Full text of Mimeograph Letters and Statements of the Board : Letter From Asst. Secretary Bethea re Public Addresses by Officers of Federal Reserve Banks, Number X-8033, Volume 41, Page 188

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FEDERAL RESERVE BOARD
WASHINGTON
address official correspondence t o
t h e federal reserve board

X-8033
October 2, 1934.

Dear S i r :
I t has appeared i n a few i n s t a n c e s from correspondence and
c o n v e r s a t i o n s t h a t t h e B o a r d ' s p o s i t i o n on t h e m a t t e r of p u b l i c a d d r e s s e s by r e s p o n s i b l e o f f i c e r s of F e d e r a l r e s e r v e banks has been
misunderstood.

The Board h a s imposed no g e n e r a l p r o h i b i t i o n upon the

making of speeches or a d d r e s s e s or t a l k s by such o f f i c i a l s .

As was

i n d i c a t e d t o the Governors a t t h e i r r e c e n t meeting i n Washington,
t h e r e have been two or t h r e e c a s e s of members of t h e s t a f f s of t h e
F e d e r a l r e s e r v e banks who have indulged i n p u b l i c i t y on c o n t r o v e r s i a l
a s p e c t s of banking which i n v o l v e t h e p o s s i b i l i t y of embarrassment t o
the system, but such c a s e s have been t a k e n up i n d i v i d u a l l y and d i r e c t l y with t h e F e d e r a l r e s e r v e banks concerned and the a c t i o n t h e r e o n
has not j u s t i f i e d any m i s u n d e r s t a n d i n g of the B o a r d ' s p o s i t i o n on t h e
general s u b j e c t .

There i s a t t a c h e d f o r ready r e f e r e n c e a copy of t h e

B o a r d ' s l e t t e r cf* A p r i l 18, 1932, on t h e s u b j e c t "Addresses on Banking
and C r e d i t " , from which i t w i l l be noted t h a t , while t h e Board d e s i r e d
t o be a d v i s e d c u r r e n t l y w i t h r e g a r d t o a d d r e s s e s on banking and c r e d i t
made by p e r s o n s connected w i t h the F e d e r a l r e s e r v e system and t h a t i t
be f u r n i s h e d w i t h c o p i e s of a l l a d d r e s s e s on t h e s e s u b j e c t s d e l i v e r e d




188

Jfc#by o f f i c e r s and
ly

stated that

employees
copies

Board in advance

of

to assist

the Federal reserve banks,

such addresses need not

This request was made
is being

This is

the l a t e s t

circular

therefore it

quired that

addresses be approved

to be informed f u l l y as to the

scripts

in advance and the

reserve banks

under which a talk
pare a manuscript
resume of the

in advance,

such that

Governors and

speeches which re-

system is

interested,

occasion and the

it

is not

it

the manuFederal
conditions

practical

to pre-

desires

is

other r e s p o n s i b l e o f f i c e r s of

felt

by the banks that
system but is

exists at this

is

desirable

especially when the

of an e x p o s i t i o n and not




Board desires

only sees no o b j e c t i o n to addresses

to the Federal reserve

the Federal

or

the

re-

if

a

remarks be sent as promptly as p o s s i b l e .

this character,

nature

While

it will meet the Board's

times and circumstances when it
of

of the

in serious

Board has not

Board has advised o f f i c e r s of the

is made are

reserve banks when it
ficial

the

n a t u r e of t a l k s

when the nature

The Board not
by Chairmen,

in position

intention of the Board to undertake to edit

that,

to

Board might

might result

in advance.

in which the Federal reserve

been the

the

the

issued by the Board on this

should be clear that

has not

should be sent

said and written and also be

subject and

to matters

it was express-

be furnished to

so that

in correcting misunderstandings that

consequences.

late

X-8033

their delivery although they

the Board promptly.
be informed of what

of

of

w

time with respect

reserve banks,

of

the

talks
Federal

they would be beneopinion that

that

there

are

there be activity

subject of discussion

a controversial one.
to the

or

Such a

is

in the

situation

industrial loan activities

in connection with which it

is

of

the desire

X-8053
of the Board that
pose

of

the

every effort possible

industrial

loan act,

be made to

carry out

and' d i s c u s s i o n s of t h i s

subject

should afford an opportunity to promote better understanding
functions and
cooperation

services

of the Federal reserve

of bankers g e n e r a l l y in matters

of

common i n t e r e s t .

L. P . B e t h e a
Assistant Secretary.

TO THE CHAIRMEN 0? ALL FEDERAL RESERVE BANKS.




of

the

system and to enlist

Very truly yours

Inclosure.

the pur-

the

X-7135
A p r i l 18, 1932.

SUBJECT:

Addresses on Banking and C r e d i t .

Dear S i r :
I n o r d e r t h a t t h e F e d e r a l Reserve Board may be
a d v i s e d c u r r e n t l y w i t h r e g a r d t o a d d r e s s e s on banking
and c r e d i t made by p e r s o n s connected w i t h t h e F e d e r a l
Reserve System, i t w i l l be a p p r e c i a t e d i f you w i l l f u r n i s h t h e Board w i t h c o p i e s of a l l a d d r e s s e s on t h e s e
s u b j e c t s d e l i v e r e d by o f f i c e r s and employees of your
bank.
Copies of such a d d r e s s e s need not be f u r n i s h e d
t h e Board i n advance of t h e i r d e l i v e r y b u t i t w i l l be
a p p r e c i a t e d i f t h e y a r e s e n t t o t h e Board p r o m p t l y .
Very t r u l y y o u r s ,
i

,

TO CHAIRMEN OF ALL F. R. BANKS.




Chester M o r r i l l ,
Secretary.