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t . ' 9 August, 1918. My dear Mr. Warburg: I hope that my delay in replying to your letter concerning your retirement from the Federal Reserve Board has not given you an impression of indifference on my part or any lack of appreciation of the fine personal and patriotic feeling which made that letter one of the most admirable and gratifying I have received during these troubled times. I have delayed only because I was hoping that the Secretary of the Treasury would be here to join me in expressing the confidence we both feel, alike in your great ability and in your unselfish devotion to the public interest. '. Your retirement from the Board is a serious loss to the public service. I consent to it only becaust~ I read between the linesoof your generous letter that you will yourself feel more at ease if you are left free to serve in other ways. I know that your colleagues on the Board have not only enjoyed their association with you, but have also felt that your counsel has been indispensable in these first formative years of the new system which has served at the most critical period of the nation's financial history to steady and assure every financial process, and that their regret is as great ~s my own that it is in your judgment best now for you to turn to other methods of service. You carry with you in your retirement from this work to which you have added distinction, my dear Mr. Warburg, my sincere friendship, admiration, and confidence, and I need not add, my cordial good wishes. Cordially and sincerely yours, Signed .... WOODROW WILSON Hon. Paul M. \'larburg, Federal Reserve Board.
@FedFRASER