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Portland,Oregon,June 29th.»39.
1205-S.V«.11 th ,A v e .


Mr.Marrlner Eccles,
ederal Reserve Board,
Dear Mr.Eccles;
If Pearson and Allen-,lWashlngton Merry-Go-Round!f quoted you
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 ourrtfinanciers”to swallow. To many war would be preferable
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,