Digitized materials from the Marriner S. Eccles papers.
"Brigham Young was the colonizer; Daniel Jackling the mining giant, and Marriner S. Eccles was Utah's premier financial genius," was the introduction to a 1977 Deseret News review of Eccles' then-recently published biography. The biography,
Marriner Eccles, born 9 September 1890, to David Eccles and his second wife, Ellen Stoddard, was the oldest of nine children. David Eccles, a leading Utah entrepreneur and a Mormon polygamist, also had twelve children by his first wife, Bertha Maria Jensen. To distinguish between the two families, Bertha and her children were known as the Ogden Eccleses; Ellen and her children as the Logan Eccleses. The significance of these geographical distinctions was later diminished when Marriner Eccles moved to Ogden and centered his business pursuits there during the 1920s.
Ellen Eccles and her children lived alternately in Baker, Oregon, and in Logan, Utah, because of her husband's business interests in both places. Sidney Hyman, author of Eccles' biography, speculates that because of her uncertain status as a plural wife (the Mormon church declared an end to polygamy in 1890), and thus a diminished sense of financial security, Ellen Eccles instilled in her sons a strong work ethic and the drive to become successful. She reasoned that their success would ensure her security, as was to be the case.
David Eccles, reputed to be the largest tithe payer in the Mormon church, died unexpectedly and intestate in 1912 at the age of 65. Although all of his children from both families shared equally in their father's estate, there was only one legally recognized widow--Bertha Eccles. The Logan Eccleses were left with a two-sevenths share, and the Ogden Eccleses with five-sevenths of the multi-million dollar estate.
Marriner Eccles attended Brigham Young College in Logan, Utah, which functioned more as a high school than a college. He left school in June 1909 at the age of 18; this was to be the end of his formal education. His father, whose schooling was limited, did not believe an extended education was necessary for success in business, and Marriner proved him correct. As the oldest son in his family, the responsibility for the welfare of his mother and his eight brothers and sisters, as well as the administration of the estate left them by their father, was thrust upon him.
In the meantime, he did what most other young Mormon men did-he served a mission for his church. From 1910 to 1912 he was in Scotland, the country his father left as a penniless youth. While in Schotland he met May Campbell Young (Maysie), his wife-to-be. On his return to Utah they corresponded, she joined him in Utah, and they were married in 1913.
His marriage and business career began at the same time. He first became president of the Hyrum State Bank, and a director and officer of the Thatcher Brothers Bank in Logan, two institutions in which his father had held significant interests. In 1916 he organized the Eccles Investment Company, a holding company, to manage the inheritance left to the Logan Eccleses. This holding company would exist for the next sixty years. Throughout the 1920s he built his business base in Utah. He assumed control of the First National Bank and First Savings Bank of Ogden. Eccles was also able to assume control of or take a leading role in the direction of several companies in which his father had held interests. These companies included Stoddard Lumber, Sego Milk, Eccles Hotel Company, Anderson Lumber, Mountain States Implement, Utah Home Fire Insurance Company, Utah Construction, and Amalgamated Sugar.
David Eccles was described by Leonard Arrington, Utah historian, as being a "man of vision, an analyst, an independent thinker, a fashioner of strong organizations and strong policies." While Marriner Eccles inherited these qualities from his father, they seemed lacking in the Ogden Eccleses. Their share of David Eccles' estate was much larger than that of the Logan Eccleses', but it dwindled considerably over the years. The inheritance of the Logan Eccleses, on the other hand, under Marriner's sound management, grew handsomely. According to Hyman, "The Ogden Eccleses would in time virtually disintegrate as a family while the Logan Eccleses, with Marriner in control, were held together over the passing decades despite many internal strains."
By 1918, Marriner and Maysie Eccles were the parents of three children: Campbell, Eleanor, and John (a fourth child died at an early age). During the next decade Eccles acquired, seemingly without conscious design, interests in additional banks. This led to the formation of the First Security Corporation in 1928 with Marriner serving as president and his brother George as a vice president. The corporation is believed to have been the nation's first bank holding company. At the end of the 1920s, Marriner Eccles had achieved a full measure of success.
The next decade would tell a different story. By 1930, the nation was in the grip of the Great Depression, and Eccles stood to lose much of what he had worked for during the previous eighteen years. As he reflected on the dynamics of the national economy and the responsibilities of business and government toward society, he decided that "hard work and thrift as a means of pulling us out of the depression is unsound economically. True hard work means more production, but thrift and economy means less consumption." Since these two forces were difficult to reconcile, his answer was that of controlled deficit financing on the part of government. Eccles was often asked to address local groups about his fiscal and monetary views. One group particularly interested in his ideas was an organization of Ogden businessmen called the Freidenkers. German for free-thinkers, they were also known phonetically as the "free-drinkers." Eccles was a member of this group. Another member was Robert Hinckley, who later served in the Roosevelt administration. Hinckley was a nephew of Senator William H. King, a Utah Democrat, who was a member of the Senate Finance Committee. The committee had been directed to determine the causes of the depression and to suggest legislative remedies. Hinckley recommended to Senator King that Eccles should be invited to testify before the committee.
Eccles' ideas about the need for government intervention in the economy and deficit financing directly contradicted the testimony offered by others. However, because of his testimony and subsequent meetings with men close to President Franklin D. Roosevelt, he was asked to join the administration as an assistant to Secretary of the Treasury Henry Morgenthau, Jr. He accepted and began his duties in February 1934. In November of that year he was nominated by Roosevelt to head the Federal Reserve System; the Senate approved this appointment 25 April 1935. In 1936 he was appointed as chairman of the board of governors of the newly restructured Federal Reserve System created by the Banking Act of 1935.
Eccles has been given credit as being the architect of the Federal Housing Act of 1934 and the Banking Act of 1935. He continued in Washington for seventeen years as head of the nation's banking system, and provided strong leadership during the turbulent years of the depression and World War II. He often disagreed with the secretaries of the Treasury and both presidents under whom he served. These disagreements are well documented; Eccles was not a man to conceal his feelings about monetary and fiscal policies. After his initial successes in the mid-thirties, he turned his attention to two other issues. The first was the unification of the country's banking system, and in this endeavor, he was not successful. He based his acceptance of reappointment to the board of governors in 1944 on Roosevelt's implied endorsement of the Eccles Unification Plan. It was not until the mid-1970s that this was accomplished, however, under then-Federal Reserve chairman Arthur Burns. The second issue involved a long-standing disagreement with the Treasury Department and both secretaries, Morgenthau and Snyder, about the best way to handle the inflationary pressures building as a result of World War II. Eccles was more successful with this issue, and saw most of his ideas realized by the Accord of 1951.
While Eccles was in Washington he was fortunate to have able men in Utah to maintain his business interests. In particular, his brother George profitably managed the First Security Corporation. Marriner did not completely remove himself from his Utah interests, however, for he assumed the position of chairman of the board of both Utah Construction and Amalgamated Sugar in the 1940s. Although his professional career was flourishing, his relationship with his wife Maysie deteriorated. They were divorced in 1950, after thirty-seven years of marriage.
The early 1950s marked several changes in Marriner Eccles' life. In 1948, because he disagreed with President Harry S. Truman's economic policies, Truman did not reappoint him as chairman of the Federal Reserve Board. Eccles was, however, still a governor of the board, as these appointments are made for fourteen years. Because he was no longer chairman, he felt that he could speak more openly about his disagreements with the administration, as his Washington career was winding down, he began writing his autobiography and retained Sidney Hyman to assist him. The book,
Although Eccles returned to Utah, he did not think of it as a permanent move. He mounted a brief campaign to wrest the Republican senatorial nomination from the incumbent, Arthur Watkins. Even though he was unsuccessful and he was in his early sixties, an age when most men think of retirement, Eccles was not one to retire and live on memories. Instead, he resumed active participation in his numerous business interests, primarily Amalgamated Sugar and First Security Corporation in Utah, and Utah Construction and Mining based in San Francisco. He divided his time between Salt Lake City, where he and Mrs. Eccles maintained an apartment at the Hotel Utah, and San Francisco, where they also maintained an apartment. On occasion they visited their cottage at the Eldorado Country Club in Palm Springs, California. Golf was Eccles' favorite pastime and over the years he belonged to the Burning Tree and Chevy Chase Country Clubs in Washington, D.C., as well as various other clubs.
Eccles' prime objective for the past four decades of his life was to "help lay the foundations for a stable economic order at home and in the world areas," and he felt compelled to share his concerns and solutions with every possible audience. Whereas during the 1950s he had devoted himself primarily to his business interests, in the 1960s he became more active in speaking and writing about issues of public concern.
The specific issues of critical interest to him were those of world over-population, the war in Vietnam, and to a lesser extent, the need for US recognition of Red China. He felt these problems were responsible for a great deal of instability in the world and prevented the realization of the stable economic order he had worked so hard to achieve. He wrote and spoke often about these issues to a wide variety of audiences, ranging from the Commonwealth Club in San Francisco, of which he was a member, to the Brigham Young University student body and his own family reunion (encompassing his father's large progeny), to whom he lectured on the importance of birth control. He also spoke at small meetings, such as the Unitarian Church in Salt Lake City. From all of these audiences he usually received mixed reviews.
In 1972 he delivered his last public speech before the World Trade Club in San Francisco, who presented him with their International Achievement Award. Eccles' ideas and opinions over the years had often been controversial and in many cases ahead of their time, but by 1972 many of his concepts were more widely accepted, and the Trade Club members applauded him enthusiastically.
Although his public role had increased significantly in the 1960s, his role in business had not diminished. The early 1970s, however, witnessed a winding down of his business commitments, and the lines of succession were arranged. Utah Construction and Mining became Utah International in 1971. That same year he stepped down from his active board chairmanship and became honorary chairman of the board. In 1975 he also stepped aside as his brother George became chairman of the board of the First Security Corporation.
Eccles Investment Company, which had been formed some sixty years earlier in an attempt to further the inheritance of the Logan Eccleses, was now disbanded. Over the years much of its stock had been distributed to its stockholders, and in 1970 its affairs were so arranged that all its assets were sold, except the stock in Utah Construction. The proceeds from these sales were then used to buy stock in that firm. Eccles Investment Company was liquidated, leaving its stockholders with only Utah Construction stock, which then became Utah International.
In December 1976, Utah International merged with General Electric, constituting the largest corporate merger in US history to that time. Details of the merger were worked out by Edmund Littlefield, who had succeeded Eccles as Utah International's chairman. The effect of this merger was to greatly increase the value of the stock previously held in Utah International. An example of the increased stock value was demonstrated by the holdings of Eccles's long-time secretary, Va Lois Egbert, whose personal investments had been handled by Eccles. When her will was probated in 1978, following her death in November 1976, her estate was valued at approximately $4 million, instead of the anticipated sum of $250,000-largely due to the increased value of the Utah International stock. The University of Utah Medical Center was the recipient of the bulk of her estate, receiving $3.6 million dollars, the largest single donation ever made to the institution to that time.
In addition to the time he gave to his public concerns and business interests, Eccles found time to serve on a few special committees and select groups. Notable among these was the board of the American Assembly sponsored by Columbia University. The group met yearly and sponsored publications regarding issues of public concern. Many of these books and publications can be found in the Marriner S. Eccles Library of Political Economy, a part of the Eccles collection.
