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I
15
Foiwable ?md Mm Douglas*
Statse Senate*
In aseo^toss with 3*m;sr reitimtadi fmggwtlon thst 2 giw j®» for
sr o n pmo»al i^araatlen acme of t t e s*t&tl&X vtei&h t^NKtifienllbr IXsetting forth
thcs
no
of
the oo~esai@d
but, in £ae&#
Im tho pwrtlod of p
to
of
I t mm
l e t at; pmfiia® the citations l^pem ih# ztcosd 1i? poiatdi^ out
that this imrti ailsr €?pisod# cua©. 'to a climax when
taiy of t l i t^ittwiy. 2 aa msm that mmfa pm$M wmdd m^ssrd Mm aa a
b
l ten^onuaecitf @as^ to ^mk with «od
ratrsdjrtdod* Yot, thei attitude !^ adopted to®ar£l the
irritation that m on3^ b@
on the grotmrl that i t w@s in«tigKUKl ^f t3»see staff advisors in the
bias tawu^l cl^ap aans^ i& this w^^P <tf adviaani i s «o
toesccJl»de-# Tar ^11 pemattbeml paapotm»9 angr ot^or ocsi^i»mti<m
^ w'mggmasmt ^ H c i s s , I t nmsM HKjuir© an inti^ata
of MOR€QT aarket operations, be^oud what could roasonabl^ b@ ^.puctod of1 tbe
#sp€«siall^ MM -^IO had not lonefc@@&tooffiS^# « t i i t «»aM talao
ftrtitade tmt asy Siras^tai^ to mmrrv&m tlii© ciiqse»
policy dooislons*
of the
diffioiltl^i l»
t o bettor the
to w i t e a d i to that iad* a r i m i t n » tills l i t U ^ - « s t e ^ o o d irAuwaoe eC staff
votoarana i?ho am neither aloct^d nor acslactod tgr the rresidocxt with the
appwfml of 1^5® S€^at## I t I n o i ^ t t o }>ctot out in a^ liettar oC D^srfj^r l f
i t i s i3i0l©ading to talk &kmt oaMsd.tatian betaa^m Urn twmmszf md the
Board or th* .%toml Open r^srl^t Coecsittoe wtihm® i t I s roalisecl that, £at
tills so-eallisi aceimtltatifm ba# in thft past coa«istid of
T
**2*
taking the till Mali l i t to nefea
tiosa as to what the
aftar th©ir sdnds «?*
that mir nw3M@«la^.oi«# i f not
analysed t £ the Ifea&mti^r gU
tiomj than gfef v e i l i n g U m <m tJ
a©
i
ltti
Let »
might fee *nd oTt«a9 I t appears*
S
i t Ins bam ay
i
in a
p
* 1
V9GKXB&3 m
I aa e«R«treined to pat that lixdtatlau aa I t
it
cite :®m$eppfes tea af/ioial cc3arre®p€«sd«^Q© ^hlch 1 as
^
I t mm mrimtpQmkm® that took p3«^ at a tin®
I mm Cha&rmn ef the Be«r€t 1 (to not fe*l tlmt 1 m at Hb^rtir tp
i t publiel^# 1
to
p t ^ r
jp
hmsk to the
On Jfc3cr 9# 19l5t X ierc*« to Hw S^owtwy of the
then ffcaicy SbgganthKu* ^r»j in ajwSer to pek m p i p y the evgoBMaiUi which had
the Board «f S«feiam.«« MM! l i p tealva F®i»ml fteaarve Bm^m to tli©
concltusdoc tlmt thto imtn ahmild b® dlsoa»tinyed «S.noe the
g It to «sa0«F»0fc «a«wtfe« bank fi a s g
$
I t sli««M ! » borott ifi. Mind tlmt thin natter ma stariol^ « 4 1 M B the pmwlxsm
i f the x%s^rro SJVQUSBU 1B
and the
«K*e
dutt ^ tin*
la
At tlmt tls»
in the
Wte £elt at t)» ttai tbat
at 3&1 of the
«ar@ b^B£ $
then now i s i
mount of
el
px»f«eontlal x«to ^miK b© itaed to on3y • Halted
um sm mm %®M or i t mtQA b@ Xw@il^ tjgr
ant hcdd twwMway tdlle*
tainod the meam. i t tends to
T
this
tli® graeih In
Xa f«ot the ellmljmtioa of
It is
Haaorafcl© Fmxl B«
"Continuance of the prefinmntlal rate mxOd rosult in
idJjnMit haste ftturalng; and to jTtjr&lssr speculation.
