My dear Governor Young:
I have your letter of August 26, tendering your resignation as Governor and Member of the Federal Reserve Board. The reasons for this action on your part which you have explained to me in person and which you mention in your letter are sufficiently compelling to forbid my insisting that you remain, much as I am tempted to do so. You have made a great sacrifice during the last three years, and I do not believe that I ought to ask you to continue to do so.
You have the right to feel that you have rendered real public service. You brought to the position of Governor sound banking judgment based on many years of experience and a comprehensive knowledge of financial, industrial and agricultural conditions throughout the country and of our national banking system. In very difficult times you have performed the important duties of your office with excellent judgment, tact and courage, and I shall find it difficult to replace you. I wish to express not only my own appreciation of your devoted public service, but my conviction that your resignation will be received with regret by the country as a whole. It is my understanding that you wish your resignation to be effective September 1st, which is agreeable to me.
With best wishes for your future success and happiness, believe me,
[Honorable Roy A. Young, Governor, Federal Reserve Board, Treasury Department, Washington, D.C. ]Note: Mr. Young's letter of resignation, dated August 26, 1930, follows:
My dear Mr. President:
For sometime it has been necessary for me to consider accepting a more remunerative position. As you know, the law does not permit me to accept employment with a member bank where my experience would naturally lead me. In addition the time for leaving has been a factor because I have felt that I was not in a position to accept employment elsewhere, regardless of how attractive an offer might be, when the credit conditions of the country were strained or disturbed. Obviously, these factors have limited the opportunities.
Now, however, it is clearly evident that the credit structure of the country is in an easy and exceptionally strong position, and an opportunity has come to me from the Directors of the Federal Reserve Bank of Boston, that is, they have honored me by offering to me the Governorship of that bank, a responsibility that I am very anxious to undertake and feel that I should. I, therefore, am tendering my resignation as Governor and a Member of the Federal Reserve Board to become effective as soon as accepted by you.
I am taking this action with many regrets because I have thoroughly enjoyed the three years that I have been a Member of the Board, and that I have profited greatly in experience, associations and friendships there can be no doubt. I am most grateful to everyone who has made it possible for me to accumulate such valued assets, and I particularly take this opportunity to thank you for the many things you have done, both officially and privately. You have been most considerate on all occasions and I am deeply indebted to you.
I am, Mr. President
R. A. YOUNG
[The President, The White House, Washington, D.C.]