After Eccles finalized arrangements for both his business and personal affairs, he initiated "bequests designed to encourage the emergence of young leaders of the future who could recognize, as he did, 'that the good of the individual, the family, and the community was indivisible with the good of the larger national and world society." One form these bequests took was a series of contributions to the University of Utah for fellowships. He also established the Marriner S. Eccles Library of Political Economy, and created the Marriner S. Eccles Foundation. The Foundation funds various causes within Utah, encompassing private, non-governmental, charitable, scientific, and educational organizations for the benefit of the citizens of the state. Eccles also established the Marriner S. Eccles Professorship of Public and Private Management at the Stanford University School of Business in 1973.
During 1977, Eccles' health worsened, and he stopped traveling between San Francisco and Salt Lake City. He died in Salt Lake City on 18 December 1977. Eccles' funeral service was held 22 December 1977, in Salt Lake City and was described as "brief" by the Deseret News. Edmund Littlefield and Joe Quinney spoke movingly about his character and the qualities which set him apart from most other men. R. H. Burton, who presided at the service, summed up the meaning of those remarks when he noted that, "rarely has an individual affected the lives of so many." Eccles is well remembered by many. His descendants and other family members continue to contribute generously to Utah institutions. From time to time his name appears in a newspaper article, and in 1982 the main Federal Reserve Building in Washington, D. C., was named in his honor.
A more personal tribute is contained in a letter written to Eccles in June 1977, shortly before his death. In it his brother-in-law, Joe Quinney, referred to the biography that Sidney Hyman had been writing: "I must tell you I feel the author did not reveal the whole MSE to the extent I would have recommended. You were and are more than a mere technician and manipulator. There is also that MSE who is tempestuous in battle; argumentative and insistent in debate; tough-even hard-boiled in business relations; yet honest, judicious as you saw justice; companionable with your friends, especially your good old friends with whom you are mellow, kind and considerate; who can dish it out and take it in good humor; whose family relationship, though strange at times has an underlying affection and compassion all strange but true."
The Marriner S. Eccles papers (1910-1985) chronicles the years when Eccles made his greatest contributions as a national and international fiscal and monetary expert, businessman, and public figure.
There are four distinct periods in the life of Marriner S. Eccles. The first period, his formative years, dates from his birth in 1890 to the death of his father, David Eccles, in 1912. The second period is from 1912 until 1934 when, following in the footsteps of his father, he became the most successful entrepreneur in Utah. During this time, he assumed control of several western companies and created the First Security Corporation, the largest bank system in the Intermountain area. Neither of these periods is well documented by his papers, but each is covered by two books:
Background Information
The most significant section of the collection, the Washington Years, boxes 2-112, provides insight into Eccles' activities during the third period in his life, 1934-1951. During these years he served for a brief period in 1934 at the United States Treasury Department in Washington, D. C., and then as both governor and chairman of the nation's bank regulatory agency, the Board of Governors of the Federal Reserve System. His papers from the Federal Reserve section of his collection, his library, and the accompanying ephemera substantiate the importance of his role in Washington during the New Deal period, World War II, the postwar recovery, and the beginning of the Cold War.
The last period of his life, 1951-1977, is documented under the heading Businessman and Public Figure, boxes 113-240. This section of his papers reflects his role as an international businessman and an outspoken critic of many of the country's economic, social, and foreign policies.
The Federal Reserve papers were originally organized in loose-leaf binders by Va Lois Egbert, secretary to Eccles for almost three decades. Her apparent intention was to place material in order of its apparent subject importance. Correspondence to and from the White House were thus placed first in the collection in chronological order. Several years before the Marriott Library received the material, Eccles permitted Dean May, then a graduate student and now a member of the history faculty at the University of Utah, to microfilm the material in the binders. After the library received the collection and some initial processing had taken place, the decision was made to remove the material from the binders and place it in folders in document boxes. Although some reordering of the material was done, much of the original arrangement has been retained. The original order may be seen by viewing both the microfilm reels and the photocopies of May's "Guide to Marriner S. Eccles Washington Papers," found in box 234.
Box 1, containing Eccles' biographical material, begins the Federal Reserve section. It is followed by six boxes of correspondence between Eccles and Presidents Franklin D. Roosevelt and Harry S. Truman and their staffs. Federal Reserve Board reorganization materials, 1934-1950, including reports from the Hoover Commission and the Commission on the Organization of the Executive Branch, are found in box 8. Many of the experiences Eccles had with the Treasury Department, 1934-1951, are documented in boxes 9-12. The letters, memoranda, and reports in this section reveal some of the friction between the Federal Reserve Board and the Treasury which resulted in the Accord of 1951. See boxes 61-62. Materials found in boxes 13-16 describe the drafting and passage of the Banking Act of 1935. Removing control from the Federal Reserve Banks across the country and placing it in the Federal Reserve Board in Washington, this act changed the name and structure of the Board and centralized the power of the Federal Reserve System. Eccles believed the act, for which he was chiefly responsible, was his major accomplishment in Washington. Boxes 17-23 contain additional material about the Banking Act of 1935 and the effect it had on bank-holding companies, including Transamerica, the holding company for Bank of America. Reports published in 1948 speculated that the Giannini family, who controlled Bank of America, may have been responsible for Eccles' demotion as chairman of the Federal Reserve Board. During the depression, the chief concern was how to raise sufficient revenues from a still-depressed economy; by the 1940s, the major issue was how best to generate sufficient revenues for national defense and still protect the economy from the inflationary pressures resulting from enormous war-time spending. Reports, memoranda, studies, and other items pertaining to taxation policies, 1934-1951, prepared mostly by Board staff members, are included in boxes 24-26.
One of Eccles' major accomplishments during the early 1930s was to successfully establish the Federal Housing Authority (FHA). Boxes 27-29 feature material on housing related issues, 1934-1951, but contain little material about the creation of the FHA.
Economic stabilization during and following World War II was a matter of grave concern to Eccles. He felt that the Truman administration had not taken the measures necessary to combat postwar inflation. Boxes 30-38 contain material about strategies for dealing with the postwar world. Included is some material from the Bretton Woods Conference Eccles attended in 1944.
The next part of the collection, boxes 39-56, represents many issues of importance. Some of the materials include correspondence and addresses, confidential correspondence, the Eccles-Byrd controversy, gold and capital issues, and other miscellaneous correspondence. Correspondence with members of Congress is found in boxes 56-57; information about prospective members of the Federal Reserve Board is located in boxes 58-60; material about the 1951 Accord, when the Board finally asserted its independence from the Treasury, is found in boxes 61-62; Eccles' testimonies, some of which are duplicated in his scrapbooks, are found in boxes 63-71; and Lauchlin Currie memoranda, 1934-1939, are in boxes 72-73. Currie, for whom Eccles had great respect, was long associated with the Board in a staff position. Speeches for the years 1925-1951, some of which is duplicated in Eccles' scrapbooks, are found in boxes 74-86. An abundance of miscellaneous material is contained in boxes 87-112.
Businessman and Public Figure Papers
The second section of the papers, boxes 113-240, covers the fourth period of Eccles' life, from 1951 when he left Washington, D.C., until his death in December 1977. During that period, he divided his time between Salt Lake City, where he resumed control of the First Security banking system, and San Francisco, where Utah Construction was headquartered. Eccles was chairman of the board of Utah Construction, a company with world-wide interests in mining and construction. The Stewart Library at Weber State College has Utah Construction records, 1906-1961. His papers do not directly document his role as a businessman, but rather are reflective of his role as a public figure speaking out often against the foreign policy of the US government. He was particularly opposed to its policies in Southeast Asia, where Utah Construction had many interests. Eccles also took a strong stand against over-population and was a supporter of groups such as Zero Population and Planned Parenthood.
Personal correspondence and public speeches arranged chronologically from 1951 to May 1972, when Eccles gave his last public address, are located in boxes 113-133. During the early 1950s he usually spoke on monetary and fiscal topics. By 1957 he had begun to question US Cold War policies and believed the United States should recognize Red China. By 1959 over-population was an issue which Eccles addressed often. His next area of interest and the one about which he spoke most vociferously was the involvement of the United States in Vietnam. Speeches on this topic are accompanied by related correspondence. Box 133, folder 1, provides an index to Eccles' speeches, statements, and testimonies.
Eccles' interest in politics continued, and he corresponded frequently with political figures; boxes 134-147 contain material which cover these topics. Boxes 134-135 feature material from Eccles' unsuccessful campaign for the Utah Republican senatorial nomination against incumbent Arthur Watkins in 1952. United States foreign policy, vis-a-vis China, is the topic of material in boxes 146-147, although correspondence with members of Congress is held in boxes 193-196.
The issue of population control, during the 1950s through the 1970s, is the subject matter of boxes 148-159. Included are addresses by Eccles and others, correspondence, reports, and a sampling of published items from various organizations concerned with the problem of over-population.
Eccles was one of the first members of the business community to protest US involvement in Vietnam. Boxes 160-167 contain articles, speeches, news clippings, reports, publications, and correspondence of Eccles and others who inveighed against America's Asian policy.
The American Assembly, the Commission on Money and Credit, the Center for the Study of Democratic Institutions, the Atlantic Council, and the Hall of Fame are all organizations with which Eccles was associated in the last two decades of his life. Material reflecting his involvement is found in boxes 168-179.
The largest correspondence section of the collection is located in boxes 180-211. General correspondence is arranged alphabetically in boxes 180-192. Boxes 193-196 hold correspondence with members of Congress; box 197 with Federal Reserve Board members and bank officers; box 198 with universities; boxes 199-203 related to his autobiography and biography. Boxes 204-208 contain invitations; boxes 209-210, Christmas greetings, 1934-1974; and, in box 211, are condolences to Mrs. Sallie Eccles upon the death of her husband.
Most of the materials dealing with corporate interests are found in boxes 212-220. Included are limited correspondence and annual reports from Pet Milk Company, Utah International (formerly Utah Construction), Amalgamated Sugar, and the First Security Corporation. In view of the extent of Eccles' participation in these companies, there is little substantive material.
The final general heading for this section is Miscellanea. Included are manuscripts of Eccles' biography and autobiography and manuscripts of other works related to his career. Journal articles written by and about Eccles are in boxes 228-230. In some cases, these duplicate the Eccles scrapbooks retained in the Eccles Room, as well as material found in boxes 90-91.
Papers about Eccles from other repositories-the Franklin D. Roosevelt Library, the Harry S. Truman Library, the Library of Congress, the University of Virginia Library, and the National Archives-are found in boxes 231-233.
The final part of this section, boxes 234-240, includes the microfilm by Dean May of the Washington files, cassette and reel-to-reel tape recordings, daybooks from 1966-1977, and materials that have become available since the collection was initially processed.
A second component of the collection is the Eccles library, which consists of approximately 1000 books pertaining to his interests, career, the New Deal, and the 1940s. Government documents relating to the time he spent in Washington, D.C., as well as a number of indexed, bound volumes prepared by Va Lois Egbert, complete the library.
The Eccles Library contains volumes on banking and finance, economic treatises, the Roosevelt years, and a large number of books from the American Assembly series. The library is based on Eccles' original, private collection, which was augmented before the collection was received by the Manuscripts Division. The book collection provides background material for researchers interested not only in Eccles' career, but also the economic and political events occurring during the 1930s and 1940s.
The government documents section of the Eccles Library contains bound copies of the Federal Open Market Committee Minutes, 1936-1975; Federal Reserve Bulletin, 1966-present; annual reports from the Federal Reserve Board and other government agencies; soft-cover reports from the 1940s dealing with post-war recovery; and Proceedings from the Bretton Woods Conference, 1944.
