Letter Accepting the Resignation of Edmund Platt as Vice Governor of - The Federal Reserve Board

Note: Mr. Platt served as Vice Governor of the Federal Reserve Board from 1920 to 1930. His letter of resignation, dated September 11, 1930, and released with the President's letter, follows:

Dear Mr. President:

In submitting my resignation as a member of the Federal Reserve Board effective September 15th and of the Vice-Governorship which I have had the honor to hold under four Presidents, may I say that it is not easy to sever the pleasant relationships that have continued for more than ten years. While it is true that the salary of members of the Reserve Board is not in purchasing power as much as was expected when the 63d Congress, of which I was a member, passed the Federal Reserve Act, and probably should be increased, there are compensations which to some of us have more than made up the deficiency. The participation in conferences and in important decisions on matters of credit policy, the study of banking and economic problems, of domestic and world wide business conditions and of the policies of the central banks of other countries, involved in the Board's work, have been to me most interesting and inspiring. Since my reappointment about two years ago by President Coolidge I have not given much consideration to propositions that involved resignation from the Board; but comes now an offer to take some part in the development of a system of banking in which I have been greatly interested, a system which gives promise of solving some of our most serious banking problems. I have long studied branch and group banking, with special reference to preventing bank failures, believing that only by some extension of branches beyond city limits from strong institutions, or by some grouping together or consolidation of small banks in rural communities so as to form larger corporate entities, can anything substantial be done toward giving adequate and safe services to the smaller centres.

The offer of a vice-presidency of the Marine-Midland Corporation, one of the largest and strongest of the recently formed group systems, appealed to me as an opportunity for useful service in the practical operation of branch and group banking, and I have accordingly accepted it, having received assurances that you are prepared to appoint my successor and that my resignation following so closely upon that of Governor Young will not cause you embarrassment.
Very respectfully yours,
EDMUND PLATT