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e- • # 496 ( COPY ) X-4372 FEDERAL RESERVE BAM OF DALLAS June 2 6 , 1925. My d e a r Governor C r i s s i n g e r : R e f e r r i n g t o our e x c h a n g e o f t e l e g r a m s y e s t e r d a y , i n d i s c u s s i n g t h e m a t t e r w i t h Mr. G i l b e r t and Mr. S t r o u d , t h e l a t t e r b r o u g h t up a p o i n t t h a t I t h i n k i s w o r t h y o f s u b m i s s i o n t o t h e F e d e r a l R e s e r v e Board f o r i t s c o n s i d e r a t i o n . These m a t t e r s c o n c e r n i n g w h i c h i t seems d e s i r a b l e t o employ a s p e c i a l c o u n s e l a r e n o t u n l i k e l y t o a r i s e f r o m t i m e t o t i m e and, t h o u g h , l i k e t h i s o n e , t h e y may be q u i t e i m p o r t a n t , t h e i m p o r t a n c e may p r o b a b l y be a c c e n t u a t e d o r e v e n o v e r - e m p h a s i z e d b y t h e a c t i o n of employing s p e c i a l c o u n s e l of n a t i o n a l r e p u t a t i o n and o u t s t a n d i n g a b i l i t y a t the time they a r i s e . Our v i e w h e r e i s t h a t i t m i g h t be w e l l f o r t h e Board, i n i t s own b e h a l f and r e p r e s e n t i n g t h e t w e l v e b a n k s , to g i v e c o n s i d e r a t i o n t o e m p l o y i n g c o u n s e l on a s p e c i f i e d r e t a i n e r s o t h a t s u c h c o u n s e l would n o t o n l y be a v a i l a b l e f o r c a s e s l i k e t h e A t l a n t a and San F r a n c i s c o c a s e s , b u t c o u l d a l s o a c t a s a s o r t o f C l e a r i n g House f o r t h e l e g a l d e p a r t m e n t s o f a l l t h e F e d e r a l Reserve Banks. We a p p r e c i a t e f u l l y t h a t n o t h i n g s p e c i f i c c o u l d b e done a b o u t i t a t t h i s t i m e s h o u l d t h e s u g g e s t i o n a p p e a l t o t h e Board, b u t t h a t i t w o u l d p r o b a b l y make a l i v e t o p i c o f d i s c u s s i o n f o r a j o i n t c o n f e r e n c e and t o t h a t end m i g h t be p u t o n t h e n e x t program a s a t o p i c s u g g e s t e d by t h e F e d e r a l R e s e r v e B o a r d . I n t h e meantime i t m i g h t b e w e l l f o r t h e m a t t e r t o be d i s c u s s e d , e v e n t h o u g h i n f o r m a l l y , a t t h e c o m i n g C o u n s e l s ' C o n f e r e n c e w h i c h I u n d e r s t a n d i s t o be h e l d i n W a s h i n g t o n some t i m e i n J u l y . Very t r u l y y o u r s , (Signed) M r . - D . E . C r i s s i n g e r , Governor, F e d e r a l R e s e r v e Board, Washington, D.C. lynn P. Talley Federal Reserve Agent. ( COPY ) 497 X-4372a June 30, % Dear Mr. T & l l e y : Governor C r i s s i n g e r brought t o t h e a t t e n t i o n of t h e Board t h i s morning your l e t t e r o f June 2 6 t h , i n which y o u submit t h e s u g g e s t i o n t h a t t h e Board employ a s p e c i a l c o u n s e l on a s p e c i f i e d r e t a i n e r , who w o u l d n o t o n l y be a v a i l a b l e f o r c a s e s such a s t h e p a r c l e a r a n c e s u i t s brought a g a i n s t t h e F e d e r a l R e s e r v e Banks o f A t l a n t a and San F r a n c i s c o , but c o u l d a l s o a c t a s a s o r t of c l e a r i n g h o u s e f o r the l e g a l d e p a r t m e n t s o f a l l the Federal r e s e r v e banks. This m a t t e r w i l l be d i s c u s s e d by t h e F e d e r a l r e s e r v e bank c o u n s e l a t t h e i r m e e t i n g on J u l y 1 3 t h , and w i l l a l s o be made a t o p i c f o r c o n s i d e r a t i o n a t t h e c o n f e r e n c e of Governors and F e d e r a l r e s e r v e a g e n t s i n t h e fall. Very t r u l y y o u r s , (signed) Walter L. Eddy, Secretary. Mr, l y n n P . T a l l e y , Federal Reserve Agent, F e d e r a l R e s e r v e Bank, Dallas, Texas. 1925.
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