Of the bound volumes of scrapbooks containing news clippings, magazine articles, testimonies, cartoons, and other items organized by Miss Egbert, the most useful may be the set of news clippings. The articles begin in 1922, but only ten are dated prior to 1933. These clippings originated from Utah, Washington, D. C., New York, and points between. They provide extensive coverage of Eccles' career from 1933 forward-the period covered by his papers. To ensure their long-term preservation, these clippings were photocopied and placed in archival folders and boxes.
Other scrapbooks include printed copies of Eccles' addresses, 1925-1975; testimonies, 1933-1951; cartoons, 1935-1951; invitations, 1934-1951; magazine articles by and about Eccles; day books, 1937-1951; and miscellaneous memoranda and letters and other assorted material.
Summary
The Marriner S. Eccles collection provides substantial research material about the Federal Reserve System during the third and fourth decades of the twentieth century. It also provides insight into some of the public issues of the 1960s and 1970s with which Eccles was concerned-over-population and US foreign policy, particularly as it applied to Asia. The collection offers little information about his role in the development of banking in the Intermountain West, or his many other business interests, other than minimal correspondence and annual reports from companies with which he was associated. Some of the correspondence with members of Congress, public figures, friends, and acquaintances reveals his views about issues and events in his life. Because there is almost no family correspondence, it is through his general correspondence that part of Eccles' personal life emerges.
Marriner Stoddard Eccles, intelligent, complex, and ambitious, seemed determined to make his mark in the world, and probably succeeded beyond all his expectations. Although his views were often unpopular, time usually proved them to be correct. Unfortunately, these papers do not convey the full measure of the man, but they are an invaluable source of information about the monetary and fiscal systems of the United States during the 1930s and 1940s, and document the significant financial role Eccles played during these turbulent decades.
Organized in eleven series: I. Biographical Materials; II. White House Papers; III. Federal Reserve Papers; IV. Speeches and Correspondence; V. Political Files; VI. Population Files; VII. Vietnam War Files; VIII. Organizations; IX. Personal Correspondence; X. Business and Banking Files; XI. Miscellaneous.
Twenty-four hour advanced notice encouraged. Materials must be used on-site. Access to parts of this collection may be restricted under provisions of state or federal law.
The library does not claim to control copyright for all materials in the collection. An individual depicted in a reproduction has privacy rights as outlined in Title 45 CFR, part 46 (Protection of Human Subjects). For further information, please review the J. Willard Marriott Library's
Collection Name, Collection Number, Box Number, Folder Number. Special Collections, J. Willard Marriott Library, The University of Utah.
See also the
Donated by Mrs. Marriner S. Eccles in 1979.
Processed by Gwen Gittins and Nancy Young in 1989.
A portion of these papers have been digitized and are available online through the
Several magazine articles, a radio address transcript, and a doctoral thesis.
Correspondence on the Senate confirmation of Eccles as a governor of the Federal Reserve Board.
Eccles' correspondence with publishers of biographical encyclopedias.
Eccles' correspondence with writers and others seeking biographical information.
Photocopied correspondence with Eccles' family during his mission in Scotland and a letter from LDS Church apostle Heber J. Grant.
Eccles' personal items, including a photograph and autograph of Brigham Young. The photograph was transferred to the Multimedia Division of Special Collections, P0178, box 1, folder 6.
This folder contains photocopied versions for access purposes. The original items have been removed and placed in Reserve. Access must be given by the Manuscripts Curator and by appointment. An archivist must remain with the items if being used.
This part of the collection contains materials from Eccles' service in Washington, D. C., 1934-1951. It is divided into two sections: White House Paper, boxes 2-7; and Federal Reserve Papers, boxes 8-12. Materials in both sections are arranged categorically, then chronologically or alphabetically within each category.
A portion of these papers have been digitized and are available online through the
Federal Reserve Board correspondence and addresses about World War II.
Federal Reserve Board correspondence.
A portion of these papers have been digitized and are available online through the
President Roosevelt's correspondence concerning Federal Reserve Board appointments and subsequent correspondence with those who were eventually appointed. Many of these items are duplicates of the original correspondence in Box 2.
Letters and memoranda concerning candidates for the board of governors and bank officers of the Federal Reserve. These materials include correspondence concerning Eccles' reappointment and resignation. Originals are in Box 2.
Miscellaneous correspondence with Federal Reserve Board members.
Items relating to White House and Federal Reserve Board activities including banking, government fiscal agencies, and post-war inflation topics.
Reports and memoranda of the Council of Economic Advisers and the Federal Reserve Board that give insight into Eccles' general economic theories and the philosophy of the New Deal.
Includes quarterly reports submitted to the Federal Reserve Board for comments and suggestions.
Reports and memoranda prepared for presidents Roosevelt and Truman and their staffs concerning the Federal Reserve Board's role in the New Deal.
Correspondence and reports concerning various aspects of the New Deal. Only materials to or from the White House are included.
Eccles' responses to correspondence received at the White House and referred to the Federal Reserve Board for reply, as well as speeches, reports, and memoranda he released.
A portion of these papers have been digitized and are available online through the
Items dated from 1934-1942 include bank bills and reorganization bills. Items dated after 1946 include bills on the streamlining of government banking agencies, the Hoover Commission Report, and reports of the Commission on the Organization of the Executive Branch. The Federal Reserve Board wrote summaries and analyses of these bills and reports.
Subjects include bank operation and regulation, inflation and governmental control, ownership of Federal Reserve banks, and the composition and powers of the Federal Reserve Board.
Reports and correspondence generated jointly by the Treasury and the Federal Reserve Board concerning the management of money to stimulate the economy during the depression. Some of the documents reveal the developing friction between the two government entities.
Reports and correspondence that emphasize shifts in the Treasury's efforts from attempting to stimulate a depressed economy to that of raising money to finance U.S. participation in World War II. They especially reflect the government's plan to curb inflation through personal and corporate savings and excess-profits taxes. Eccles argued for these measures to prevent post-war inflation, and his insistence frequently brought him into conflict with the Treasury.
Reports and correspondence that emphasize shifts in the Treasury's efforts from attempting to stimulate a depressed economy to that of raising money to finance U.S. participation in World War II. They especially reflect the government's plan to curb inflation through personal and corporate savings and excess-profits taxes. Eccles argued for these measures to prevent post-war inflation, and his insistence frequently brought him into conflict with the Treasury.
Memoranda prepared by the Federal Reserve Board's staff for Eccles' use in his Tuesday meetings with the Treasury, and correspondence with the Treasury concerning savings bond drives.
Subjects include reserves, securities markets, foreign exchange, gold flow, and commodity prices.
Communications between the Federal Reserve Board and the Treasury, and correspondence from individuals and corporations concerning wartime matters.
Drafts, testimonies, and correspondence concerning the Banking Bill of 1935. Passage of the bill changed the name and structure of the Federal Reserve system and centralized its power in Washington, D.C., removing it from the control of the Federal Reserve Banks. Eccles believed the act, for which he was chiefly responsible, was his major accomplishment in Washington.
Memoranda and statements concerning Title II amendments to the banking bill.
Memoranda and statements concerning Title I amendments.
Statements, drafts, summaries, and memoranda concerning the Banking Bill of 1935 and Title II and III amendments.
Statements, press releases, and correspondence concerning the Banking Bill of 1935.
Statements, drafts, and correspondence relating to bank holding company legislation, initially aimed at preventing a monopoly by the Bank of America, a holding company of the Transamerica Corporation. After the bank's rapid expansion in the western United States, lawmakers introduced several bills to limit its growth, but none passed. The Bank of America was not restrained until a 1947 investigation prompted by the Federal Reserve board of governors. Some news accounts reported that Eccles' involvement in the matter was what moved Truman to ask for his resignation as chairman of the board in 1948.
Statements, drafts, and correspondence relating to bank holding company legislation, initially aimed at preventing a monopoly by the Bank of America, a holding company of the Transamerica Corporation. After the bank's rapid expansion in the western United States, lawmakers introduced several bills to limit its growth, but none passed. The Bank of America was not restrained until a 1947 investigation prompted by the Federal Reserve board of governors. Some news accounts reported that Eccles' involvement in the matter was what moved Truman to ask for his resignation as chairman of the board in 1948.
Correspondence concerning the Transamerica Corporation, owned by the Giannini family of California, and the attempts of U.S. government agencies to prevent further expansion of the Bank of America. This box also contains some material relating to the Federal Reserve Board hearings on Transamerica and Bank of America; for more materials on the hearings, see Box 21.
Correspondence of Preston Delano, comptroller of the currency for the United States, proposing a settlement with Bank of America executives for greater capitalization and resources for the bank.
Materials relating to the attempts of Amadeo P. Giannini and his associates to convert the Bank of America from a national bank to a state bank. Their efforts were aimed at thwarting federal interference.
Letters and reports sent to Eccles, mainly from Comptroller Preston Delano and the Gianninis. These materials document the difficulties between the Federal Reserve Board and the comptroller, and between government banking agencies and the Gianninis. Most of the Federal Reserve documents are in response to Delano's actions.
Materials related to the Federal Reserve Board's interest in Transamerica, Bank of America, and the Gianninis. Chief correspondents are Amadeo P. Giannini, Eccles, and Lawrence Clayton, assistant to Eccles.
Correspondence between the Federal Reserve Board and the Gianninis concerning U.S. government attempts to prevent a Bank of America monopoly. These materials were taken from the files of Lawrence Clayton, a Utah associate of Eccles, Eccles' assistant at the Federal Reserve Board from 1934-1945, and a governor of the board from 1947 until his death in 1949. Eccles probably had these files in his possession because of the charges brought against Clayton by the Gianninis during the Transamerica hearings. These materials are especially useful in understanding the personality of Amadeo P. Giannini.
Appendixes A-E contain documents relating to the hearings before the Federal Reserve Board to determine if Transamerica Corporation's western U.S. bank takeovers were in violation of Section 7 of the Clayton Act.
Transcript of the Transamerica hearing, "Proposed Findings and Conclusions Submitted to Hearing Officer [R. M.] Evans on Behalf of Respondent, Transamerica Corporation."
Transcript of the Transamerica hearing, "Proposed Rebuttal Findings and Conclusions Submitted to Hearing Officer [R. M.] Evans on Behalf of Respondent, Transamerica Corporation."
Transcript of the recommended decision in the matter of Transamerica Corporation before the Federal Reserve Board. The company was eventually ordered to divest itself fully of all capital stock in most of the western banks it had recently acquired.
"A Digest of the Testimony of M. S. Eccles in the Hearings upon the Complaint Issued Pursuant to the Clayton Act by the Board of Governors of the Federal Reserve System in the Matter of Transamerica Corporation Given at Washington, D.C."
Memorandum prepared by Preston Delano, comptroller of the currency, "Bank of America National Trust and Savings Association-Branch Applications."
Transcripts of briefs and other materials related to Transamerica hearings, instituted by the Federal Reserve Board, to determine if the practices of Transamerica were in violation of Section 7 of the Clayton Act. The hearings began in June 1948 and concluded in June 1951. Transamerica was ultimately ordered to divest itself of twenty-six banks in California, sixteen in Oregon, three in Nevada, and one each in Arizona and Washington. These materials also include documents relating to Transamerica's efforts to disqualify Governors Eccles and Clayton in 1948, and the Federal Reserve Board's efforts to prevent Transamerica from acquiring banks while the hearings were in progress.
