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Portland,Oregon,June 29th.»39. 1205-S. 11 th ,A v e . V«. c Mr.Marrlner Eccles, ederal Reserve Board, 'ashingtonjDtC. Dear Mr.Eccles; If Pearson and Allen-,Washlngton Merry-Go-Round! quoted you l f correctly concerning the spending program, you deserve the nation’s thanks for talking 1cold-turkey’ to the president and Mr.Morgenthau. Unless the president makes up his mind definately to continue a well .de fined course our future appears very dark. The old game of political pussy footing is going to wreck the democratic party,which matters little, if the program did not hold such grave social-economic consequences. The present feeble gestures will be interpreted as genuine attempts toward socialization of our potential abundance,and having failed, we will be offered the choice between chaos and an economic oligarchy. Our position as chief creditor of the world is wholly untenable; This fact I believe you fully understand. There is no possible way of protecting our close to 30 billion dollar foreign investment; we dont need more money and neither do we need sufficient goods and services from abroad to assure prof itable returns on this misplaced volume of wealth. This economic blunder is a bitter pill for ourrfinanciers”to swallow. To many war would be preferable t to open admission of such tragic stupidity. Your courageous attitude may app^l* perilous, but if the people can be inf ormed at this time you would receive the support of an overwhelming majority. If v/e don’t purge our economic digestive tract of this glut of money and credit social collapse is inescapable. With best wishes, I remain a non-partisan entity who places the general welfare above individualism. C.K.Chilberg, Portland,Oregon. July 6, 1939. Mr. C. K. Ghilberg, 1205 S. W. 11th Avenue, Portland, Oregon. Dear Mr. Chilberg: This is to thank you for your letter of June 29. I found your comments on the economic outlook and on our creditor position particularly interesting. I wanted you to know that I appre ciated your very generous personal references and your courtesy in writing to me. Sincerely yours, M. S. Eccles, Chairman. ET:b
