economics o f t h e U n i v e r s i t y o f Chicago. I s h a l l c e r t a i n l y t a k e an i n t e r e s t i n l o o k i n g over t h i s statement. PI 4 n r t a tr wAiit»e