Six volumes of Eccles' testimony before the Federal Reserve Board in the Transamerica hearings. Cross-examiners attempted to establish parallels between Federal Reserve branch banks and Transamerica, and to indicate personal hostility of Eccles toward the Gianninis.
Memoranda, reports, and studies on taxation, most of which were prepared by the Federal Reserve Board. The letters are principally from representatives of various governmental agencies and citizens' groups, either offering advice or asking for relief. Subjects covered in these documents include raising revenues for the still-depressed economy, tax on undistributed corporate profits, raising revenues for defense and for combating inflation, excess profits taxes, and mandatory joint returns for married couples.
Documents relating to taxation in regard to Randolph Paul, member of the New York law firm of Lord, Day & Lord, lecturer on tax law at Yale and Harvard universities, and one-time adviser to the secretary of the Treasury and to President Roosevelt. Paul wrote a paper at Roosevelt's request on possible changes in the tax law.
Paul's paper on possible changes in U. S. tax law and the Federal Reserve Board's comments on it.
Letters and reports from the period Paul served the Treasury, first as assistant to the secretary, and then as general counsel. The principal tax concerns reflected in these documents are the raising of revenues to finance World War II, and of combating inflation.
Materials relating to the "pay-as-you-go" taxation plan and the Treasury's tax bill questionnaire. Major concerns documented are post-war planning and inflation.
Materials regarding the tax withholding plan devised by Beardsley Ruml, chairman of the New York Federal Reserve Bank and treasurer of Macy's department store. The plan was intended to ease the taxpayer's burden by making collection current.
Materials related to a comprehensive questionnaire written by the Treasury to elicit information for a new tax bill.
Reports, memoranda, and drafts of housing legislation prepared by the Federal Reserve Board. Most of these are the work of J. M. Daiger, a mortgage-guarantee businessman from Baltimore, Maryland, and special assistant to the chairman of the board. Daiger was later appointed financial adviser to the Federal Housing Administration and deputy housing administrator. The issues documented here are modernization of substandard housing, slum clearance, bank investment in low-cost housing, the eighty-percent mortgage, housing subsidies, the escalating cost of labor and materials, and defense housing. Also documented is Eccles' advocacy of strict credit controls to offset the inflation created by postwar housing shortages. Eccles became involved with housing concerns while chairing a Treasury committee in 1934. Legislation from the committee created the Federal Housing Administration. Eccles retained interest in housing while he served on the Federal Reserve Board because he believed recovery of the building industry was essential to industrial recovery in general.
Reports, memoranda, and drafts of housing legislation prepared by the Federal Reserve Board. Most of these are the work of J. M. Daiger, a mortgage-guarantee businessman from Baltimore, Maryland, and special assistant to the chairman of the board. Daiger was later appointed financial adviser to the Federal Housing Administration and deputy housing administrator. The issues documented here are modernization of substandard housing, slum clearance, bank investment in low-cost housing, the eighty-percent mortgage, housing subsidies, the escalating cost of labor and materials, and defense housing. Also documented is Eccles' advocacy of strict credit controls to offset the inflation created by postwar housing shortages. Eccles became involved with housing concerns while chairing a Treasury committee in 1934. Legislation from the committee created the Federal Housing Administration. Eccles retained interest in housing while he served on the Federal Reserve Board because he believed recovery of the building industry was essential to industrial recovery in general.
Reports, memoranda, and drafts of housing legislation prepared by the Federal Reserve Board. Most of these are the work of J. M. Daiger, a mortgage-guarantee businessman from Baltimore, Maryland, and special assistant to the chairman of the board. Daiger was later appointed financial adviser to the Federal Housing Administration and deputy housing administrator. The issues documented here are modernization of substandard housing, slum clearance, bank investment in low-cost housing, the eighty-percent mortgage, housing subsidies, the escalating cost of labor and materials, and defense housing. Also documented is Eccles' advocacy of strict credit controls to offset the inflation created by postwar housing shortages. Eccles became involved with housing concerns while chairing a Treasury committee in 1934. Legislation from the committee created the Federal Housing Administration. Eccles retained interest in housing while he served on the Federal Reserve Board because he believed recovery of the building industry was essential to industrial recovery in general.
Papers relating to the policy concerning small business, labor, unemployment, the wage-price relationship, and Social Security.
Documents from 1935, 1949, and 1950 only, relating to small business policy, particularly in regard to the Small Business Act (O' Mahoney bill), which Congress passed in 1950.
Correspondence and reports concerning labor issues. Primary topics for the papers covering 1936-1940 are the wage-price relationship, working hours, and the Fair Labor Standards Act. Those covering the war years, 1940-1945, relate to wage-price controls and their effect on inflation. Papers from 1945-1950 discuss the Murray Full Employment Bill, the Taft-Hartley Act, and the employee conflict at the Federal Reserve Bank of Dallas.
Reports and memoranda on the Social Security system. The Federal Reserve Board was concerned about the large reserves held by Social Security for pensions and about the 1939 proposal to increase the Social Security tax.
Federal Reserve Board reports and memoranda relating to foreign and domestic economic stabilization.
Reports and memoranda relating to postwar economic policy for Germany, Italy, and Belgium; policy for technical assistance to foreign countries; and general foreign economic matters.
Memoranda, reports, and correspondence concerning the work of the Economic Stabilization Board, created by executive order on October 3, 1942.
Letters and memoranda between the Federal Reserve Board and various governmental and economic leaders on the subject of stabilization.
Reports and memoranda.
Papers concerning post-World War II domestic economic planning.
Papers concerning post-World War II domestic economic planning.
Correspondence concerning the International Fund, a worldwide monetary order established after World War II to prevent international financial chaos. The United States and Great Britain each put forward an economic plan, but the participating countries had difficulty in setting a date for a meeting because of the need for domestic debate. Consequently, the Bretton Woods Conference in 1944 was referred to as "a meeting of technical experts."
The legislation that created the International Fund was drawn up at the conference and is therefore called the Bretton Woods Agreement Act, but the name of the international organization varies. In the planning stages it was called the United and Associated Nations Stabilization Fund; later it became the International Bank and International Monetary Fund. Finally, two organizations were created under the United Nations: The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD). The latter is now known as the World Bank.
Eccles was an adviser to the U. S. delegation to the Bretton Woods Conference, and an alternate for the director, Treasury Secretary John W. Snyder. Much of the work at the Federal Reserve Board on this subject was the responsibility of M. S. Symczak, Walter R. Gardner, and J. Burke Knapp. Knapp, after serving at the State Department, was a director of the World Bank for twenty years.
Correspondence concerning the International Fund, a worldwide monetary order established after World War II to prevent international financial chaos. The United States and Great Britain each put forward an economic plan, but the participating countries had difficulty in setting a date for a meeting because of the need for domestic debate. Consequently, the Bretton Woods Conference in 1944 was referred to as "a meeting of technical experts."
The legislation that created the International Fund was drawn up at the conference and is therefore called the Bretton Woods Agreement Act, but the name of the international organization varies. In the planning stages it was called the United and Associated Nations Stabilization Fund; later it became the International Bank and International Monetary Fund. Finally, two organizations were created under the United Nations: The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD). The latter is now known as the World Bank.
Eccles was an adviser to the U. S. delegation to the Bretton Woods Conference, and an alternate for the director, Treasury Secretary John W. Snyder. Much of the work at the Federal Reserve Board on this subject was the responsibility of M. S. Symczak, Walter R. Gardner, and J. Burke Knapp. Knapp, after serving at the State Department, was a director of the World Bank for twenty years.
Materials from the first annual meeting of the board of governors of the International Bank and International Monetary Fund, held September 27 through October 5, 1946.
Materials related to the "U.S.-U.K. Top Committee," and the Bretton Woods Conference.
Papers concerning activities of the U. S.-U. K. Top Committee, a group comprised of members of the twelve Federal Reserve districts, enlisted by the Federal Reserve Board to educate the public about a $3.75 billion loan to Britain. Although the U. S. government strongly supported the loan as a means of British and international economic recovery, there was some public opposition.
Documents relating to the Bretton Woods Conference, where forty-four nations met to initiate international postwar financial cooperation. See boxes 34 and 35 for more information on the conference.
Materials relating to the Monetary and Fiscal Policy Committee, the Export-Import Bank, the Inter-America Bank, the United Nations Investment Committee, and enemy alien evacuation.
Papers concerning economic recovery policy involving the revitalization of the housing and railroad industries.
Papers regarding the legislative progress of the Import-Export Bank Bill.
Papers regarding the Inter-America Bank as a prototype for the World Bank.
Materials mainly reflecting Eccles' representation on the committee.
Letters, reports, and memoranda concerning the Federal Reserve System role in the 1942 evacuation of Japanese and Japanese-Americans from the West Coast. The Federal Reserve was charged "to assist the evacuee in the liquidation of his property" and to protect him from unscrupulous creditors. Governor Matthew Szymczak and his assistant, W. B. Pollard, were sent to the West Coast to represent the Federal Reserve Board. These materials include their reports, including their evaluation of Tom C. Clark, chief of civilian staff of the Western Defense Command.
Correspondence between the Bank of Canada and the Federal Reserve Board, and papers from the Canadian-American Joint Economic meetings of 1941 and 1944. Eccles admired Canadian financing, and the Bank of Canada and the Federal Reserve Board had a close relationship.
Materials documenting the conflict between Eccles and Senator Harry F. Byrd of Virginia over economic policy during the New Deal years. Eccles advocated deficit spending during times of high unemployment to stimulate business and provide for the needy. Byrd believed the economic solutions should have included a balanced budget and reductions in taxes and social programs. The controversy became a matter of public interest after Eccles, in a public letter dated December 23, 1938, accused Byrd of distorting his ideas in a speech in Boston. Byrd and Eccles continued the public argument in radio addresses during January 1939. These materials include Eccles' public letter, the radio addresses, and public response.
Documents relating to consumer credit control, particularly Regulation W, which was implemented by executive order in 1941. The measure gave the Federal Reserve Board authority to control consumer credit. Despite pressure from the Federal Reserve Board and others to keep Regulation W in effect, Congress allowed it to expire on June 30, 1949. In September 1950, however, President Truman reinstated it by executive order. These documents reflect Eccles' support of the regulation and his economic philosophy in general.
Correspondence with Burgess, vice president of the New York Federal Reserve Bank, 1920-1938; vice chairman of the National City Bank in New York, 1938-1952; undersecretary of the Treasury, 1953-1957; and U.S. ambassador to NATO, 1957-1961. Correspondence between Burgess and Eccles appears frequently in other parts of the collection. Letters here are not relevant to other subject divisions.
Correspondence and other materials involving Lauchlin Currie, Chester C. Davis, J.P. Dreibelbis, William T. Nardin, General Robert E. Wood, and Ralph Flinders.
Letters written during Currie's years as a member of the Federal Reserve Board, at the White House, and after he moved to Colombia. An ardent Keynesian, Currie was a senior analyst for the Treasury when Eccles was assistant to Secretary Morgenthau. In 1934, he left the Treasury with Eccles and served on the Federal Reserve Board. He took a leave of absence from the board in 1939 to become
an administrative assistant for Roosevelt, serving several foreign economic missions. After the war, he became chief of the International Bank for Reconstruction and Development. After being accused of being a communist, he accepted a commission from the Colombian government in 1950 to set up a "little Hoover Commission," and took Colombian citizenship.
