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F e b r u a r y 1, 1951 D ear Tom ; '* J w an t the m e m b e r s of th e / le d e r ^ i^ R e s e r v e B o a r d and tfte m e m b e r s ot th e e ^ x a j L D J L A r i s . e f c e , ^ . to know how d e e p ly I a p p r e c ia t e th e jr e x p r e s s io n of M l c o o p e r a tio n g iv e n to m e y e s t e r d a y in o u r m e e tin g . A s I e x p r e s s e d to y o u , I a m d e e p ly c o n c e r n e d o v e r th e in te r n a tio n a l s itu a tio n and its im p lic a tio n s upon ou r e c o n o m ic s t a b ilit y . Y o u r a s s u r a n c e th a t yo u w o u ld fu lly su p p o rt th e T r e a s u r y D e fe n se fin a n cin g p r o g r a m , b oth a s to re fu n d in g and new i s s u e s , is oi v it a l im p o r ta n c e to m e . A s I u n d e rsta n d it, I h a v e y o u r a s s u r a n c e th at th e m a r k e t on g o v e rn m e n t s e c u r i t i e s w ill b e s t a b ilis e d arri m a in ta in e d a t p r e s e n t le v e l s in o r d e r to a s s u r e th e s u c c e s s f u l fin a n c in g r e q u i r e m e n ts and to e s t a b lis h in the m in d s o f th e p eo p le c o n fid e n c e c o n c e r n in g g o v e rn m e n t c r e d it . I w is h yo u w o u ld convey to a ll the m e m b e r s of y o u r group m y w a r m a p p r e c ia t io n of th e ir c o o p e r a t iv e a ttitu d e . Sincerely y o u r s , iiA ii& Y S. TBUMAItf Honorable T h o m a s B. IvcOabe C h a ir m a n , B o a r d of G o v e r n o r s F e d e r a l R e s e r v e S y s te m W ash in g to n , D . C . t^L x3?& _ *336 x AHZ~/\ X/S"/
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