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August 29, Mr, Balph B. Flanders, President, Federal Reserve Bank of Boston, Boston 6, Massachusetts. Dear Balph; C Replying to your letter of August 26, I think the newspapers erroneously reported Senator Taftfs position on the IJb legislation. In the hearing before the Senate Gomaittee he indicated th&t he was in favor of the proposed bill with the amendments I suggested, axoapt that he desired the legislation to terminate on December 31 f 19U7» i»~ stead of December Jl* 1949* as I proposed. I told him there was no objection to the earlier date. I oannot understand how the press got the idea, at least from the hearings, that Taft m s opposed. Sineerely yours. MSE:VE:b FEDERAL RESERVE BANK OF BOSTON RALPH E. FLANDERS _ . „,. . August 26,1944, PRES,DENT Honorable Marriner S. Eccles, Board of Governors of the Federal Reserve System, Washington 25, D. C. Dear Marriner s I was amazed to read in this morning's paper that Senator Taft had opposed the new 15(b) plan, if that is what you oall it* The ideas which he expressed when I was talking with him in the office shortly before the attendance at the Committee meeting indicated that he preferred it to direct Government loans and was sympathetic with it from that standpoint* Sincerely yours, Pr evident.
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