Full text of Marriner S. Eccles Papers : Budget, Box 5, Folder 6, Item 12

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We favor reduction of Federal expenditures, b&ltmeijag of the budget, end retirement of the national debt as rapidly as is nrnde oossible by continuation of the improvesaent in business, employment tmd the
annual national income, which is already more than twenty billions of dollars greater than in 1952*
The last Republican Administration made a tragic failure of its at*
tempts to balance the budget because of failure to sdout effective
measures to stop the ruinous deflation which remiltad in a shrinkage of
the national income by aoro than one-half, thus drying up the source of
revenue necessary to balance the budget*
Biy the constructive measures through which the Democratic Administration has revived business activity, supplied employment and restored
the incomes and boyin^-power of our people, it has established the only
sound and sure sta&ng by which the budget can be brought into balance and
debt reduced*
Abandonment of these policies of fundamental restoration would
jeopardise the recovery evidenced in every phase of the nation1© life*

He indorse the saonetary policies by which the Administration has made
the dollar the soundest ©oaey In the world today* The nation's credit wag
never aor© secure*




-z *
f e pledge continuance of policies that make for an honest dollar,
providing justice alike for debtor and creditor$ and aneauitable relationship between prices of agricultural and industrial products*
We approve continuance of the discretionary power vested in the
Executive to defend the dollar in the international markets do long as
the interests of iaericsn producers end workers can be put In peril by
excessive depreciation of foreign currencies. It Is essential that the
United States be prepared to act promptly and effectively to meet whatever contingencies nay arise in the international monetary situation*
We favor stabilisation of world currencies under conditions which
will protect the interests of American agriculture* industry and trade,
and proaote the international exchange of goods and services*
We oppose a return to that type of gold standard which would again
make Aaeric&n agriculture and industry helpless against a world-wide fall
In prices| put the Anerican dollar at a competitive disadvantage with depreciated currencies abroad, or expose the nation's reserves to raids for
the benefit of private hoarders and international speculators* Such a
course would invite a recurrence of national disaster such as we esc*
perienced under the former gold standard that has broken down through-*
out the world*
We oppose any resort to the printing presses*
We pledge continued adherence to the policies by which the Democratic
Administration rescued the banking and currency system from the worst




coll&pue in all history and rectorad th&t system to greater strength
«Bd etabillty than ever before*
We indors© th@ policies by which b&akar control over the
8yu%®m has been replaced by control through a public body
the public interest*
For the i'irst time in our history deposits of the gr«*at m&&s of
our cltlaene have been made eecur® against loe@» I« pledge a eontinueuoe of coordinated monetitry end. fiscal policies tb»t will ^void
the twin evile of Inflation and deflation wid thus promote the orderly
eoosoalo progreee s&sentlal to enduring prosperity.