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January 21, I9J42. Honorable Daniel W. Bell, Under Secretary of the Treasury, Washington, 0. C. Dear Dan: Attached are two horrible examples of newspaper ad" •ertising promotion gone wrong. They are f raw issues of the Hearst paper in Baltimore. So far as I can find out, they have not appeared in other Hearst papers. I am inclined to think they are the product of some badly misguided promotion man in their advertising department. However, they are the more objectionable because they make it appear that Uncle Sam says that the thing to do is to spend money. Hot only is this exactly contrary to the GovernmentTs anti-inflation policies, but it would knock the bottom out of the Savings Bonds campaign if this sort of propaganda were spread through the nation. X felt that if you had not seen it, you should and that you might want to refer it to somebody who could have a heart-to-heart talk with the publisher and possibly an educational talk with the promotion people responsible for this conspicuous example of just the wrong thing to preach to the public. Sincerely yours. Enclosures 2 THE UNDER SECRETARY OF TH E TREASURY WASH INGTON January 23, 19k2 Dear Marriner: Thanks for your letter of January 21, 19*1-2, enclosing two advertisements from the Baltimore News-Post. I agree with you that something should be done about them. I have talked with Leon Henderson and he has asked me to send the clippings to him and he will tal.< to the editor of the paper. I do not know just what high Government officials they have reference to, but it may be that they took the lead from Leon's recent speech before the Advertisers Club. Sincerely yours, Honorable Marriner S. Secies, Chairman, Board of Governors, •Federal Reserve System, Washington, D. C. EFENSE BUY UNITED STATtS SAVINGS /BONDS ASD STAMPS