the pr^asmntd^l rat© lisa b©eom sublet to abuaa*
I t &£tm®8 a Fobstsntl&l profit to bsniksj shic& asm bsrswsr a
1/2 o©r oast assl thmftgr $«*& cbtada & prollt dt %/k P
on most iasnere of certificates and a larger profit cm
teem securities*
adlllon
tank horrcwlngs In Jtam
and prtt^y^all^ a l l of this maaafc ww at tfa»
* About 60D Mllioa dt^DJirs of the
is t&dt, prevalent* <\lthougb to tmm. m£m& thea©
incuwttd for t2» purpose of obtaining raaenigt
, there i s ©vJUtooo aX@» that hm&m Ig&v&md in
to increaoo their hoddii^i of Ck^nansiQat eec^ritiB^ send
^ of ^editssHtearm bonds, /natter pssrpos® of bornssdng
to n>duoe or-coss profits tax liiibilities* I t i s H k ^ r that
sfeusea of the pr&fsa^anfci&l rate wUl continao to
banka b^sa^a nore and suor® r u l i n g to ^?
title low r«te 4 If sustaining a loir rato on
that baenks Mte
to to others, ba# ©ncom^ngd
te md
ou busk capedit. In
June loans m OoroanttBont mmH t$m to d0al©rit and
a |«ak of 1*8 bUHon dollarsp md
of 2*2 tAHl0n# a total of h
of tha pr«fJBaronti*! rat©
the protit that cm b© ^^n^e by ^rsrowir^ and
& the- fonte to
cortlficatus i^d m i
tho profit that
^ <ai?!Hs«ksg in ostler to
This ch»8g$ mmld s a m th@ra^f W retard the
in bask
at ^ tics© Bhen innatdo^mxy toK^noiess are
in the
addition^ I t pr&sak&p -ssmM raoslt in sn i
on bank iosa^ to d o l o r s md others^
sspectilatloci aasd
of ths
trihich
the |»wtfte«ritl&l
as tha eoat of
to EsaScc this change* The
ih©
T
that contlRuaseo of the pnaf^awmtial imte i s a&d**ijctihl&« The
Tf&ll isifsd to borrov 00 Additional ruzxla for
\mk ban*OT&?ig$ «sr®. new at A lew
ar© l u g e
y
mmld Jaws litilft or no effort on the GdverrBaant
aarkoU Any &f *®£i that i t wight hwre could be
ta
ho Trmmr/ noald
g
s ® t h a t
far
tl
a t t&m
pxmaat m&& of 7/5 P®?
f
Shortly tboroafles?
2$h$§ ta tlis then
n
t1mt
la th@ direeticm
took mm s&i$ i& a letter oC
k»ard, Eooald %mm&* InIf I t ocvwvmi *t this
tliio siarkat as an indication that the
poli^ and lifts ao»
I x^armd to tMs subjaet la « letter
®* • » Ttm &ldM&mtLmx of
tm@& hmm its©
en
tho agp?ie^ate cost of
tlmt Tdll X» (kfam&x&l )%r F&dter&X Bmmrm aujgwrt of
sacsrit^ a&r^ftt t b ^ r ^ lapsss rmriaat
pcumed i t s penriod of
s^to not
is
inJlAticnf beeat^s© i t oorvus ao a cantixsicpaa iisvitatla\ to
to bill map £ra& nm&mk izmmUsr® the
pawvloucfly n^qtilaasdl tgr i^sabaaik i
l i ^ to, laser lotn* clri'*^^ th® ps^teontl^O.
