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August 21, 1937


Mr* Eccles

From; J. U. Daiger

This is by way of afternoon afterthought to the
memorandum to the President that I drafted this morning
for your signature. There is another name that you may
have thought of and that others,"I have but recently been
told, intend to suggest to the President and to Secretary
Ickes and Senator Wagner. It is one that I woiild not myself have thought of, for it is r y o?/n.
Now I am not, for reasons thit you would kno?/,
a eanai&ate for this place. Furthermore, as you will have
seen from the memorandum that I drafted for you, the name
th&t I suggested in it as a first choice, after I had reflected on the matter very carefully last evening, was not
the one that I mentioned offhand when you put the question
to me over the telephone• In fact, I should be inclined
as a result of that reflection to place not only Ihluer,
but also Peoples and Golean, aheaa of Gray.
However, you coula do a very useful service to
me, and in doing so help the future advancement of the several housing matters in which both you and I are greatly
interested, if you were to bring my name to the notice of
the President at a time when housing matters and housing
men are receiving his attention. To explain this, I h£.ve
to take down my hair (what little there is of it) ana say
some things th&t I would not otherwise refer to.
In my association with you during my employment
by the Reserve Board, I was through no fault on the part
of either of us excluded f roil the kinds of work for which
I have more training and aptitude than for the only kinds
of assignments that you were in a position to give me. I
am a good organizer, a good negotiator, a good sales manager, a good witness, ana a good expositor at rounatable
And yet, though I have had a great aeal of experience in all these activities, ana am self-critical enough
to know my weaknesses as well as my strong points In them,
my work with you as a special assistant was for the most


part of an isolated and closeted nature, which is the very
opposite of the active business life to which I haa been
accustomed in organizing new-business departments for banks,
developing sales programs for investment houses, training
men to carry on these activities, and at the same time managing the advertising organization that was an important
adjunct of my financial-relations work and through which
much of this work was carried on.
One very natural result of the departure from all
this in recent years, though I was usually too busy to be
acutely aware of it, was a repression or damming-up of energies and talents that I had previously been accustomed
to exercise. It is among the advantages of my new work—*
an advantage I have as yet had only a taste of because of
extraneous activities^that I am again back in the area of
administrative action and responsibility. The effect is
somewhat like that of being let out of a locked room to vrhich
one has been confined.
On the other hand, my work with you, following the
preliminary experience with Frank Walker, did afford me an
extraordinary and valuable opportunity to acquire a far more
extensive knowledge of housing matters and financial matters
than I had before. All that is clear gain to me.
But is it not also clear gain to the New Deal? It
seems to me that it is, or at least ought to be, and that
since you are largely responsible for it you might well make
further practical use of it to the advantage of the New Deal;
at least while I remain in Washington. You might wire the
President, for example, or write to him by air mail, that
another name could appropriately be added to the list you
sent to him to-day—a man who was until recently one of your
assistants, who was formerly an assistant to Frank Walker in
developing the housing program of the President's committee
in 1934, and who is now financial aaviser to the Federal
Housing Administration.
In this connection you might add (what I have known
you to say to others) that I have a comprehensive understanding
of housing problems in both their social and economic aspects,
a detached and objective attitude of mind toward all the housing
agencies, and a firm practical grasp of the financial and other
operations of each of them. There is not much else that need be
said, except that if the President is looking toward a realistic
survey and coordination of governmental housing agencies he might
find it useful to keep my name in mind.


I put all this to you only as a suggestion, leaving
to your own judgment of course whether you think that the action I suggest is merited ana whether, apart from its present
significance, it would serve a future useful purpose*