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COPY X-7983 White House Washington, D. 0 . August 15th, 1934. Dear Governor I have accepted, with g r e a t r e l u c t a n c e , your r e s i g n a t i o n as Governor of the Federal Reserve Board, e f f e c t i v e today as requested "by you. And now t h a t you a r e leaving Washington and r e t u r n i n g to A t l a n t a where you w i l l reassume the p o s t of Governor of t h e Federal Reserve Bank t h e r e , I am glad you a r e u n d e r t a k i n g a new and important a d d i t i o n a l t a s k . You can do much good "by p r e s e n t i n g the recovery program to the c o u n t r y ' s r e s e r v e "banks, commercial "banks and other f i n a n c i a l i n s t i t u t i o n s ; "by a c q u a i n t i n g them with t h e successive s t e p s taken "by t h e Administration which have r e s u l t e d i n t h e present prosperous c o n d i t i o n of t h e s e i n s t i t u t i o n s and which make p o s s i b l e t h e i r cooperation w i t h the A d m i nistration i n i t s program of complete "business r e h a b i l i t a t i o n . I am pleased t o t h i n k t h a t your p o s i t i o n as Governor of the Federal Reserve Bank a t A t l a n t a w i l l give you o p p o r t u n i t y t o undertake t h i s work, and t h a t t h a t bank, together with the F e d e r a l Reserve Board, w i l l cooperate with you i n i t s performance. I n order t h a t I may keep f u l l y informed as your work p r o g r e s s e s , I wish you would send me r e p o r t s from time t o time. I want a l s o to express to you my deep p e r s o n a l a p p r e c i a t i o n f o r the f i n e s e r v i c e you have rendered a t a l l times s i n c e you assumed the Governorship of the Federal Reserve Boards The splendid r e c o r d you have made e n t i t l e s you to the g r a t i t u d e , not only of those d i r e c t l y i n t e r e s t e d i n Government and "banking, but to the m i l l i o n s of hank d e p o s i t o r s throughout t h e country who owe much to you because of the wise judgment you exercised i n t h e c r i t i c a l times of not long ago. The thanks of the e n t i r e country should, t h e r e f o r e , be conveyed to you along with t h i s expression of my own p e r s o n a l appreciation. I am t h a n k f u l , a l s o , f o r the reason t h a t although you a r e leaving us h e r e i n Washington, you s t i l l w i l l be a s a c t i v e , or even more a c t i v e , i f such i s p o s s i b l e , i n t h e discharge of the A t l a n t a Bank's r e s p o n s i b i l i t i e s and i n t a k i n g on new d u t i e s which w i l l h e lp the whole country. Very s i n c e r e l y y o u r s , (Signed) F r a n k l i n D. Roosevelt Honorable Eugene Black, Governor, Federal Reserve Board, Washington, D. C.
@FedFRASER