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• V t FUNDAMERICAN f I • 4O EXCHANGE PLACE .y " • CORPORATION ) NEW YORK • BJ@ SPECIAL REPRESENTATIVE \^ ROBERT C . GAUPP OOB DELAWARE AVENUE BUFFALO. N. V. Mar ch 7 1 £>-rTcari + l i 1 9 3 5. Hon. M, 3 . Secies, Governor, The Federal Reserve Board, Washington, D. C. , My dear S i r initu further reference to our previous correspond enc e in the matter of the Banking Act of 1335, I Lav e received very cor dial acknowledgement of my l e t t e r s fro.,, t he l o c a l Members of Congress, and also several r e o l i e s from neighborin;; gentlemen to whom I sent copies of the Letter addressed to the loco 1 members. Thinking you might he in torested in observing t heir re-action, I am forwarding these rrep lies here. , , ? 4-1U . - A i l l appreciate their return after the* he 73 served yo\xT purpos e. ou -/ill note that the gentleman from Hoch ester • ays that n o doubt the b i l l as finally reported, by t tee will re plcct the sound a,id meritorious criticism s - • ' r s i i J .ive t o sueh as I hi ve no ticed in t h e pr ez s i t e " • * ' ' ' • x > - ' - l i k e t o m&ke t he f: l l o w i n ; 3b s er v s t i ons : • P. L j r. Aldrich of bhe Sh s e I atj 33 al E ink hi r- G City^Banks, I ce r...' c.. Mr .L ..-.."... c ' ... ^ i i* i c Ji Pak(ll) tc - - -1 - 1 ••- :~f t t i a n , ' a Xy / >UJ , is : • • . h.. - - - :.-... b] Jtic ^ is able . J 'at. ; . -.. - ty - c t " 3 f1 ckl*":?ss <?x eons! writer's, "ezrpert c certainly con Importani fi a "9 might have Title 11 3f ec r p: a f j3srs ons i«jQ.rifling n.c u c k - i r l y k vc Boarc shall appoint to the. 1 1 Res .ad by education t shall choose persons well ju or b-,;th" and as the Governor dllov/ that he Tiust oer force i son rro l i f i c a t i o n s . I agree with you that the *r.an 1.- •'. r the maToritT of t) le qf the United States reoose the confidence necessary to elect him President, will not deliberately violate t h i s part of the Act, if passed, by appointing and designating an Incompetent person as Governor o^ the Fe?eral Reserve Board. Should he, ho.vever, have erred in liking the appointment, i s i t not much more desirable to be able to correct such error by prompt removal, than to bo obliged, to //ait u n t i l the expiration of a fixed tefm or subject to majority action of a board or similar body? Methinks LSr. Lawrence i s measuring "small potatoes". (*} Mr. Ld.vrenco would b^ at E a r t i c l e that Sec. 2JZ Par V r - • - The sarrs comments apply to I.Ir. Million's fear that a Federal Reserve Board,such as a President would be required to appoint under the proposed a c t , would l e t down the bars on Re-discount Regulations so that re-discounted nortages would be the principal backing of currency. V/ere he inclined to be f a i r , he would state that the Federal Reserve Board under the authority to be given i t by the new act would be able t o adjust the re-discount regulations to meet the local conditions in the several Federal Reserve D i s t r i c t s . Today's //all Street Journal indicates that there may be some trouble ahead for some of tiie Administration b i l l s , including the Banking Act, and I hope t h a t the opposition to the l a t t e r may not be too s< (*) Mr. Lawrence is a c l a s s - This article is protected by copyright and has been removed. The citation for the original is: Lawrence, David. “New Deal Policies Vitiate Force of Johnson’s Speech.” Buffalo Evening News, March 6, 1935. This article is protected by copyright and has been removed. The citation for the original is: Mallon, Paul “Mr. Richberg Ranks with Huey Long as Prime Political Commentator.” Buffalo Evening News, March 6, 1935.
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