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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
L w -ter meeting of the Ohio
d i
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 b
l
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

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•

•

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
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La] aj :r«
A"

on o o n d i t i
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v. ]
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1

he
• , I a n i n favo]
• •.
•
Lnfluenc
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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

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bo h i

rate of 5




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'oposed b i l l
• b r a l i s e bl B
i
ank b u t c
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an 1 B "
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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 m
a
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*