Correspondence written mostly after Davis left Washington and copies of his speeches on agricultural affairs. Davis was appointed as a governor of the Federal Reserve Board in 1936, representing agricultural interests. In 1940 he was reappointed to a fourteen-year term, but resigned in 1941 to become president of the St. Louis Federal Reserve Bank, a war-time food administrator, and a member of the National Defense Council. In 1951 he became assistant director of the Ford Foundation. Davis and Eccles were close friends.
Correspondence with Dreibelbis, principally regarding problems in the Federal Reserve Board's legal division and Dreibelbis' recommendations for improvement. He joined the legal department of the Federal Reserve Board in 1935.
Correspondence and a speech by Nardin, a Federal Reserve agent, chairman of the board of the St. Louis Federal Reserve Bank, and Eccles' friend. Nardin was president of the Pet Milk Company, of which Eccles was a director.
Letters concerning the price and inflow of gold and a copy of Wood's speech, "Our Foreign Policy," given before the Council on Foreign Relations. In 1936, Wood, then president of Sears, Roebuck & Company, was appointed a class C director and deputy chairman of the board of the Chicago Federal Reserve Bank.
Correspondence with Flanders, president of Jones and Lamson Machine Company in Vermont. Flanders began his correspondence with Eccles and Elliott Thurston in July 1937 when he submitted portions of the manuscript, Towards Full Employment, to the Federal Reserve Board for criticism. He served as chairman of the research committee of the Committee for Economic Development, and in 1944 was appointed president of the Boston Federal Reserve Bank. In 1946, he won his election bid for the U.S. Senate from Vermont as a Republican. Flanders and Eccles' economic views were fairly compatible, and because of his interests and acquaintances, Flanders did much proselytizing for Federal Reserve positions.
Letters and speeches of Orval Adams, Lewis H. Brown, Stuart Chase, J. I. Craig, James H. R. Cromwell, Cyrus S. Eaton, William Trufant Foster, Rudolph Hecht, B. E. Hutchinson, R. C. Leffingwell, Walter Lippmann, Thomas I. Parkinson, J. David Stern, and Robert P. Vanderpoel. These materials discuss economic ideas. The catalysts for many of the letters are often books, articles, or speeches.
Correspondence with Adams, vice president of the Utah State National Bank in Salt Lake City, and president of the American Bankers Association. Adams worked with Eccles in one of Eccles' banks for ten years. Though the two had very different economic philosophies, they were longtime friends.
Correspondence and a speech by Brown, chairman of the board of Johns-Manville Corporation and a member of the board of directors New York Federal Reserve Bank.
Correspondence with Chase, a writer for the Twentieth Century Fund and author of many articles on economics. Chase frequently sent advance copies of his publications to Eccles for criticism.
Correspondence concerning international monetary affairs. Craig, commissioner for customs at the Ministry of Finance in Cairo, Egypt, first met Eccles at the Bretton Woods Conference.
Correspondence concerning money and taxation. Cromwell was appointed minister to Canada in January 1940, then resigned in April to enter the election for a U.S. Senate seat for New Jersey, which he lost.
Correspondence with Eaton, a mid-western industrialist, concerning financing by New York interests.
Letters and addresses by Foster, director of the Pollak Foundation for Economic Research. Foster knew Eccles before Eccles went to Washington.
Correspondence concerning controversies over the Banking Bill of 1935, and a presidential report of the Bankers Association implying that Eccles was in favor of absolute governmental control of banking.
Friendly and often sarcastic correspondence with Hutchinson, chairman of the Chrysler Corporation's finance committee, regarding current issues of the National Manufacturers Association platform, high wages, and union power.
Correspondence and speeches by Leffingwell, chairman of the board of the J.P. Morgan Company, regarding the Federal Reserve Board's role in the 1937-1938 recession, a sensitive subject to Eccles.
Correspondence with Lippmann, columnist for the New York Herald Tribune, focusing on the Banking Bill of 1935. Lippmann and Eccles respected one another's economic views.
Correspondence between Parkinson, president of the Equitable Life Assurance Society in New York, and Allan Sproul, president of the New York Federal Reserve Bank, and between Eccles and Harold G. Brown, vice president of Shenandoah National Bank in Virginia. Parkinson was critical of Federal Reserve policy, and Brown was critical of Parkinson's public pronouncements.
Correspondence with Stern, publisher of the New York Post and the Philadelphia Record, and class C director of the Philadelphia Federal Reserve Bank. Stern supported the New Deal but had an uneasy relationship with Eccles. He resigned his directorship in December 1936 to concentrate on publishing.
Correspondence with Vanderpoel, financial editor of the , the , and a strong supporter of the New Deal. He and Eccles were close friends.
Miscellaneous Federal Reserve banking correspondence.
Letters containing stockholder reports, sent either as a courtesy or for evaluation.
Materials from George Harrison's tenure as president of the bank.
Miscellaneous memoranda and other correspondence of the Federal Reserve Board and its staff, covering such topics as a WPA white-collar project, sanctions against Italy and Ethiopia, a disagreement between Chairman McCabe and the six governors, and the salaries of the board of governors and their staffs.
Materials relating to the construction of an annex between the Federal Reserve Board Building and the War Department Building; Federal Reserve Board correspondence; and the function and organization of various Federal Reserve entities.
Letters to Eccles in Ogden, Utah, from board members and staff.
Letters from members of Federal Reserve Districts concerning Eccles' visits to their districts.
Documents describing the function and organization of the board of governors and departments of the Federal Reserve, as well as special projects of the Division of Research and Statistics.
Eccles' correspondence with Federal Reserve banks regarding Vardaman.
The Federal Reserve Board file on Vardaman's use of board facilities and services.
Memoranda pertaining to gold, and documents on capital issues.
Memoranda that reflect a change of interest from the economy of gold and capital inflow during the depression-recovery years, to speculation in gold and its use by foreign countries during the war and postwar years.
Documents reflecting the issues of corporate taxation, taxation of undistributed earnings, and the effect of the Securities Act of 1933 on the formation of new capital.
Correspondence and other materials mostly by Sproul, president of the New York Federal Reserve Bank 1942-1948, concerning the Federal Open Market Committee, of which Eccles was the chairman and Sproul the vice chairman. These materials relate to the issuing of government bonds and the setting of rates and reserves.
Private letters and documents of the Federal Deposit Insurance Corporation and the Reconstruction Finance Corporation.
Documents concerning the retirement of FDIC capital stock and the doubling of deposit insurance liability.
Papers relating to the Reconstruction Finance Corporation's role in making loans available to small businesses during the war.
Materials regarding RFC liquidation and the scandal associated with the corporation's lending policies.
Correspondence between Eccles and foreign banks, government officials, prominent people, and friends. These materials also include an unrelated military report on Japan.
U.S. Army report, "The Japanese Recovery Program."
Correspondence with national and commercial foreign banks and the embassies of Argentina, Australia, Belgium, Brazil, Britain, Ceylon, Chile, Colombia, Finland, France, India, Japan, Mexico, the Netherlands, South Africa, South Rhodesia, Sweden, and Switzerland.
Semi-official correspondence between Eccles and prominent people, including Adolph A. Berle, Jr.; Chester Bowles; Dean Brimhall; Stewart Cosgriff; Harry Hopkins; Cordell Hull; Robert La Follette, Jr.; John L. Lewis; David E. Lilenthal; Louis B. Mayer; Adolphe Menjou; Harold Stassen; Edward R. Stettinius; Gerard Swope; Henry Wallace; Sumner Welles; and Wendell L. Willkie.
Eccles' letters of congratulations to various government officials, and letters from commercial journals asking Eccles to submit articles.
Correspondence from Eccles to others, exchanging official courtesies for new appointments and retirements. Most of the correspondents are government officials, including Dean Acheson, W. Randolph Burgess, James F. Byrnes, Thomas G. Corcoran, Joseph E. Davies, Paul H. Douglas, William O. Douglas, Stephen Early, Charles Edison, James V. Forrestal, W. Averell Harriman, Harry Hopkins, Eugene Mayer, Abe Murdock, Drew Pearson, Paul A. Porter, Charles Ross, Rexford G. Tugwell, and Fred M. Vinson.
Excerpts of Eccles' letters and semi-official correspondence.
Various excerpts as compiled by Eccles' secretary, Va Lois Egbert.
Letters in which Eccles asks questions or advice, or makes complaints.
Correspondence detailing Eccles' opinions on the speeches and articles of others.
Correspondence between Eccles and members of Congress.
Lists of testimonies given by Eccles before Congress. They are neither complete nor chronological. For more of Eccles' congressional testimonies, see boxes 63-69.
Letters asking Eccles to testify before the House Committee on Public Buildings and Grounds, and asking the Federal Reserve Board to prepare materials for proposed amendments to the Legislative Reorganization Act of 1946.
Documents quoting from speeches by Glass, the senator responsible for the original Federal Reserve Act in 1913.
Correspondence.
Materials on those who applied or were recommended for membership on the Federal Reserve Board. The Banking Act of 1935 changed the composition of the board and the requirements for appointment as a governor, and Eccles and Governor Szymczak were the only holdover members. Therefore, there were more candidates for the board during 1935-1936 than at any other time. Materials are arranged alphabetically.
Materials on those who applied or were recommended for membership on the Federal Reserve Board. The Banking Act of 1935 changed the composition of the board and the requirements for appointment as a governor, and Eccles and Governor Szymczak were the only holdover members. Therefore, there were more candidates for the board during 1935-1936 than at any other time. Materials are arranged alphabetically.
Materials containing brief information on some of the 1935-1936 Federal Reserve Board candidates, and miscellaneous documents on the legal requirements for candidacy.
Information concerning the board, and memoranda regarding the legal requirements for membership.
Letters about board candidates and the requirements for candidacy.
Materials documenting the controversy between the Federal Reserve Board and the Treasury. The conflict was resolved by the actions of Eccles leading to the 1951 Accord between the Treasury and the Board.
Eccles' testimony before congressional committees concerning various economic issues, including the Banking Act of 1935; his nomination to the Federal Reserve Board; the Frazier-Lemke Farmers' Relief Act; legislation to permit direct obligations of the United States to be used as collateral; amendments to the National Housing Act; the Patman Bill for government ownership of the twelve Federal Reserve banks; and unemployment and relief issues. These materials also include Eccles' letters published in the Congressional Record or made public through the press.
Eccles' testimony before congressional committees concerning various economic issues, including the abolition of the Federal Reserve System (the Vandenberg letter); his conflict with Senator Harry F. Byrd over government spending (see box 40); capital aid to small industry and business; the Federal Home Loan Act; and the Patman Bill (non-interest bonds). These materials also include Eccles' letters published in the or made public through the press.
Eccles' testimony before congressional committees concerning various economic issues, including tax proposals; a bill to amend the Federal Reserve Act; silver; bank holding companies; industrial loans; changes in bank reserve requirements; and capital gains. These materials also include Eccles' letters published in the or made public through the press.
Eccles' testimony before congressional committees concerning various economic issues, including the Price Control Bill; amendments to the Emergency Price Control Bill of 1942; contract termination loans; loans to industry; and extension of the Office of Price Administration. These materials also include Eccles' letters published in the or made public through the press.
Eccles' testimony before congressional committees concerning various economic issues, including small business; the Murray Full-Employment Bill; the Reorganization Act; the International Fund and Bank; the Housing Act; the Anglo-American Loan; and the Export-Import Bank. These materials also include Eccles' letters published in the or made public through the press.
