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June 5, 1939 Honorable Arthur Capper United S t a t e s Senate Washington, D.C. My dear Senator: This will acknowledge your letter of May 25, with which you enclosed a l e t t e r from Mr. J. W. Stalker to yourself dated May 23. Mr. S t a l k e r ' s l e t t e r advocates government ownership of the Federal Reserve banks and you state i n your l e t t e r t h a t you would be pleased to have my reaction to the suggestion of Mr. S t a l k e r . Since the suggestion of government ownership of the Federal Reserve System was d i s cussed in a l e t t e r which I wrote Senator Vandenberg of Michigan under date of June 14, 1938, I thought i t would serve the purpose to send you a copy or t h i s l e t t e r , which I am enclosing herewith. An extra copy i s enclosed in case you would l i k e to send i t on to Mr. Stalker. With kind personal regards, I am Yours sincerely, M. S. Eccles Chairman enclosures LC/fgr
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