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Letter Accepting the Resignation of Charles G. Dawes as a Director of the Reconstruction Finance Corporation.

June 06, 1932

My dear General Dawes:

I regret intensely that you find it necessary to leave the work of the Reconstruction Finance Corporation.

There is little need for me to express the gratitude which I know the whole country holds for this great service now added to a life of long devotion to public welfare. I am indeed personally under great obligation to you for your cooperation and great accomplishments in many of our most important governmental problems of the past three years.

Yours faithfully,


Note: Mr. Dawes' letter of resignation, dated June 6, 1932, and released with the President's letter, follows:

My dear Mr. President:

Now that the balancing of the national budget by Congress is assured, the turning point toward eventual prosperity in this country seems to have been reached. The work of the Reconstruction Finance Corporation is now well on its way with loans already authorized for about $700,000,000 and its operations are now properly systematized and effective.

It has been a privilege to participate in the earlier stages of the organization of the Corporation and its work, and to cooperate in your well-considered and constructive plans for the betterment of existing conditions in the country.

In taking my position with the Corporation I interrupted my formerly announced plan to reenter the banking business in Chicago, which I now desire to do. In accordance with our understanding when I became associated with the Reconstruction Finance Corporation that I would be released when its work was properly established, I now ask you to accept my resignation as a member of the Board and its president, effective as of June 15th.

I thank you for your confidence and for your constant help and guidance during my stay here.
Yours sincerely,

Herbert Hoover, Letter Accepting the Resignation of Charles G. Dawes as a Director of the Reconstruction Finance Corporation. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/207009

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