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W I L L I A M B. W I D N A L L COMMITTEE: HOUSE ADMINISTRATION 7TH DISTRICT, N E W JERSEY M A R T H A M. SCHUBMEHL. HOME OFFICE ADDRESS: 15 M A I N STREET HACKENSACK, NEW JERSEY M A R I O N J. D W Y E R SECRETARY Congres® of tfje ® ntteb States; Hotitfe of fcepreaentattoea SECRETARY WASHINGTON BETTY JANE DEAN SECRETARY BELVIDERE, N E W JERSEY SH&etymgtoti, C. February .13, 1£5?1 Dear Mr. Eccles: Thank you for your memorandum concerning the inflationary expansion of credit, I am keenly interested in the current controversy between the Treasury Department and the Federal Reserve System and will weigh ver.y carefully the recommendations made by you. I hope the final decision can be taken out of the realm of politics so that some confidence can be instilled in the people of the United States. Any further comments by you or others interested in expressing the Federal Reserve viewpoint would be very much appreciated by me. Very sincerely yours, Mr. Mariner S. Eccles Federal Reserve System Washington, D. C. WBW:md February 19, 1951. Honorable William B. Widnall, U. S• House of Representatives, Washington 25, D. C. Dear Mr. Widnallt I appreciate your thoughtfulness in writing me on February 13, relative to the Treasury — Federal Reserve current controversy. Because this important subject is still in the discussion state it has seemed inappropriate to make any public statements, especially in the light of the tremendous amount of discussion that has been given it in the press. I am enclosing a copy of an editorial from the February 10 issue of Business Week, which I think very ably summarizes the situation as I see it and as it is viewed almost .universally by the American press. Respectfully and sincerely, M. S. Eccles. Enclosure•
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