View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

May 15, 1956

Dear Harrys
Herewith is a copy of a brief address which
1 gave in New York last Friday evening* Extracts ap­
peared in the press, but I thought you might like to
have the coaplete text in view of your continued
curiosity, if not agreement, as to my viewpoint* This
speech undertakes to outline briefly what I conceive
to be the theory of the government*s monetary and
spending program and how it is working out toward a
balanced budget and fall restoration*

Sincerely yours.

X* S. Socles,
Chairman*

Hr* Harry Baton,
Ksnsey Building,
Washington, D* C«

enclosure




WASHINGTON, D. C .

LONDON, ENGLAND

M U N S E Y BUILDING




DORLAND HOUSE

W H A L E Y - E A T O N SERVICE
The Standard Washington Authority
FO UND ED 1918

May 16, 1936.

Dear Marriner:
Many thanks for your note of May 13, and the
enclosed copy of your speech..
As you know, our disagreement is not always as
great as might appear.
Furthermore, my curiosity is inspired
"by a very real admiration.
As to the speech itself, it is an even clearer
exposition of your point of view than has been the case in
some of your others.
You may he interested to know that Mr.
Whaley is planning to make a reference to it in his speech
which he is shortly to deliver in St. Louis.
As to a "balanced budget, I will make a friendly
bet with you.
I will agree to match the Federal budget sur­
plus, over the next five years, if you will agree to match the
deficit.
Sincerely,

Hon. Marriner S. Sccles, Chairman,
Board of Governors of the Federal Reserve System,
Washington, D. C.




May 18, 1936.

Dear Harry:
Thank you for your letter of May 16th
with its complimentary references. Also, let me
say that I appreciate your most generous offer of
what you call a friendly bet. Inasmuch as the ex­
tent of the unbalance of the budget in the next
year or so would logically be vastly greater than
the extent to which it is balanced thereafter,
perhaps for a dozen years, I think I can decline
to accept your generous offer without impairing
in any way my general contention that the budget
will in fact balance, or at least could with
proper taxation be balanced, in 1938, for instance.
Nevertheless, I appreciate the sacrificial spirit
which prompted your offer.
Sincerely yours,

Mr. Harry Eaton,
Whaley-Eaton Service,
Munsey Building,
Washington, D. C.

ET:b