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January 16, 1948

Honorable Charles V. Tobey, Chainsan,
Banking and Currency Coamittee,
United States Senate,
Washington, D. C.
Dear Senator Tobey:
In accordance with our conversation a feu
days ago, I hare written the other mwtbere of the
Banking and Currency Committee sending theaa a copy
of the little booklet published by the Board, "The
Federal Reserve Sy&tea - Ite Purposes and Functions",
which contains a statement of the organisation and
functions of the Federal He serve System. A copy of
the letter to the other neabers of the Coats it tee, together with a copy of the booklet for your own use,
is be i-, sent to you with this letter.
n:low will note that I hare mentioned to the
other ambers of the Coanittee the arrangements for
another luncheon meeting with the raeabers of the Board.
X will give you a ring sose day next veek vith the
thought, tnat at that tiise we aight agree on a convenient date for the luncheon soaetlBe during the latter
part of this aoath.
Vith kindest regards, I aa
Sincerely yours,
( i N D M, S £ C , S
. C<£
M. S. Secies,
cct Chairman Eccles^/

January 16, 1948

Honorable C. Douglass Back,
United States Senate,
Washington, D* C«
Pear Senator Books
Toy will recall that vhaa the saaber* of the Banking aod
Currency Comaittee had lunehaon vith the asabers of the Board a
few VMka ago, Senator Tobey suggested that It w&uld bm helpful
If the saa&srs of the Coaaittee could have a atateaeat shioh would
•cguaint thaa a m folly vith the oz^aaisation and Amotions of
th« federal Reserve System, la a
conversation, he ra~
aawd the suggestion
I told the Saaator that a revision of a
little book published by the Board, *th» Federal Reserve Systaa ~
Its Parpoeee aai Functions", «hich wue than on the prees, contained
such a stateaent in fairly concise fata* He expressed the thought
that tha oeabers of the Cooed ttee would like to have the little
book aade available to thorn and 1 tm taking tha liberty of sending
a copy to you vith this latter.
of the coaaont aade during the luncheon that it
weuld be desirable If tha swabsrs of tha Coasaittee aad tha Board
coold gat together fron tiae to tim, the Board haa i® aiad
gestiag a data during the latter part of January vftieh would aaai
tha csonveolenoe of the sabers of tha ronittf n« for another luncheon meeting. In a recant dlsouasi©© with Chairma Tobey, ha suggested that I aention thia arrangement to tha matters of the
aittae and stated that ha would confer with t)*ea about a satlafae~
tory data. It would indeed ha a plaamire for tha rmihers of tha
Board to have you and tha o f f r aeabere of tha Coaaittea visit
with i s again.
Sincerely yours,
cot Ghairaan Bool**/

Members of Senate Banking and Currency Committee to whom attached
letter was written:
C. Douglass Buck
Homer E. Capehart
Ralph S. Flanders
Harry P. Cain
John W. Bricker
Joseph R. McCarthy

Robert F. Wagner
Burnet R. Maybank
Glen H. Taylor
J. William Fulbright
A. Willis Robertson
John J. Sparkman