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December 9, 1940,

Mr. W. C. Perry,
878 Elm Street,
Hew Haven, Connecticut.
Dear Mr* Perry:
Chairman Becles requested me to acknowl­
edge receipt of your post card with reference to
his recent talk before the National Industrial
Conference Board,
Subsequent newspaper accounts were en­
tirely misleading* As you will see from the text
of what he actually said, the only reference to
the subject of credits for the British raised the
question of whether it would not be better to ex­
tend such credits, taking gold and other assets
as collateral, instead of permitting gold and sil­
ver acquisitions to increase still further both
deposits and excess reserves of the banking system.

Very truly yours,

Elliott Thurston,
Special Assistant
to the Chairman*