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18H9 W t b s k w o o d R o a » Ph il ìu e l p h ìa , Pa . December 9, 1940 Mr, R. B* Mateer, 1869 Wynnewood Road, Philadelphia, Pennsylvania. Dear Mr* Mateer: Chairman Iccles has requested me to acknowledge receipt of your note of December 4 with regard to his recent talk before the National Industrial Conference Board* Tour comments are based upon erroneous newspaper accounts that subsequently appeared, I am enclosing the text of what actually was said, from which you will see that he made no such proposal as was attributed to him. The only reference to the subject was in connection with the fact that continued gold and silver ac quisitions distort our banking structure by add ing to deposits and excess reserves, Mr, Eccles raised the question of whether it would not be preferable, in order to prevent this effect on the banking system, to advance credits, taking gold and other assets as collateral* Very truly yours, Elliott Thurston, Special Assistant to the Chairman* enclosure ET:b
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