x«t»
1
tmkm i t jrt^ltuKl^ fat \m^m to bcKW© i s awfte* to
romslt It
of bank
f rcsa imsbaEtk i»-»
o83S» I think
of bank credit
osf
a l l afiE«HBd that & furt3«r
i s to W a^aMed at thi© tdUa»j> -if at
otfi bo tek«i Itt this dlnMstloci tgr ^© t*3jiiiaticm -of thi
ontlol rolo with l i t t l e or no disturbaaoe to tho basiJdLng
i t i s IK>
a Xstter
in
that a3iaii
X«UNI of int«nist»
T
for
of tt» mt@
in tho iataNMrt of
» ^hlch 1 think reewzitablo for Its
i
an
to
HonorabXs PaxSL tU BougJLas
"It mm® to at that i t£m In 3hcrt**te38 intaragt
at the &&&*& tiae would 1&c u*
I t wsuli
the a l r w ^ large interest csliarg© on the pyfciUc detbt« and aoot
of this incno&se would ~o to intsreas© the
^
#
i
of take l a the $rinelpel £taandbel
i
aam 3*v&fty held**
flXioe cmt®£x% &
25,
da&ad
a
Xn Win v
, stated?
tbe
tlvrt.
vpm
for
Tor ancr
a,
that
torn
go IOHBT than t 3 w ®3r« ao»» 11© UHtetfA Hang*
la the rm& Pntvaee rm&fa t p@r oont mMS I^feer
pproach aoro, Hia case for tm info&e&sfo xut^e i s that
they not <m2^ risluoe the ooet «f e a s t i n g the puKUo de^btf but
In a
th@
Inflation, tm
of
.^ during; a pvrlod o
to use other iSKSthols ^nd not penait
© that
of
d
£12®s also oootai^ a mmcm$m$ dated J^max^ 3Xj l^ljiS, of
*Uan Spewul, l^cmitest <C th© F o t e u l Stmnm Baak of
I had with Secretary ?3j*ii®© Md £m%? of the
•* #
p ^
g thttt t t e w Is a
teotemi %tm B^ofcm md the
c» the sMloeK^sf of 1<» ©ad Xcaaar ratios of
* thftt liar stttes em hmm l i t t l # n^ttect csn inrutioa, that,
I n f l a t l * ham to be deelt tdth fey d£rwyt# yather %hm
sneesures, th»t i t dao» not ^jise s ^ dlCftoDoee Esther tet&
or ncsdbanfc MUte^ <^n ao^^mn^t seci^rlti&©, tttft that the
the i
l
ing oT the mmm hmm-m It i d l make Xar
incoti0-f and stimulate
Tbay do no*
tfwiir
iron the limgHpss^a problaa» M bad d1XiTl<3Ul^ in brl&ging
cmt the point thsst
b
^
S
T
Paul H»
-6*
isg which iw&3 ^m®p fjoo&s tram piling **^># bafc such a s
as that in m t In pr&^eot fllf A 7®&? ar twft» Thegf balle^o that
th&y shctold sell a l l fcbe mrim %$ F# sad 5 bm^j t>«gr cas but
at the sa?e tjbao tal» tlie iws&tixxx that the bmk@ and
tJss boncf i t of the ssgatot ijtmses %biah. yiej
fmt mkm far grestea* coaeattteatton of waXth am! that in not
that .if the T^emRay got i t s seney at Xtur awteo that ^miM r e ta»i0 md to that stxtttnt would b& halsiftd in thft
did
to bo earii*t«si»3n In llMftr thlnkis^
to txy to ^et the 3oct«to7 to sea our
i Ma timt «»• h m aliMors 8t<ml far hi^nsr
lottos s^l thoy imm piafced out what «
7 Tin^m stated that if m d u a ^ the
r»to that wm&d be the oi.cnal that
to «fit» us a Xe^Aor sotting Xarlh the
I r i m U ^ said to the Saomtey that i t
loctel as if the Syatoa ws& tJie Tipeasuiy ^®^ a t
that the
the autlscrltr that the Syatei
the nituatioti nat not j l w a a t a tiafe
to
with
had readied |2?5 billicr. thay wa^ the
had md that they could \m mam&m&
pmssm that the
the pea?po«K% of
teeit. X mM that ^8*re n«t proposing to put totai^st
or ±neanea«e- the oo*t of fljiaofidj^ to the Twmmszj mvm
the inncldenaiy <xK4diticma that ©a&st ®«d tlie aw«mt of
that «a# h i ^
f
that under the etatute 4Jhat i l the sjsrtion that the
shcsilcL take* I said that poms* W ^iinan to its to
dlfi!aK«at nituatlan than ?&m 2/3 of
an.