Eccles' testimony before congressional committees concerning various economic issues, including bank holding companies; small business loans; Regulation W (consumer credit controls); the Reconstruction Finance Corporation; housing mortgages; and a bill to curb inflation. These materials also include Eccles' letters published in the or made public through the press.
Eccles' testimony before congressional committees concerning various economic issues, including bank credit; reserve requirements; and the housing bill. These materials also include Eccles' letters published in the or made public through the press.
Testimonies, reports, published articles, and correspondence to and from Eccles concerning the work of the subcommittee on Monetary, Credit, and Fiscal Policies of the Joint Committee on the Economy report. The committee, under the chairmanship of Senator Paul Douglas, Democrat from Illinois, studied the controversy between the Treasury and Federal Reserve Board to try to determine their respective roles in formulating monetary policy. The committee report recommended that Congress restore the supremacy of the Federal Reserve System over the nation's credit structure, but it was not acted upon. The Treasury-Board controversy was finally settled by the actions of Eccles leading to the 1951 Accord. See boxes 61 and 62 and the scrapbook of news clippings.
Eccles' testimony before congressional committees concerning various economic issues, including the bill to amend the Legislative Reorganization Act of 1946; the "packing" of the board of governors; housing; Treasury reorganization; social security; and the abolition of the Reconstruction Finance Corporation. These materials also include Eccles' letters published in the or made public through the press.
Memoranda with Currie. See description for Box 43, Folders 1-3, for a brief sketch of Currie's involvement with the Federal Reserve Board and other governmental entities.
Memoranda with Currie. See description for Box 43, Folders 1-3, for a brief sketch of Currie's involvement with the Federal Reserve Board and other governmental entities.
Eccles' speeches while he was a Utah banker. They reflect his gradual change from a conventional banker to a radical economist, whose congressional testimony brought him national attention and an appointment at the Treasury in January 1935. He was appointed to the Federal Reserve Board later that year.
Speeches concerning the Banking Act of 1935, and the correspondence they generated.
Speeches concerning the recession of 1937-1938.
Speeches concerning economic problems in the United States during Hitler's threat of overrunning Europe. In these speeches, Eccles speaks in defense of capitalistic democracy.
Speeches concerning economic problems in the United States during Hitler's threat of overrunning Europe. In these speeches, Eccles speaks in defense of capitalistic democracy.
Speeches covering the war years, when the initial hardships of wartime controls turned into hope for plans of the postwar world. These plans, coupled with the frustration of inflation and the emergence of Soviet influence in Europe, gave rise to debate over the proper role of the United States in world affairs.
Speeches covering the war years, when the initial hardships of wartime controls turned into hope for plans of the postwar world. These plans, coupled with the frustration of inflation and the emergence of Soviet influence in Europe, gave rise to debate over the proper role of the United States in world affairs.
Speeches primarily about postwar financial adjustment needs and policies. Eccles made these addresses prior to his demotion from the chairmanship of the board in 1948.
Speeches from 1949 until his resignation from the board in 1951. Eccles was often openly critical of U.S. economic policy, and his strong enunciation of these beliefs led to a public breach with President Truman and John W. Snyder, secretary of the Treasury.
Transcripts of Eccles' statements, addresses, and interviews on radio and television. These materials also include correspondence elicited by the broadcasts. There is no transcript of Eccles' 1949 television interview.
Correspondence, notes, drafts, and transcriptions related to Eccles' frequent extemporaneous speeches. Because most of the speeches did not have titles, they are arranged by date, location, and name of the group addressed. In 1948, after his demotion from the chairmanship of the Federal Reserve Board, Eccles accepted more speaking engagements.
Correspondence, notes, drafts, and transcriptions related to Eccles' frequent extemporaneous speeches. Because most of the speeches did not have titles, they are arranged by date, location, and name of the group addressed. In 1948, after his demotion from the chairmanship of the Federal Reserve Board, Eccles accepted more speaking engagements.
Correspondence, notes, drafts, and transcriptions related to Eccles' frequent extemporaneous speeches. Because most of the speeches did not have titles, they are arranged by date, location, and name of the group addressed. In 1948, after his demotion from the chairmanship of the Federal Reserve Board, Eccles accepted more speaking engagements.
Correspondence pertaining to speaking invitations that Eccles declined. The number of invitations received in 1935 from Federal Reserve banks and state banking organizations reflect the national interest in the Banking Act of 1935. A number of invitations were received from prestigious universities in 1939, reflecting increased interest in economic theory.
Correspondence pertaining to speaking invitations that Eccles declined. The number of invitations received in 1935 from Federal Reserve banks and state banking organizations reflect the national interest in the Banking Act of 1935. A number of invitations were received from prestigious universities in 1939, reflecting increased interest in economic theory.
Correspondence pertaining to speaking invitations that Eccles declined. The number of invitations received in 1935 from Federal Reserve banks and state banking organizations reflect the national interest in the Banking Act of 1935. A number of invitations were received from prestigious universities in 1939, reflecting increased interest in economic theory.
Prints, galleys, and drafts of Eccles' published articles, as well as correspondence with editors and letters of comment from the public. Eccles generally avoided publishing articles in commercial journals and did so only when he felt a critical issue needed that particular forum.
Prints, galleys, and drafts of Eccles' published articles, as well as correspondence with editors and letters of comment from the public. Eccles generally avoided publishing articles in commercial journals and did so only when he felt a critical issue needed that particular forum.
Various statements Eccles issued to the press.
Various statements Eccles issued to the press.
Invitations to Eccles for luncheons, dinners, and meetings, and requests for appointments and introductions. Eccles rarely refused invitations from student groups, or from U.S. and foreign bankers and officials.
Invitations to Eccles for luncheons, dinners, and meetings, and requests for appointments and introductions. Eccles rarely refused invitations from student groups, or from U.S. and foreign bankers and officials.
Invitations to Eccles for luncheons, dinners, and meetings, and requests for appointments and introductions. Eccles rarely refused invitations from student groups, or from U.S. and foreign bankers and officials.
Invitations to Eccles for luncheons, dinners, and meetings, and requests for appointments and introductions. Eccles rarely refused invitations from student groups, or from U.S. and foreign bankers and officials.
Invitations to Eccles for luncheons, dinners, and meetings, and requests for appointments and introductions. Eccles rarely refused invitations from student groups, or from U.S. and foreign bankers and officials.
Miscellaneous reports from various Federal Reserve Board staff members.
Reports by Edmiston written when he and Eccles were at the Treasury. Edmiston went to the Federal Reserve Board with Eccles in November 1934.
Reports by Federal Reserve staff members, including Lewis L. Baxter, J. M. Daiger, E. A. Goldenweisser, Woodlief Thomas, Mordecai Ezekial, and Alan R. Sweezy.
Reports by Federal Reserve staff members, including Alan R. Sweezy, Mordecai Ezekiel, Emile Despres, and Alvin Hansen.
Reports by Federal Reserve staff members, including Alan R. Sweezy, Mordecai Ezekiel, Emile Despres, and Alvin Hansen.
Letters from those seeking jobs in the Federal Reserve System or with other government agencies. Many of the letters are from Eccles' Utah acquaintances. The correspondence is peripheral to the operation of the board, but is of interest because it reflects social and economic conditions of the years 1934-1947.
Letters from those seeking jobs in the Federal Reserve System or with other government agencies. Many of the letters are from Eccles' Utah acquaintances. The correspondence is peripheral to the operation of the board, but is of interest because it reflects social and economic conditions of the years 1934-1947.
Letters from those seeking jobs in the Federal Reserve System or with other government agencies. Many of the letters are from Eccles' Utah acquaintances. The correspondence is peripheral to the operation of the board, but is of interest because it reflects social and economic conditions of the years 1934-1947.
Correspondence of a personal nature, added to the Eccles collection in March 1981, after receipt of the main body of documents.
Correspondence of a personal nature, added to the Eccles collection in March 1981, after receipt of the main body of documents.
Correspondence of a personal nature, added to the Eccles collection in March 1981, after receipt of the main body of documents.
Correspondence of a personal nature from Eccles' years at the Treasury, added to the collection as an addendum in 1981.
This box contains Eccles' guest lists for parties, dinners, and dances, as well as letters of response and thanks.
Miscellaneous items, received in 1981 as an addendum to the Eccles collection. These materials contain correspondence regarding the Geneva Steel Works in Provo, Utah, and a file of hostile articles by Leslie Gould, financial editor of the New York Journal American.
This box contains articles and testimonies on the Federal Reserve System, and articles by members of the board.
A file on Keynes that Eccles maintained. Although Eccles' own economic theories differed in many aspects from those of Keynes, he was nevertheless interested in Keynes' ideas.
Articles and speeches by others, including Allan Sproul, Chester C. Davis, and Chester Bowles.
This section contains speeches and related correspondence on various topics that absorbed Eccles' attention in his later life. Most of these materials pertain to Eccles' views on U.S. economic policy, military involvement in Vietnam, and the world population explosion. Also included in these materials are various media interviews and statements to the press.
Speeches and related correspondence pertaining to economic subjects, often reflecting the national concern over monolithic communism, which Eccles proposed to combat by ensuring a sound American economy. Although he made these addresses while he was running against Arthur V. Watkins for the U.S. Senate in 1952, the speeches are not directly related to his campaign.
Speeches and related correspondence concerning economic topics. These materials include Eccles' first speech in which he urges recognition of Communist China and warns against American involvement in Indochina.
Speeches and a great deal of related correspondence concerning economic and political topics. Included is one of his most important speeches, delivered December 10, 1957, in which he questions the necessity of the Cold War.
Speeches, related correspondence, and Eccles' testimony before the Senate Finance Committee.
Speeches, statements, and related correspondence. These materials include Eccles' first addresses in which he criticizes the demands of labor unions, and discusses overpopulation as the great threat to world economic and political stability.
Speeches pertaining to the consequences of the population explosion on world economy.
Speeches and correspondence in which Eccles warns against world overpopulation and U.S. involvement in the Vietnam conflict.
Addresses and related correspondence.
Statement concerning U.S. intervention in Vietnam. Eccles had the distinction of being one of the first U.S. businessmen to speak against American involvement in Southeast Asia.
Those to whom Eccles sent his statement.
Correspondence concerning Eccles' statement on U.S. involvement in the Vietnam conflict. These materials are arranged alphabetically.
Correspondence concerning Eccles' statement on U.S. involvement in the Vietnam conflict. These materials are arranged alphabetically.
Correspondence concerning Eccles' statement on U.S. involvement in the Vietnam conflict. These materials are arranged alphabetically.
The speech, "Tight Money-Higher Interest Rates-Causes and Effects," which Eccles gave to various professional and civic organizations, and related correspondence. The speech includes a comprehensive account of the U.S. economy and an evaluation of the effects of the Vietnam conflict on the economy.
Speeches and related correspondence and press clippings. These materials include "Vietnam-Its Effects on the Nation," a speech that includes a comprehensive account of the U.S. economy and an evaluation of it in light of the effects of the Vietnam conflict.
Correspondence elicited by Eccles' speech, "Vietnam-Its Effect on the Nation." The correspondence is arranged alphabetically.
List of those to whom Eccles sent copies of his Vietnam speech.
Correspondence elicited by Eccles' speech, "Vietnam-Its Effect on the Nation." The correspondence is arranged alphabetically.
Speeches, a February 1968 interview in Forbes magazine, and the correspondence it elicited. These materials are arranged alphabetically and include revised versions of Eccles' speech, "Vietnam-Its Effect on the Nation."
magazine interview of Eccles titled, "As I See It."
