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December 10, 1964

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Dear Wright;

I appr«eUt* j r w letter * f D tc im lfr i eSenHBf ttctsi
ijacr«at# Is the f « 4 « n l Re#t*vt dUcota* V if«. "t «| lk ai% tlnur#
yo«r coac«ra ©v«r Hi# fttslfeUltfr tbit * tnnflr«#
ta
credit e»*l«t alow dowa a* m « r « w m ttor A mi JNtftamlt * * «
p*n»lcm« A t w* botfc! » « « , tfett c g y ttfiw I I I I r i ^
t b fft&ta
great
U
powmt* U* In*ii*«* progrtta It ««**atiai to m i facettt In
attacking f«v * ft y # KtrsctttflU
«a * arfctA fcligM*

*o4 la fcoildittg a Orttt Sadely.
It it ijo^««d nniortwa&t* tfeai tfet
^tt!l)i| m m t*4tr
such 8 «v «r« prc**ore tfc*t t&* Briii*K wtvt l«re<4 fa ** t«r t to
* lUable iacrettt la theif &*ak ra*t» €&&? tht tl**i»#t»uMstt#
however, & « F<»d***i E e*«rv* cans* to
«©ocia*ion
tJ ta *n l<»cr«a*t la & t Halted $ U i** 4i»ce*at (0 1 w*t ?t%«i*«4
bt
« • a precautionary m w ««i«» T&t t c t o fcy tfet W*4m**l
wa« ijatef^c^ to « k v smr deter mlfiAtioft l »
fb* M f t f
ftAd to p r e i « m tb# #mootii functioning t f t&t titf iaatim il
ficaiicitl ayatem#

It i**t a^iateaded to ftlgsal %general tlgfetenlAg of
domtfttic cr«4it or to ttHtcl lay j*dgrotat that H n « » t t t
ia&atioaary or a?*e«l&ffYt developmtata Is tilt im tttlc tecftomy tk*t oee<!*d to be c*rbe4. I am gratified ty Du tattttt
tcMmci (jaiiftg lit
f*w w«tks la mtktiiaii|
m il*
afcility e* in&d* a&4 relatively fU b li lotaraat *attf ta lasit loaa*
*o4 securities* l»cl«4ia§ lo&g#f*»i«*m ?r#«iW | ^ i| «tiM f.
Ol coarse* I regrat aay ta e fiM « la efi4lt eoata it thii
ttae. Safe I am convinced that wt eta $t#fc f « m H It farther
aociuflstioASjry |>rogr*ea i m
n
acoaoiay with th« ma&»
port ^ moneUfif policy. I u iftr# f « i that I wiH I t M a g t w f
thiag l& my power tt promote tv»e g r t it if praaferity, tad X
know that X caa co«&t ea your aftectiva aad 4a4lat*td M |port.
HtteavtSy*

H*&orabX& Wright P&ttruua* Cha
CoT&mUt«e ©a Baaklag aad C ir tt a t/




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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102