d th&t that fcuig llw case 1^0
that the Sv-st&i o to Co^i^rees and point owt the
problem &n<£ l©t t t e i knoer that the Bow! and t£$ Open
Co^dttee are- not in a possiti^i to deal with tb©
through tins r^dlust of interest rates asid
ie needed to neat t-® probdau in
that
benk .inweateient in Gov^niaent eecmrltle® froa
. I pointed act that the reason for the
of the Oove&mmt do^t ^ the banking tester* i s
Basil H« Douglas
tha
that the basks haw to the F&den&
t£» sonporf; whitih t3* 3y«tai i» asi*itt®& to
to oarUffcaattt** Vk
to £inanoa
tfao «wr Utt
t o as»«t H
of
ftxribar te^ in
and
to# hath.
to
not IMI «^>1U t o @»
vtttl t*e
though th»
i t lofta Wm i '•JJNJfcWii trtadk» aft your
thast ^lesa *» a»t rif,ht vp to Urn immmm ttwb
M
*
f
aotlon*
lay gifciirig • f^s^rt t ^ CaminMNi m
naot i t nitik our
that will
far m& to h m it
£m>mm1$&g
X todd MNi Viason that i t p^
us to b© a ns1sb©r s t a ^ sr*d lit «ss&d that
think INT mmld naixt to ta&» aotion «fem i » .IS^S^I^K! h i s
T
F
P a u l H. B
tt
Ot*r
and
end on »
a l l stiook hands*
ftaNWi Xsfcar in the
Srw Delano gsve for !!J% H&rlj tfci XMMF CBadJMI of t t e fede r a l Deposit Insurance Corporation, aa& h© m s
I ss*i& t o hia that "m w&pmc±&1m& t l
b
the ttHttar; that 1» had givm ua
to
our position, end that if ws had
In
Ma I t mm n<& hmmm !w
US t&ttt
•
again in the £oragolng, tto Ismm I s r*oi ox5so
A© l « i
It
la
an tho
fidoatial a«t© ttvat the the
of t l «
t i » S@cs^©t^r7 in a psrscsml and
U.-o pae^ea^ntial dlsfO?mmt nsctc ^BSJ
a t « ^^tdng which ted just feeea held
Banlcs -••ith t^j@ Board* X ^ v i s e d him t h a t :
w
At the coi^Xmsiaa ol* the disooaalon* th©
spprowi & aotion i^tsssting ao t o advlae you
I *ociuM not ^ w i th» ' I 5 ? » s ^
$faa% the F«d^e«l ifiiNwrv* aeik© wood not act on the
the Isar requires the boards of fll
of' th© ItHMfie !&nk© t o a c t
tm wmhm an nXl i«ates isnd thsit
h m in TtaiahSz^Etcn has t o
the
nd^ i w w m > t l » Board l-iere l a rscjal3pe4# b^f 3JHWF, 'toi t a pejUtigr fNiao^I* i s I t s f ass&sl roport to the Docs&wa* tiie
the Baard'n appa?oial or
l
In a l e t t e r of
2 8 , 1&1&, Um
dlscc^mt rat© t u t stat&nn that l& *®& docl»^ed nat t o scsid a l a t t e r
whioh be bad had on hl@ d ^ s ^ and to ^ d c h rofta&ie® 1®
oi %J®mh 2 2 ,
1
thisttQtdUnlytoiii not b@ taken a t t h i s tls»»
^
i t -cldOd not soc^i vdaD t o rotik the boat in the afttidla
txvaaltiQn to ¥dmt I hope i«Hl be a full
# Accatdln^fp 1 aa i r i t o ^ at
portion on this {p
T
Honorable Paul & J
"The mUMxw.tlon cC tto pv«f«rentlal dieootmt
this tiro i?o&34 tee intepisa&ed tf Us© sssarla&t as —*
in fact, be — & f i r s t mum in the directtcsni of
torn internot nstacu Higher short-item nttee
cost of CMffieytrc tto* paJSLUs detrtr sad
M fe
taaaflt to oac^grtsial bmks f ta®8& <£
would
en incraauio in &kmt rsfim mmld «pt«ad to
4
osnlly >^ tlm mm& —» by
n±£ht bo too late to &vmt mtrlms xm
to th» cost cssf GennKmsiQest .finaacdng and to oyr iiop©« of
in.
