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Sears,Roebuck atid Co Executive Offices Chicago 7 R.E.WOOD CHAIRMAN OF THE BOARD November 2 6 , 1947 M r . M a r r i n e r S. E c c l e s , Chairman o f t h e Board o f F e d e r a l R e s e r v e System, W a s h i n g t o n , D. C. Governors, My d e a r M a r r i n e r : I a t t a c h a c l i p p i n g t a k e n f r o m t h e November i s s u e o f t h e Chicago J o u r n a l o f Commerce. I do n o t know what c o n t r o l s t h e government has i n m i n d , b u t I b e l i e v e t h a t i t w i l l be v e r y dangerous t o p u t o n c o n t r o l o n t h e o r d i n a r y t y p e o f c o m m e r c i a l bank note. 2J+th I n t h e t h i r t i e s , we had a n a v e r a g e i n c r e a s e i n p o p u l a t i o n o f n o t o v e r 750>000 p e o p l e a y e a r ; i n t h e f i r s t f i v e y e a r s o f t h e f o r t i e s , we h a d a n i n c r e a s e o f 1 , 5 0 0 , 0 0 0 a y e a r ; and r i g h t now we a r e h a v i n g a n i n c r e a s e o f a p p r o x i m a t e l y 2 , 0 0 0 , 0 0 0 o r more p e r y e a r . We have t h e p r o b l e m o f p r o v i d i n g f a c i l i t i e s and s e r v i c e j f o r a p o p u l a t i o n w h i c h w i l l have g r o w n by a p p r o x i m a t e l y 1 7 , 0 0 0 , 0 0 0 p e o p l e b e t w e e n 19^0 and 1 9 5 0 . We must a l s o c o n s i d e r t h e f a c t t h a t due t o t h e war v e r y l i t t l e was a b l e t o be p r o v i d e d d u r i n g t h e war y e a r s . To p r o v i d e t h e s e f a c i l i t i e s , g r e a t c a p i t a l e x p e n d i t u r e s a r e n e c e s s a r y and i t w o u l d be a f a t a l m i s t a k e f o r t h e U n i t e d S t a t e s t o put brakes on a n y t h i n g except s p e c u l a t i v e commitments. Sincerely yours December 3, 1947 • G e n e r a l R. B+ **ood, S e a r s , hoebuck a n d C o . , Chicago 7, I l l i n o i s . Dear G e n e r a l wood: T h i s i s t o acknowledge y o u r l e t t e r o f November 2 6 . The b e s t r e p l y I can make t o i t - i s - t o send y o u a copy o f t h e f u l l t e x t o f my s t a t e m e n t l a s t w e e k - b e f o r e t h e J o i n t Committee on t h e Economic R e p o r t . accordingly, I e n c l o s e a copy r e a l i z i n g , o f c o u r s e , t h a t i t i s l o n g b u t t h e s u b j e c t i s complex. I r e c o g n i z e , as y o u d o , t h a t d u r i n g t h e w a r y e a r s many needed f a c i l i t i e s had t o be d e f e r r e d and t h a t t h e p o p u l a t i o n i s e x p a n d i n g a t a r a p i d r a t e , so I am q u i t e as e a g e r as y o u a r e , I t h i n k , t o have o u r f a c i l i t i e s keep pace w i t h t h e p o p u l a t i o n . However, t r y i n g t o overcome a l l t h e b a c k l o g and t o meet c u r r e n t demands a t t h e same t i m e i s already producing a v e r y serious i n f l a t i o n which could get x a l o t worse, ne n e e d a l i t t l e more p a t i e n c e . he country w o u l d be b e t t e r o f f b y k e e p i n g t h e i n f l a t i o n a r y p r e s s u r e s down and m a k i n g t h e f u l f i l l m e n t o f o u r needs l a s t o v e r a l o n ' g e r p e r i o d t h e r e b y s u s t a i n i n g p r o d u c t i o n a n d employment. with kindest personal Sincerely regards, yours, M. S . E c c l e s , Chairman. Enclosure' ET:b
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