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Form F. R. 511
TO
FROM

REMARKS:

4:J5 Mr. Hill called inri left this message:
He saw Tobey and tola hin a.^out bill 2413*
and Tobey -will stand by until he hears from
you next week, to push the bill. Tooey said
the recess will only be for Friday and
Saturday and they will be back in session
on Monday (insofar as he Knows). Regarding
your suggestion to have Cherry drop in the
office once or twice a weeK, they feel that
would be very helpful. Hill vdll be very
glad to be of assistance and to help out
whenever you feel he can. The Committee1s
office will close on Thursday at 5:00 and
remain closed until Monday.




CHAIRMAN'S OFFICE
©

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Mr. Thurston:
Mr. Hill just called (1:00) and asked that I send you
the following message immediately:
Senator Tobey does not want to touch 2i|JL3 today» He
prefers not to touch it until Mr. Eccles talks with
Senator Taft. Mr. Hill thinks it might be advisable
for either you or the Chairman to talk with Senator
Tobey right away in addition to Taft. Mr. Hill said,
in other words, Senator Tobey isn't going to do anything about the bill until he has talked with the
Chairman and hopes by that time the Chairman will have
talked to Senator Taft.
Mr. Hill also said I might remind you that the Senate
will recess at the end of the week and if the bill is
not voted oh tomorrow, it will have to go over until
sometime next week.
Mr. Hill also said that if he can be of any help to
you, he will be in his office this afternoon.




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BOARD OF GOVERNORS
• F THE

FEDERAL RESERVE SYSTEM

Office Correspondence
To

Chairman Ecoles

From

D t ^m 1. 1 1 7
ae
9+.
Subject:

Mr» Thurston

I have talked with Hill and LaRue, the Committee^ Counsel,
and what they and Tobey were interested in knowing was whether you
had succeeded in getting in touch with Taft. I told them you had
made every effort but there seemed to be a lack of cooperation at
his end.
LaRue said he overheard Taft remark yesterday that he
thought the 5-kiHion limit was too much. In case you do succeed
in talking with Taft, they would be interested in knowing it. They
fear that he may block the bill entirely. They did not think it was
necessary to provide any more material, but that if anything came up
on the floor requiring more information, they said they would call.
I mentioned to them both that if the inflation point came
up, the answer to it was that it is no more inflationary than open
market purchases, on which there is practically no limit, and that
the real source of inflation is in the Government running a deficit
at a time when there is a shortage of labor and materials.