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Bonoraoie, Thomas B. McCabe, Cnairman Board at Governors of the. Federal Reserve System, Washington, f . C. Dear Mr. McCabe: Permit m«s to comment on your letter ox July 3, lv5u, addressed to the Comptroller of the Currency, a copy of which was attached as an eshioit to .your affidavit to the United States Court of Appeals* • v: \ Xoelieve it is pertinent to point out that the Comptroller’s memorandum to. the then Secretary of the treasury, which was turned over to the Board of Governors In confidence.' was dated August ;,X946> . In short, the.memorandum related to a situation which existed five years ago. It is a truism to' point out that Intervening events often interfere to alter opinions and conclu sions grown stale through tae passage of time. This particular case supports that precept. As the Comptroller has pointed out to you, between 11)45 and llo , there has intervened a drastic red ction in Transamerlca's holdings of Bm£ of America# -and the death A Mr, A. P. Giannini, wh^se forceful personality as Chairman of bath Boards was largely responsible far the hypothesis of an identity of interest &elween these two institutions. In addition, the Comptroller also informs rne that since the prepar at i on of the confidential memorandum above referred to there nas been a marked amelioration in the Uann of America’s attitude toward supervisory authority. All these factors contribute loo^tmode and render inappro priate your quotation from the Comptroller’s confidential Honorable Thomas B. McCabe - 2 memorandum to Secretary Vinson, i feel constrained to add that the treasury does m t release to-the public confidential correspondence and memoranda between federal agencies; nor does it believe that the practice of making public such memoranda contributes toward the frankness wh ch should exist between the agencies. Very sincerely yours, (SignedI J p m ^ g m m Secretary of the Treasury 7/20/50 File to Mr. Delano &m
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