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B. BARRET GRIFFITH & CO.. INC.
COLORADO SPRINGS. COLORADO

November 2 6 , 1 9 4 7

I N V E S T M E N T

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

Marriner:

This i s j u s t a note t o express
w h o l e h e a r t e d endorsement o f t h e e x c e l l e n t , w e l l r e a s o n e d , and c o n s t r u c t i v e t e s t i m o n y w h i c h y o u gave
t o Congress r e l a t i v e t o t h i s C o u n t r y * s economy*
I
was reminded o f V - L o a n days*

Sincerely

BB£>/cn
Enclosures
cc:
S e n a t o r Eugene D« M i l l i k i n
S e n a t o r E d w i n G. Johnson

yours,

C O U N S E L




December 17, 1947.

Dear b a r r e t :
Tnank you f o r your l e t t e r o f November 26
and your v e r y k i n d comment on my r e c e n t t e s t i m o n y .
I n view o f t h e f a c t t h a t t h e newspapers
n e c e s s a r i l y c o n t a i n e d o n l y b r i e f accounts o f t i t
and because o f your i n t e r e s t , 1 enclose a copy o f
the f u l l t e x t .
With best

regards,
Sincerely yours,

M r . B. b a r r e t G r i f f i t h ,
B. B a r r e t G r i f f i t h & C o . , I n c . ,
Colorado S p r i n g s , Colorado.

enclosure

ET:b

BARRET G R I F F I T H

& CO., INC.

COLORADO SPRINGS, COLORADO

December 1 9 , 1 9 4 7

DENVER

INVESTMENT

COUNSEL

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

Marriner:

I a p p r e c i a t e d v e r y much y o u r s e n d i n g t o me y o u r
complete testimony g i v e n r e c e n t l y .
I have r e a d and r e - r e a d t h e
same s e v e r a l t i m e s .
The f a i r n e s s o f y o u r s t a t e m e n t s a n d t h e
c l a r i t y o f your reasoning c e r t a i n l y deserves g e n e r a l support.
However, t h e f o l l o w i n g t h o u g h t s occur t o me.
By e v e r y y a r d s t i c k A m e r i c a a p p e a r s t o b e t h e s t r o n g e s t a n d r i c h e s t n a t i o n on e a r t h a t t h i s t i m e .
The man on t h e
street appreciates this f a c t .
W o u l d h e s t r a i g h t away c a s h S a v i n g s
Bonds I f i n t e r e s t r a t e s advanced?
W o u l d n i t t h a t same man s u f f e r
l i t t l e f r o m h i g h e r i n t e r e s t r a t e s , b u t p r o f i t much f r o m l o w e r
commodity p r i c e s I n h i s d u a l r o l e o f t a x p a y e r a n d consumer?
A t b e s t , i t i s a l l a guess; b u t mine i s s i m p l y
t h a t Government bonds w o u l d n o t f a l l t o p i e c e s i f p u t on t h e i r
own*
F u r t h e r m o r e , I s h o u l d l i k e t o see y o u r e c e i v e t h e a c c l a i m
f o r t h e s i m p l e r e a s o n i n g t h a t f t more p e o p l e b u y f o o d a n d c l o t h i n g
( a n d t h u s a r e a f f e c t e d b y h i g h p r i c e s ) t h a n own Government S e c u r i t i e s *
and c o n s e q u e n t l y , i t i s n o t f a i r t o them a s t h e i r t r u s t e e t o u s e
t h e i r r e s o u r c e s now f o r t h e a r t i f i c i a l s u p p o r t o f Government
s e c u r i t i e s which were advantageously issued by t h e strongest n a t i o n
on e a r t h t o wage a s u c c e s s f u l w a r n .
Again,
your

I

commend y o u r t e s t i m o n y .

Wishing you the m e r r i e s t
w h o l e s o m e l y h a p p y New Y e a r , I am

only

o f Christmases and a

Sincerely

BBG/cn




I differ

fears*

yours,

with