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402 At a meeting of the Federal Reserve Boara held on December 15, 1933 there were present; Governor Black, Mr. Hamlin, Mr. Miller, Mr. hte 'Mr. Thomas and Mr. Szymczak. Governor Black reported that on Thursday, December 14, he had hell invited to a conference at the President's office at which there Itere present the President. Attorney General Cummings, Acting Secretary °fthe TreasttrY Morgenthau, Mr. Oliphant, General Counsel to the Ireamm aM Governor Black; That at. this conference there came up the question as to a means, ev elat of d evaluation of the dollar, by which the profits on the gold bY the Federal Reserve System might go to the Government; that Attor, —ey General Cummings presented a plan for the accomplishment of this Ikrpo. -e (which plan Mr. Black outlined to the Board at this meeting); That after Mr. Cummings had presented this plan Mr. Black raised Jeotic ns to it and asked for time to consider it and to state his obJecticli,. ' and the reasons for his objections, and that this time was Th at during the evening of December 14 Governor Harrison, of the "B± of New York, telenhoned Mr. Black stating that he 1 Reser : N41 "Terence the c°41'ereIlea the pr (t4 with the President on another matter immediately after at which Mr. Black was present on the same date and that esid.ent had stated to him (Governor Harrison) that he had asked CiPialao 4 relative to the application of the profits on gold in the °t a"aluation, and Governor Harrison had requested an opportunity 403 12115/33 -2to liscuss this the following morning with Mr. Black; That on Friday, December 15, Mr. Black had gone to the President kcl 44 stated the conversation which Governor Harrison had with him and had. aske d whether he should discuss the full subject with Governor Harri8°4 414 that the President stated that it might be discussed and it 841x1d b„ made plain that the question propounded was based upon devalua404, i and When had; and that Mr. Black then stated to the President that he desired to fully 141.0 11r4 the Board of the conference of the .day before and the President cm. that this was entirely aireeab1e, conditioned upon its being made 1)44 t hat the question of application of gold profits was based upon de- 'eatatio l/ as, and when had. After considering the matter fully the Board adjourned. Governor.
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