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or THE


"Office Correspondence

Date_ AprU i9> 194<j—
Subject •—faprtumnittiap af th» ]»«dw«l

A* * awsaber of the Board, I cannot accept ae ?e tinfactory Mr. Lovett1* letter of the 21«t, la reply to Hr. Eccles1
letter •* th« 9th. I do not consider Mr. l**ett*8 letter faetual, and th« talk about Halted budget* and other llaltatioa*
does not eoovey the roel reason, and certainly not sufficient
reason, for failure to include a representative trom thie Board
os the delegation. The faot resmlat that the Federal Be*erre
Board »*», app^renUy, doliboratoly slighted in thia c*»e; and
suoh slight « M eaphaslKod by the Secretary of the Treasury's
irritation to the President of the Federal Kaserre Beak of lev
York, without reference to this Board.
I think the Board should either be represented on
these delegations, and recognition given to the vork done by
its seabere aad its staff, or the Board should discontinue
asking available the services of its aeabore find staff for the
purpose of doing so such of the spade vork and research for the