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December 1 9 , IShl She E d i t o r , Time Magazine, Time and l i f e B u i l d i n g , 9 Bockefeller Plaxa, Hew Y o r k 2 0 , Hew Toric. Dear S i r s However Brown, S p r o u l end E c c l e s may d i f f e r about t h e B o a r d ' s ( n o t B e c l e s 1 ) s p e c i a l r e s e r v e p l a n , t h e r e i s no p e r c e p t i b l e disagreement among us as t o t h e r e l a t i v e i n s i g n i f i c a n c e , as an a n t i - i n f l a t i onaxy measure, o f i n c r e a s i n g F e d e r a l Heserve Bank d i s c o u n t r a t e s * Member banks do n o t l i k e t o b o r r o w and do n o t have t o when t h e y can g e t reserves v i a g o l d i n f l o w o r s e l l i n g some o f t h e i r h o l d i n g s o f Government s e c u r i t i e s * Time (December 2 2 , page 6 7 ) marred an o t h e r w i s e good r e p o r t i n g p i e c e by making i t appear t h a t t h e d i s c o u n t r a t e l a & c l u b t o b e a t i n f l a t i o n down* I t w o u l d p r o b a b l y be an o v e r s t a t e m e n t t o c a l l i t more t h a n a t o o t h p i c k * Vexy t r u l y y o u r s H. S . E c c l e s Chairman.
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