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Form F. B. 131
BOARD OF GOVERNORS
DF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
To

Chairman Eccles

F r nm

June i s , 1937.
Subject:

Meeting with John L. Lewis

Lauchlin Currie

When I last talked with you, you were undecided as to whether you
would see Lewis now. I have been thinking it over and have talked with
Coyle, and it seems to me that it would be well worth your while* I
gathered from Coyle that the idea was not to canvass any particular
point, either with respect to the Labor Standards Bill or anything else,
but rather merely to get acquainted and to learn something of each otherfs
viewpoints.
If I were in your place and the occasion seemed to call for it, Ifd
take the attitude that my primary concern was in making the system work
decently* This involves labor getting its fair share of the fruits of
technological improvements and increasing efficiency. On the other hand,
if labor demands more than is justified by its productivity the result
will be rising prices with all the disadvantages rising prices entail*
Again, if labor demands too short a work week, the productivity and standard
of living of the whole community will suffer. The most favorable circumstances for labor to secure its fair share and yet not pursue policies
that will be detrimental to the interests of the whole community would be
for it to be well-organized on industrial lines under a leadership that
will recognize and accept its national responsibilities* Hence, I am not
in sympathy with the independent steel companies* attitude* The problem
of making the system work satisfactorily is broader than labor policies*
It entails working out coordinated monetary, price, labor, public spending,
and taxation policies, in all of which organized labor, as representing
such a large portion of the conmunity, has a vital stake*
I have had Mr*
Bill, together with
and Lewis1 attitude
particular question
in having something




Bassie prepare a brief digest of the Labor Standards
a brief statement of various problems raised by it,
as revealed by his testimony on the bill. This
may not come up, but I thought you would be interested
on it in any case. I will send it over to you tomorrow.