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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 SGE> . C<£ M. S. Secies, Chaiman. Enclosures SRC/mg / 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. In 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 tet with i s again. t Sincerely yours, (SrGNED) M. S. ECCL£& 8, Keclea, C&airasa* Enclosure SRC/ag i 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