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Sears,Roebuck and Co.
Executive Offices
Chicago
R E Wood
President

February 10, 1957.

Hon. M. S. Eccles, Chairman,
Board of Governors of the
Federal Reserve System,
Washington, D. C.
My dear Gov# Eccles:
I saw in one of the Washington
gossip sheets the following:
"Now Whirligig reports that Federal
Reserve officials are endeavoring
to knock down the price of gold to
$30 or $32. n
which I hope has the usual inaccuracies of these
publications.
I think I mentioned to you that
I thoxight possibly ultimately it might be necessary
to reduce the value of gold but I do not think now
is the time* Furthermore I doubt seriously whether
it will be necessary for several years and possibly
never. The outpouring of gold due to the increased
price is having a very great effect in the world1s
recovery and I can think of no more disastrous proposal than to change the price either upward or
downward at the present time.




Very truly yours,