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T H E F I R S T NATIONAL B A N K OF CHICAGO CHICAGO, ILLINOIS EDWARD E . BROWN CHAIRMAN OF THE BOAR» May 19, 1945 Dear Marriner: I have your letter of May 15, about a heavy capital gains tax and I can only say that I remain unconvinced that it would be desirable. I do not think it ?/ould have any material effect as an anti-inflation measure and while it might be desirable as a revenue measure I am not sure but that it would do more harm than good. Personally, I think the six months1 period in the present law is too short and I would be in favor of lengthening it to perhaps a year or eighteen months. Mr. M. S. Eccles, Chairman Board of Governors of the Federal Reserve System Washington, D. C*
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