Correspondence regarding the interview, arranged alphabetically.
Eccles' March 27 introduction of Kennedy at a Salt Lake City political meeting and a list of those to whom Eccles sent copies. Although Eccles was not a supporter of Kennedy, nor even a registered Democrat, he agreed to introduce the senator because it gave him an opportunity to speak on the Vietnam conflict.
Correspondence regarding Eccles' introduction of Kennedy. These materials are arranged alphabetically.
Eccles' address, "Vietnam: Politics and Hypocrisy--A Tragedy of Errors," given April 27 before the Business Executives Move for Vietnam Peace in Denver; and a list of those to whom Eccles sent the speech.
Correspondence pertaining to Eccles speech against US involvement in the Vietnam conflict. These materials are arranged alphabetically by correspondent.
Eccles' address, "Vietnam: Politics and Hypocrisy--A Tragedy of Errors," given before the Town Club in Salt Lake City.
Eccles' address, "Vietnam: Politics and Hypocrisy--A Tragedy of Errors," given June 25-27 in Detroit, Chicago, and New York.
Correspondence pertaining to Eccles' addresses in Detroit, Chicago, and New York, in which he spoke against US involvement in Vietnam. These materials are arranged alphabetically.
Addresses and Statements made to the print media, mostly concerning US involvement in Vietnam, and related correspondence and notes.
Eccles' speech, "The US and the World Today," given 1 September 1970 to the Salt Lake City Rotary Club.
Eccles' interview for
Correspondence regarding Eccles' speech, "The US and the World Today." Letters are arranged alphabetically.
Eccles' last major addresses and related correspondence. Included are his speech given in 1971 upon his retirement as chairman of the board of the Utah Construction and Mining Company, and his address after receiving the World Trade Club Award in May of 1972
Correspondence relating to Eccles' frequent extemporaneous speeches. Eccles had an agency, Clark H. Getts, Inc., which secured speaking engagements for him. Because Eccles made extemporaneous speeches after 1957 of which there are no records, it is possible that his association with Getts was during the 1951-1957 period.
Correspondence pertaining to speaking invitations that Eccles declined.
Incomplete index of Eccles' speeches, statements, and testimonies; and several copies of others' speeches that Eccles kept.
Incomplete index to Eccles' speeches, statements, and testimonies.
This section contains documents pertaining to political issues of particular interest to Eccles. Included are Eccles' campaign materials from his U. S. Senate election bid; correspondence relating to his campaign, as well as other national and local candidates he endorsed; correspondence with ranking political figures; and a file on various political organizations.
Endorsements, press reports, and campaign materials regarding Eccles' 1952 U. S. Senate campaign. When he left Washington to return to Utah in July 1951, there was speculation that he would seek the Senate seat of Arthur V. Watkins. He did not announce his decision to run until just before the Republican state convention, however, leaving only six weeks to prepare for the primary, which he lost.
While Eccles attributed his loss to the brevity of his campaign, another possible cause for his defeat was his strong identification with the New Deal. But his public break with President Truman over monetary policy seemed to Eccles to preclude his running as a Democrat.
Correspondence related to Eccles' 1952 Senate campaign.
Letter from Eccles to Republican party delegates, announcing his candidacy for the U. S. Senate.
Letters of congratulation to Eccles on his candidacy, and offers and requests to help in securing delegate votes at the Republican state convention.
Correspondence relating to the primary election. These materials are arranged alphabetically.
Thank-you letters from Eccles to his campaign workers.
Correspondence concerning Eccles' endorsement of candidates in presidential campaigns. After Eccles' defeat for a Senate seat in 1952, he continued to support the Republican party, but then backed Democrat Adlai Stevenson in 1956. In 1964, Eccles backed Lyndon Johnson, but became disillusioned with him as the Vietnam conflict escalated. In 1968, he looked at both parties for strong anti-war candidates and was consequently disappointed with the choice between Nixon and Humphrey, although he eventually voted for Humphrey. In 1972, Eccles supported George McGovern for president, and gave most of his financial support to strong anti-war senatorial candidates from both parties.
Correspondence related to the campaigns of others, mostly for national offices, but also from local elections, particularly in Utah and California. During the years of the Vietnam conflict, Eccles contributed a great deal of money to the re-election campaigns of anti-war candidates and persuaded family members and friends to contribute also. These materials are arranged alphabetically, usually by candidate, but occasionally by author.
Correspondence related to the campaigns of others, mostly for national offices, but also from local elections, particularly in Utah and California. During the years of the Vietnam conflict, Eccles contributed a great deal of money to the re-election campaigns of anti-war candidates and persuaded family members and friends to contribute also. These materials are arranged alphabetically, usually by candidate, but occasionally by author.
Correspondence with Arthur F. Burns and David M. Kennedy, both of whom served as chairman of the Federal Reserve Board; William McChesney Martin, Secretary of the Treasury; and Mitchell Melich, a solicitor for the Department of the Interior. These materials also include documents related to the Roosevelt Library and other Roosevelt memorials.
Various political statements, articles, pamphlets, and newsletters arranged alphabetically according to Eccles' designated subject titles.
Materials from the National Committee on United States-China Relations, Inc., a group that Eccles supported. Eccles favored recognition of the People's Republic of China and its admission to the United Nations as early as 1951. These materials also include several articles on the Chinese cultural revolution.
Materials from the National Committee on United States-China Relations, Inc., a group that Eccles supported. Eccles favored recognition of the People's Republic of China and its admission to the United Nations as early as 1951. These materials also include several articles on the Chinese cultural revolution.
Materials from various political organizations, arranged alphabetically. Eccles had great interest in some of these organizations and only minimal interest in others to which he simply lent his name.
This section contains documents and publications reflecting Eccles' interest and activism regarding world overpopulation. Highly involved in the Planned Parenthood Federation of America-World Population Emergency Campaign and the Planned Parenthood Association of Utah, Eccles felt one of the answers to solving world economic and political crises was through widespread use of contraception.
Correspondence and newsletters in regard to the Planned Parenthood Association of Utah. Eccles became a nominal member of the organization in 1963 and contributed considerable financial support. But he was not in agreement with Planned Parenthood's philosophy of "every child a wanted child." Instead, he thought people should want fewer children.
Correspondence concerning the World Population Emergency Campaign (WPEC). In 1960, Eccles sponsored two fund-raising luncheons for the organization in California, an assignment he apparently did not enjoy. The WPEC merged with Planned Parenthood Federation of America (PPFA) in 1962.
Correspondence concerning the Planned Parenthood Federation of America-World Population Emergency Campaign. When the two organizations merged in 1962, their combined fund-raising abilities were ambitious. Eccles was a generous supporter of PPFA-WPEC, although when he began supporting Planned Parenthood Association of Utah, he reduced his national contribution.
Newsletters, reports, and other publications of the Planned Parenthood Federation of America-World Population Emergency Campaign.
Records and documents of the Population Crisis Committee, which was organized to watch, coordinate, and report on government activity on population control. Eccles declined membership on the committee, but lent his name to some of its projects and received the committee's reports, including one on the 1974 World Population Conference in Bucharest.
Correspondence and reports of the Population Reference Bureau, Inc., one of the oldest organizations formed to address population matters. The bureau's main purpose is educational.
Pamphlets, press releases, and other publications of the Population Reference Bureau, Inc.
Correspondence with the Association for Voluntary Sterilization, the U.S. Congress, and the Worldwide Planned Parenthood Federation, concerning population issues.
Publications pertaining to population problems, published by organizations other than those represented in boxes 148-156. The materials are arranged alphabetically by the issuing agency.
This section contains correspondence, speeches, publications, and other documents of various public figures and organizations concerning the Vietnam conflict. Eccles opposed U. S. military involvement in Vietnam, believing it needlessly sacrificed innocent lives and threatened world economic and political stability. He therefore spent a great deal of time making addresses, raising money, and lobbying for the withdrawal of U. S. troops in Southeast Asia.
Correspondence pertaining to the Business Executives Move for Vietnam Peace, organized in 1967 by Henry E. Niles, a Baltimore businessman. The organization's goal was to bring the economically devastating effects of the Vietnam conflict to the attention of the public, the Congress, and the president.
Correspondence, reports, and pamphlets of the Businessmen's Education Fund, an offshoot of the Business Executives Move for Peace. The fund, organized by Harold Willens, was created to disseminate information condemning the Vietnam conflict and the growing U. S. military-industrial complex.
Correspondence and publications with various anti-nuclear and peace organizations, arranged alphabetically. Many of these groups sought Eccles' moral and financial support. Although most of his financial contributions went to the campaigns of incumbent senators who opposed the Vietnam conflict, Eccles also made donations to many of these organizations, principally the Center for Defense Information.
Various papers, much of which is speech material, concerning the Vietnam conflict.
Copies of newspaper and journal articles, editorials, and letters to the editor pertaining to the Vietnam conflict.
General correspondence pertaining to the Vietnam conflict.
Materials arranged alphabetically
This section contains documents related to various organizations to which Eccles belonged. Eccles was appointed to some of the organizations because of his expertise in economic and political issues, and to others because of his personal feelings in regard to socio-moral issues.
Correspondence concerning Eccles' even terms as an elector to the Hall of Fame. These materials are arranged alphabetically.
Materials pertaining to candidates to the Hall of Fame.
Documents related to Eccles' work on the Commission on Money and Credit, established in 1958 by the Committee for Economic Development as a self-governing body to study the financial and monetary institutions of the United States. Such a study had not been undertaken since 1906 when the Albrich Commission performed a similar task, which eventually led to the establishment of a central banking system-the Federal Reserve-in 1913.
The Commission on Money and Credit, financed by its mother organization and the Ford Foundation, published its report in 1961 amid criticism for its failure to produce new ideas. Eccles recognized the commission's shortcomings and filed a short dissenting opinion with the report.
Documents related to Eccles' work on the Commission on Money and Credit, established in 1958 by the Committee for Economic Development as a self-governing body to study the financial and monetary institutions of the United States. Such a study had not been undertaken since 1906 when the Albrich Commission performed a similar task, which eventually led to the establishment of a central banking system-the Federal Reserve-in 1913.
The Commission on Money and Credit, financed by its mother organization and the Ford Foundation, published its report in 1961 amid criticism for its failure to produce new ideas. Eccles recognized the commission's shortcomings and filed a short dissenting opinion with the report.
Documents and correspondence pertaining to the American Assembly, a Columbia University-based organization created to study various aspects of U.S. economics and politics. Eccles served as a trustee of the assembly frorm 1959 to 1975, donating a great amount of time and money to it.
Papers from and pertaining to the Black Notebook, the assembly's governing document.
Correspondence concerning trustees and meetings.
Materials pertaining to the American Assembly's Arden House assemblies, at which U.S. economic and political topics were discussed.
Materials pertaining to the American Assembly's Arden House and regional assemblies, at which U.S. economic and political topics were discussed.
The United States and Japan; The Future of American Policy; and Overcoming World Hunger.
Correspondence regarding membership to the Atlantic Council, an organization that evolved from the Atlantic Union Committee, founded in 1949 as an association of Western nations to "meet the growing communist challenge."
Correspondence pertaining to the New York Governor's Conference on Public Welfare, held November 2-3, 1967, at Arden House, to "improve state and national social welfare policies." University of Utah personnel assisted in preparing materials for the conference.
One original letter has been removed and placed in Reserve. A photocopied version is available in the collection for access purposes. Access to the original must be given by the Manuscripts Curator and by appointment. An archivist must remain with the item if being used.
