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M © ® H M f I M M J B f ^ l T
347 M A D I S O N AVENUE
NEW YORK 17, N. Y.
TELEPHONE

EXECUTIVE

MURRAY

HILL

3 - 2 7 2 0

OFFICES

June 9 ,

19kl

Chairman M a r i n e r E c c l e s
F e d e r a l Reserve Board
W a s h i n g t o n , D . C.
Dear M r .

Eccles;

I n a n e a r l y i s s u e o f Modern I n d u s t r y M a g a z i n e , we w o u l d l i k e t o
f e a t u r e a d e b a t e i n p r i n t on t h e q u e s t i o n " S h o u l d Government
C o n t r o l Over Consumer C r e d i t Be M a i n t a i n e d ? * 1 As y o u know, t h i s
i s a q u e s t i o n on w h i c h t h e r e i s a good d e a l o f d i f f e r e n c e o f
o p i n i o n and i n w h i c h o u r s i x t y t h o u s a n d r e a d e r s i n i n d u s t r y a r e
considerably interested.
I would l i k e to i n v i t e you t o p a r t i c i p a t e i n t h i s debate - b o t h
s i d e s a r e p r e s e n t e d , and t h e n t h e r e a d e r s a r e i n v i t e d t o e x p r e s s
t h e i r v i e w - t a k i n g t h e a f f i r m a t i v e s i d e # The m a n u s c r i p t s a r e
s h o r t , n e c e s s a r i l y l i m i t e d t o f i f t e e n h u n d r e d w o r d s , and t h e due
d a t e f o r t h i s s u b j e c t w o u l d be a b o u t t h e m i d d l e o f J u l y .
We v e r y much hope t h a t y o u w i l l be w i l l i n g t o p a r t i c i p a t e i n t h i s
proposal•
I f y o u a r e u n a b l e t o do t h i s , I w o u l d v e r y much a p p r e c i a t e any s u g g e s t i o n s y o u m i g h t c a r e t o make as t o o t h e r q u a l i f i e d
spokesmen f o r t h e a f f i r m a t i v e s i d e . A t t h e p r e s e n t t i m e , o u r p l a n
i s t o i n v i t e Representative Wolcott of Michigan t o take the negative.
I l o o k f o r w a r d t o h e a r i n g f r o m y o u and w i l l be v e i y g l a d t o answer
a r y q u e s t i o n s , i f y o u have any*
Sincerely yours.

A r t h u r W. Pearce
Economics E d i t o r
AWP:sc




June

16, 1947*

Mr. A r t h u r ft. Pearce,
Economics E d i t o r ,
Modern I n d u s t r y ,
347 Madison Avenue,
New York 17, New York.
Dear Mr. Pearce:
I a p p r e c i a t e having your l e t t e r o f June 9 i n v i t i n g
me t o t a k e t h e a f f i r m a t i v e s i d e i n a p r i n t e d debate i n your
p u b l i c a t i o n on the q u e s t i o n , "Should Government C o n t r o l Over
Consumer C r e d i t Be M a i n t a i n e d ? " .
I have f o l l o w e d a r u l e f o r t h e past dozen years
t h a t I would not undertake t o f u r n i s h a r t i c l e s , statements, e t c . ,
t o i n d i v i c u a l p e r i o d i c a l s or t h e d a i l y press but would make
a v a i l a b l e t o a l l on a equal f o o t i n g such p u b l i c statements as
I might have occasion t o i s s u e . A c c o r d i n g l y , I must d e c l i n e
your o f f e r .
I have summed up t h e case f o r c o n t i n u i n g c o n t r o l i n
a statement which I presented l a s t week t o t h e Houae Banking
and Currency Committee, copy o f which I enclose t o g e t h e r w i t h
a l e t t e r from t h e President advocating t h e l e g i s l a t i o n .
Likew i s e , my testimony developed f u r t h e r arguments. 1 doubt i f
t h e r e i s a n y t h i n g l e f t t o be s a i d on t h e pro side o f t h i s
c o n t r o v e r s i a l i s s u e . By t h e t i m e your p u b l i c a t i o n comes o u t ,
however, i t i s l i k e l y t h a t Congress w i l l have adjourned and
t h e prospects are now t h a t i t w i l l not enact t h e necessary
a u t h o r i t y t o continue r e g u l a t i o n . I n t h a t e v e n t , as t h e enclosures i n d i c a t e , t h e President would vacate t h e Executive
Order and t h e c o n t r o l s would disappear a u t o m a t i c a l l y .
Sincerely yours,

M. 'S. E c c l e s ,
Chairman.
Enclosures 2

ET:b