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'Dear Senator : I n v i m of t h e c o n t r o v e r s y which has been r a i s e d between t h e Tremixry and. t h e Federal Reserve over neans of r e s t r a i n i n g t h e i n f l a t i o n a r y expansion of c r e d i t , I think you v i l l be i n t e r e s t e d i n seeinn t h e enclosed statement by the Department of EconoB&es of t h e U n i v e r s i t y of Chicago. I t i s the b e s t and c l e a r e s t e x p o s i t i o n t h a t I :save seen on the s u b j e c t * Hie economists uho s i p s i t a r e completely o b j e c t i v e i n t h e i r approach* They a r e not i n f l u e n c e d by p a r t i s a n or p o l i t i c a l c o n s i d e r a t i o n s or by special i n t e r e s t s . Tills i s s u e * next to d e f e n s e , i s the jaost c r i t i c a l one f a c i n g t e country — namely, the i s s u e of s t o p p i n g t h e c r e d i t i n f l a t i o n which on unchecked* fe^alrea^ reachltia^dangerous proportion© and i s going I e a r n e s t l y hope because of your r e s p o n s i b i l i t i e s i n Congress md as a nesber of t h e Banking and Currency C c r a i t t e e t h a t you v i l l f i n d Tame to read t h i s statement • l e s p e c t f u H y and s i n c e r e l y , Enclosure ET 2-5-51