it
to you
•3 should., t^oaroTore, l i t e to renm vy
t
previous oooaatloas, that the'i&d&p&l8&mrm $$wfom
at t'hie ti-o* 'l"fu.a request i s , of course,
without pr^judiee to t l ^ pa^-itde ©lisiirmtiom of tb«
iS
rate at soac futurt d«t@ t^en each aciicm vould b© part of
whol© policy ord^ntatml in the dirwtstai of c-oatlmi
t«roflt Vftteti^ rstfwr ttNttg «o t t wof^M be new, part ®C a
diroetod toimrd hlgj
At
presoot tiaift is alsxwt c
i t aa?® not Idgb in relation to total S®$#etsX 'Ht«sr«»
or ansjr othsorrele^s®^ si©a^sp©# The p
d p a l sigaificmoB of the s i t e i s , a@ Ifa^ Spctxil so ^ptlj | » t i t
in our a9©tlng m Jmmmj 3% that <a£ a aignal to the '^rtot for
the ooatSn»iaeo of the a££lctiKX poli^ 1 of leer tntenHA mtaa*
ICr» £?pr3&£L i«Kit« t ^ toal t h i s s i g n a l do^i* ^E»d yuu ooiKXtr*
I do
The &dsi£DlJrtsrtttlon podiqf on laer inlerest rsstes ua& the
far i t turn js^a^ poetttted 1B the ft*HE&tan&*8
i t ta^es the aciiqri 7011 su£@eot# tt» ?«
w & i fet n^ing on© si^aal i^d the r^t
ofigsmt afford thus to aot at cross purponea duxv
this 3»o0t orltleMRl ^©®r In the rmo$*m&g&.m c€ mxt
The letter
that tS» proposal to diJUadzttto the
^was not roaX^- part of a progr^i to i&ssmse
est
et the
dificount nate
inter-
On A p r i l
in &
to t
**% «jsooiat®0 arid I w e misprised b j yoor
of
28* sot because ue « m in doutofc «s l o ^ois
coaoeming the ^Hsalzmtian of the* p r t t i m n t i a l disoos&st vats*
but fceosuse of tli® itaadiBSErftal a&scan&optioa of awr
your l e t t e r
w® are relnotnEit to ta^en the
of this m t t o > *» think i t luportot t o eraphasiao
Is notitog la the r^oard to Justify the s&ataneast in
that the proposal to olIMnat© the s
to
±& not t t e puipaj^* The pu$poift i s t»
iqpetud to the inrifttlotutzv *&?<&& which
exivt i i our oooQOB(yt avtsng viiicb mistfce?incltitdBd th
of mtm^ m the hsads of the ixsblis,. partictiler^ in i t a saost
fore^ to
it
on tho side o,f the
. that is not -the
to
of a
«?h8 <|a©®ti«m i s
to
which 210 Xcfs§dr sesnwas the pirpc»s» far which i t
quit© the car*t3Pai7$ tands t o a^x-avate the
the CkymnaBnt i s $
c<3o© to the Hosorwe Banian and tKSTioif a t a pr©£arontial rato <r*
due ox* caHatoi© in ^ot- «oa?(S than orje ywar j
t! sesei b^&a to pure!m?m CkinnernraoRt' aecuritles
to asto loMUia to others tor the purpose of
pro:Tita» but i t om3j& not rmfeisse the oas&
Is to cxnsate»«
of the entire intenst ratesthe
7
^ pollcar» I t
af
our
to the
Use pn£oaranti£Cl rmta m e adop^ci in 1$1&B the
f « l t f i^nd BO ertfttsd» that in ordinery circts&tanoes such
ee should not b@ eotablishod« I t m® mcagi&w&f
s** that tJm « r fitjaacing |>rogr®ffi nduld iwpir©
t i a l purduHMNi of Govwmaii&t mtcxa&ttM ^r th©j laakks and i t
T
for
ni* to jtamw& ttore of tb©ir thm
mmmm
In $fwrt*4ira
It
