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C H IC A G O H O U S IN G AUTHORITY 208 SCX LA SALLE STREET, CH ICAG O T E L E P H O N E — STATE JOSEPH W . M cC a r t h y , Chairman • 8804 ROBERT R. TAYLOR, Vice-Chairman • EDGAR L. SCH NAD IG , Treasurer PATRICK F. SULLIVAN ELIZABETH W O O D , Executive Secretary WALTER V. SCHAEFER • December 20, 1941 Mr. Marriner S. Eccles, Chairman of the Board of Governors of the Federal Reserve System, ■Washington, D. C. Dear Mr. Eccles: On Page 81 of the December issue of the Federal Home Loan Bank Review, appeared the following quotation of which you are the author. MNo nation can be bankrupt as long as it has all the manpower, all the productive facilities, and the raw materials that it had before. The idea of thinking that we are leaving a great burden on our children and our children’s children is wrong. The mortgage, which is the Government's bonds, we are bequeathing to posterity as well as the debt.” I would very much appreciate knowing where I can obtain a copy of the complete statement from which this quotation was taken. Very truly yours, Jl'ED: naf December kk> 1941* Mr. J. M. Ducey, Administrative assistant, Chicago Housing Authority, 208 South La Salle Street, Chicago, Illinois. Dear Mr. ^cey: This is to acknowledge your letter of December kQ addressed to Mr. Eccles, who is temporarily absent from the city. The quotation to which you refer was from an ex temporaneous talk which Mr. Eccles gave before the Chicago District members of the Illinois cankers Association on October 15* This was not a prepared speech and we have no copies of it available. I do not know how the Federal Home Loan Bank heview happened to print this part of it unless it was taken from reports in the Chicago press. In any event, the statement by itself arouses so much controversey that the Chairman, I am sure, would prefer not to have it quoted out of the context. In other words, it needs much more elaboration and explanation to be properly understood. Very truly yours, (Signed) Elliott' Ahurston Elliott Thurston, Special Assistant to the Chairman. ET:b
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