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The Federal Reserve oystem hao a definite responsibility in the boating and monetary field to make
its views kno'-:n. to Congr*88«

This special report, as I

liurtai MtiHllii it, is for that purpose. It dealt; witll zone
Of the many technical questions that the Wagner questionnaire will require them and other banking agencies and
organizations to answer*
Chairman Kccles rataitted the report tc Bfi before it waa sent to Congress, and -hile I have not had
an opportunity to study it in dtt&il, 1 aa la fall 6Ccord vith the objective, %e I mdcrstatid it, wnieh is
preparedness on the b%ajr1ng and monetary front ma part
of our defense preparedness —

so that those cliurged with

monetary responsibility will be in a position to prorottt
inflationary developmontE insofar aa th&t can bo done ty
monetvry aiicl credit means.

(Taken to the White House by Mr. Thurston 1/2/41, 5:15 p.m.)