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or IVKW VOHH IIANOYKK SQUARE March 8, 1935. H« SVNSocles, Esq., Governor, Federal Reserve Board, .7° oh ir;* ton, D . Z. • Sirs "7c have j u s t received your oiroular l e t t e r of February 27, • • of your statement at ti Ldwi -ter meeting of the Ohio Bank or s Assoolation• It B .' jxper•3 was in a so-called "country bank" i P TTtica, "ave i] ' the almost continuous pressure exerted V Dop« ° . . '"' E^lnst ' hefc;, loans ^3 Lob tended to rerder l c L and tore froze J V c banl-s under the j u r i s d i c t i o n of the Super] I b, and I r e a l i z e now as E did bl Lsd • •" Depari ' ' '"n"•' " j • It did. fe« hat, 3 posed banking b i l l i s enacted, the provisions render: I ' ile to rediscount a l l sound 3 ' the Federal Res-• ise to those bankeri *rosen assets b their banks agai ' UJ sound oc Ltion. '•" • s l a ' '; • • a! Lenoe, r I am a l y opposed c •' • B hiol 3 d i g r e s s any f a r t h e r f r a " •' W^G e s t a l i s h e d , rsaraely, t h a t 5 ' as a : b of self-13 °' La] aj :r« A" on o o n d i t i - • v. ] ,, . 1 he • , I a n i n favo] • •. • Lnfluenc .- • i with, tl v r e u o n i s 76i*if ' l e i fl a l e n d e r . " • r how ' bo h i rate of 5 *- • . • ! " ' 'oposed b i l l • b r a l i s e bl B i ank b u t c I from arr ' ' ;:! " ' >" an 1 B " s ' ' IUG ' .- ~ • •' lei Js hioh . \ ' . • • - - ' • . • - • • • • • - - s . " ' ' : •a ; impartial manner. 11 be « ns. HW VOMK ©RK. N. NEW YftR \o If, S. Eccles, Esq., Governor The experience of France durin, aft tan years demonstrate - how thoroughly unsound wid dangerous auoh a si ban",loi\ oan beoomo. There are ma Peal r and i b i s with great d i f f i d e n c e 1 - 1 . " • so d i a m e t r i c a l l y oj ' ose adve • position. "opoae - g bill, opij ion irson in your high Very truly , ours*