All letters with Kennedy's signature are photocopies. Originals are in the Manuscripts Division safe.
Correspondence with Federal Reserve Board and Bank members, arranged chronologically. Correspondents include Allan Sproul, C. Norris, Lloyd Adams, Elliott Thurston, David Kennedy, and Spencer F. Eccles.
Correspondence with administrators, professors, and students at various U. S. universities and colleges.
Correspondence concerning
Although many of the letters in this box are perfunctory thank-you notes, they indicate the wide circle of people Eccles felt would have an interest in the book, and in some cases, add insight into the role each played in the events chronicled in the book. The materials are arranged chronologically.
Correspondence regarding Marriner S. Eccles: Private Entrepreneur and Public Servant, a biography written by Sidney Hyman and published in 1977 by the Stanford University Graduate School of Business. The book expands upon Beckoning Frontiers, covering Eccles' later years as a private citizen vitally interested in public affairs, especially the Vietnam conflict, population control, and governmental fiscal and monetary policy. Much of the correspondence pays tribute to Eccles' life accomplishments, particularly a letter from Joe Quinney, his brother-in-law. These materials are arranged alphabetically. Correspondence regarding Marriner S. Eccles: Private Entrepreneur and Public Servant, a biography written by Sidney Hyman and published in 1977 by the Stanford University Graduate School of Business. The book expands upon Beckoning Frontiers, covering Eccles' later years as a private citizen vitally interested in public affairs, especially the Vietnam conflict, population control, and governmental fiscal and monetary policy. Much of the correspondence pays tribute to Eccles' life accomplishments, particularly a letter from Joe Quinney, his brother-in-law. These materials are arranged alphabetically.
Responses to Marriner S. Eccles: Private Entrepreneur and Public Servant, by officials from various universities who had received copies of the book from Arjay Miller, dean of the Stanford University Graduate School of Business.
Correspondence pertaining to books sent to Eccles by others and articles either featuring Eccles or mentioning his ideas. These materials are arranged chronologically.
Invitations received by Eccles from business, government, and civic leaders, friends, family members, and acquaintances requesting his participation and attendance at various events. Social invitations sent to the Eccles home, however, are not included. Because of his busy schedule, Eccles declined many more invitations than he accepted. He was invited to every presidential inauguration between 1951 and 1977, but apparently attended none of them. This correspondence is arranged chronologically.
Christmas letters sent by Eccles to some members of the Roosevelt administration, later to associates in the Federal Reserve System, and later still to business associates. The correspondence includes Christmas greetings sent to him beginning in the late 1930s. Apparently, Eccles remained in Washington during the Christmas season in the 1930s, but celebrated the holidays in Utah during the 1940s. The correspondence shows a broadening of his social acquaintances throughout his career.
Correspondents include members of the Washington social establishment, including Evelyn Walsh McLean; prominent members of the press, including Walter Lippman, Arthur Krock, and Drew Pearson; and close friends, such as Robert Hinckley.
The collection contains little Christmas correspondence after 1951, when Eccles' second wife, Sallie, began attending to the family social correspondence.
Letters of condolence-more than 300-and obituaries after Eccles' death, December 18, 1977. Eccles' funeral was held in Evans and Early Mortuary in Salt Lake City, with more than 500 in attendance. Though the funeral was not a Mormon ceremony, the invocation was offered by N. Eldon Tanner, a member of the First Presidency of the Mormon church and First Security Corporation's board of directors.
Lists of those who sent letters of condolences and flower arrangements.
Letters of condolence, arranged alphabetically.
Correspondence and other papers of organizations to which Eccles contributed money and was thus appointed honorary director or trustee.
Correspondence and an article in Business Week concerning the Pet Milk Company and Theodore Gamble, its president. The Eccles family sold Sego Milk Company to Pet Milk Company, to which Marriner S. Eccles was appointed as a director.
Publications and reports from Utah International, a company founded in 1910 by David Eccles and William H. Wattis with $25,000 in capital. It merged with General Electric in 1976, resulting in the largest stock transfer to that time in U.S. history. The company underwent two name changes, from Utah Construction Company to Utah Construction and Mining, and finally to Utah International. Marriner S. Eccles was appointed director in 1922, president in 1931, and chairman of the board in 1940.
Reports, publications, and correspondence of the Amalgamated Sugar Company, for which Eccles served as chairman of the board.
Publications, statements, reports, and correspondence of First Security, for which Eccles served as chairman of the board.
Correspondence concerning bank holding companies, branch banking, and banking legislation. Correspondents include E. G. Bennett, vice president and manager of First Security Corporation; John Thomas, U.S. senator from Idaho; Charles W. Collins, Washington lawyer for First Security; A. P. Giannini, president of the Bank of America; Senator Carter Glass; the law firm of Ray, Quinney & Nebeker, counsel for First Security; and the Federal Reserve Bank of San Francisco.
Documents discussing budget cuts in land grant colleges; background material on the Glass and Steagall banking bills; and the Committee for the Nation, an organization that attempted to "rebuild prices and purchasing power." Eccles served on the national auxiliary group of the committee
Correspondence with First Security Corporation officials while Eccles was working in Washington.
Correspondence with several banking organizations on a variety of topics.
This section consists of miscellaneous materials pertaining to Eccles and his public and business careers. The materials include typescripts of biographies, journal articles, papers from other libraries, and various recordings.
Draft of
One of the final carbon-copy typescripts of
Revised photocopied typescript of Eccles' biography by Sidney Hyman that was eventually titled,
Photocopied typescript of
The beginnings of an index to Eccles' Papers and related correspondence. Sidney Hyman, author of Eccles' biography, was hired by the Eccles family to complete an index of the papers, which had been arranged in volumes by Va Lois Egbert, Eccles' secretary while he worked in Washington. There was a significant dispute about the project between Hyman and Sallie Eccles, and he was asked to discontinue his work before the project was completed.
Letter to Sallie Eccles in which Sidney Hyman explains the work he had completed on indexing the Marriner S. Eccles papers, and why the task was not proceeding as expected.
Research and correspondence of graduate students Archibald Egbert and Dean May, both of whom wrote dissertations dealing with Eccles and his economic theories.
Correspondence with Egbert, who was given access to Eccles' papers in preparation of a 1972 doctoral dissertation in history at Brigham Young University titled, Marriner S. Eccles and the Banking Act of 1935. A copy of the work is included in the Eccles collection. Aunt Val, mentioned in Egbert's correspondence is Va Lois Egbert, Eccles' secretary.
Correspondence with Dean May, a Harvard University student who had written a 1966 seminar paper titled, "The Banking Act of 1935." (See Folder 3.) May had planned to expand on this topic with his dissertation, prospectively titled, The Public Career of Marriner S. Eccles, but changed his focus to Eccles' response to the 1937 recession. This work was published in 1981 under the title, From New Deal to New Economics: The American Liberal Response to the Recession of 1937, which is included in the Eccles collection.
Dean May's seminar paper.
May's log book prepared as he microfilmed Eccles' Washington file. While doing his research, May made an agreement with Eccles that granted him permission to produce the microfilm reels on the condition that they later be added to the collection. This frame-by-frame guide, prepared as he worked on the project, shows the Eccles papers in their original order.
Honors and awards, as well as related correspondence, from various organizations.
Certificates from Amalgamated Sugar Company; American Assembly; American Heritage Research Association, Inc.; Artus; Building Owners and Managers Association; Federal Reserve Board; First Security Corporation; Friends of the University of Utah Libraries; National Planning Association; Reconstruction Finance Corporation; Shareowners Educational Foundation, Inc.; Sigma Chi Fraternity; University of Utah; Utah International; Utah Power & Light Company; and World Trade Club of San Francisco.
Articles by and about Eccles pertaining to his business and public careers, and his feelings about economic and social issues. The publications range from general news magazines, such as Time and Newsweek, to more specialized magazines like Forbes and Fortune, to highly specialized publications, such as Burroughs Clearing House and The Churchman. These materials are arranged chronologically. However, oversized materials are all in Box 230.
Photocopied materials from other libraries, principally from the collections of Eccles' Washington colleagues, that pertain to Eccles.
Biographical data from the Bancroft Library, University of California at Berkeley.
Eccles' nomination and renomination to the Federal Reserve Board, and related correspondence, from the Franklin D. Roosevelt Library, Hyde Park, New York.
Materials from the Franklin D. Roosevelt Library, Hyde Park, New York, that document Eccles' relationship with Morgenthau.
A 360-page Roosevelt selected biography that lists periodical, essay, and dissertation literature from 1945 to 1971, including manuscripts, microfilm, and oral history collections in the Franklin D. Roosevelt Library, Hyde Park, New York.
Limited correspondence from the Franklin D. Roosevelt Library, Hyde Park, New York.
Limited correspondence from the Franklin D. Roosevelt Library, Hyde Park, New York.
Correspondence from the Library of Congress.
A finding aid, notes, and correspondence from the Library of Congress.
Materials from the Library of Congress that contain no significant information about Eccles.
Lists of Federal Reserve records covering the period 1914-1954. These materials were transferred to the National Archives in September and December 1975.
Materials from the Harry S. Truman Library in Independence, Missouri, pertaining to the Federal Reserve Board in the 1940s, and Eccles' change of status on the board in particular.
Microfilm copy of the Glass inventory and index from the University of Virginia Library, showing more than twenty references to Eccles.
Microfiched papers of prominent figures of the New Deal. References to Eccles are not significant.
Microfilm reels containing Eccles' Washington file in its original order before being processed as a manuscript collection. A guide to the microfilms, completed in 1968 by Harvard University graduate student Dean May, is contained in the folder.
Reel-to-reel and cassette tape recordings of speeches delivered by Eccles and others regarding peace in Vietnam and the world in general. Other speakers include Senator Wayne Morse and Professor Chris Hoch. These tapes are kept in the audio-visual collection.
Reel-to-reel tape recordings of speeches delivered by Eccles and others regarding peace in Vietnam and the world in general. Other speakers include John M. Kelly, Jr., Senator Wayne Morse, Jerome D. Frank, Norman Thomas, William Sloane Coffin, Jr., Erich Fromm, Gunnar Myrdal, and Russell Johnson. These tapes are kept in the audio-visual collection.
Reel-to-reel and cassette tape recordings of two of Eccles' speeches, Eccles' family reunion oral history of his father, Sallie Eccles' birthday tributes to her husband, a reading of Marriner S. Eccles: Private Entrepreneur and Public Servant, and some interviews conducted by Gwen Gittins and Everett Cooley. These tapes are kept in the audio-visual collection.
Eccles' Salt Lake City and San Francisco day books as maintained by his secretaries. These materials, arranged chronologically, also include one daily appointment record book for 1968.
Miscellaneous materials, concerning Eccles and his family, that were added to the collection after it was processed.
Photocopied program of the unveiling ceremony for the portraits of the Federal Reserve Board chairmen, including Eccles.
A paper that outlines the part played by Eccles in the Federal Reserve Board-U.S. Treasury Accord, 1951.
A copy of the finding aid from Special Collections, Stewart Library, Weber State College, "Utah Construction Company, Corporate Records Survey, 1906-1961."
This preliminary register was primarily the work of Gwen Gittins who processed most of the collection. Mrs. Gittins resigned her position at the library in 1982. Limited sections of the collection processing and register writing were completed by Nancy Young. This version has been retained because of the substantial detail found in the inventory which may be useful to some researchers.