apii®tistti«5 if th» public dfcfci
l
of
that i t * eMjaiiMil4» flf
"XCKL
by
it
Tim bc^t <s« ba roetai in
i i doss© as
$$$ to te
that
of
ing s t this tttto
of
if tJs©
to
our
bofc
en
to
of vcridag at
tho
of
mk m to
with Urn
the cost of Q&mmmafo tixmrnds^*
T
the pwtferersfcial discwant raid to increase the ^xwaeat certiXi~
cat© m t e er oth&r raten acw paid ^ the t!sra«MSujsy. Moving ttem
b&m aamr&L that i t s itttennst in the setter will be fully pro*
tooted, the Trmmxty^ i t seesss t& us, -mvM not wish to be put
in the pooitlaa ef ofbjoeting &o the Systems dittftercp* i» **>•
isiih i t s best ^udgaoat, of a statutory responsibility
npm i t fcgr
which jma* lotter is basid is
iUii8trat&dl ^ yoisr stateaerit tfmt -m mfi® no cant a« to h«r
short**«ra interest raids mtc&& l^Lp in
oosr
«BMI
sought to
m ©arimst dx^jm to
ertsation of
batik credit, both dirseUy
•It skmld be boma in ^iad that our
will $mmm$m «n inc®»s«iEC incoas that -will
j
of pigmhomijag «b*fc Is produoadU If t>da ondy ar^ated
has Is cmp&te not o « ^ »S*h the
but
jtrc
our pr<K2uetiaa WQT
lafXKtlaa DO swttar
that- nn i^pitptiaX r^¥ifi» of tha
tJao Board aad
0;>«aa M«utet CoendLttae to tho
1
ol
tha
d«T»DS© ami war f tnatuiing
torn
^^«l 91^7 pcs®®ibl© quetfblon that «
consistentajadwoostsd pciicl^s and ^ea^ir'esflMPjTlaftneixtg
tho trar a** loir '&nd stiai^lo rst©# c£ Int^msU Thai patten of
rates cm. aarkat iasuea a^u@d. v&m \%r the tnasttxy and t!» aeae^i %8tea ran^dL JDres* the ?/o ;p€s» oesit mtm
to the 2-2/2 «*»r cent rmt@ cm UMl lo«©(iSEt tarm
fh^re isos also tlia 3/B r»te on 3-^mth Treamia^ bills* The
only official zvoaoossKlaticais the System has ?
^
for ai^- higher zwte> ablated eowluslway to the b i l l r»i©« I t
evident early in the war that th© bunks
& . bE^ii^ bUXs m l insraesln^ljr disposed to b«^ the
, hi^wsvylsld iarmass, with the rem&t tJiat th&^r sold
the bill® to tix» rieaerva %atei csad conoosttrat
tf
in the loKifar-torja eecuritiBfi, thus iscrcasing
expeotetian. that &. eosseniilwtt is^rovodl b i l l idte •poaild r^uult In
of the I d l s and henoo tmmt of the
^ * as&fcsisig the mmmXl eosit <tf
fi&ftnoiac« ^i^^ h«s nerved to coafiLna the -djrw that
the baaks muld be iiici^aMr^3y wsintemiat©*! In Mils .4xt the
3/6 mt®* rear «t pampont theT F
ftV:fj*titri:*in.' -
a
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tlso
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it
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ktemm 4Xlt I t
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to
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*:k* not think X
mid
2JB this caog&HX ami ispsirtait t*Mmr rloem tfbcwi persons
inbmm&bm I
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hope fuer i»pif7 i d l Had
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