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BOARD OF

GOVERNORS

OF THE FEDERAL

D a t e

To

RE8ERVE

February 2,

8Y8TEII

1 9 5 1

Governor Eccles

From Woodlief Thomas
MESSAGE:
This rather well expressed
statement of Dr, Miller has a
bearing on the present situation.




This file contained a transcript of a copyright-protected article that has been removed.
The citation for the original is:
Miller, Adolph C. “Responsibility for Federal Reserve Policies: 1927-1929.” American Economic
Review, 1935.