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LAW OFFICES W. L L D Y D ADAMS AND MARY SMITH REXBURG, IDAHO July 31, 1948 Honorable M a r r i n e r Eccles F e d e r a l Reserve B u i l d i n g W a s h i n g t o n , D. C. PERSONAL Dear Marriner: I was v e r y happy t o see y o u r s t a t e m e n t b e f o r e the committee y e s t e r d a y . I t h i n k y o u gave Spyder and Ttuman a dose o f w h a t Snyder t e r m s "castor o i l " . I d o n ' t see how he c o u l d l i k e i t . A t any r a t e y o u have p u t t h e i n f l a t i o n blame r i g j a t where i t b e l o n g s . Had t h e y t a k e n y o u r r e c o m m e n d a t i o n as y o u s u g g e s t e d i t w o u l d have been a d i f f e r e n t m a t ter. I t h i n k t h i s was a v e r y f i n e s t a t e m e n t f o r y o u t o make a n d i t w i l l h e l p I am q u i t e s u r e i n m a t t e r s w h i c h we d i s c u s s e d a t Ogden some f e w days a g o . E v e n t u a l l y I t h i n k t h e y h a v e g o t t o come t o y o u r way o f t h i n k i n g i f we s t o p t h i s i n f l a t i o n . As y o u s a y i t may be t o o l a t e now b u t y o u d i d s o u n d the w a r n i n g i n t i m e . Best regards, W. L l o y d Adams rf August 10, 1948. Dear Lloyd: Your l e t t e r of J u l y 31 a l l u d i n g t o the castor o i l i s very much appreciated. I t h i n k you know me w e l l enough so t h a t you r e a l i z e t h a t there i s no s a t i s f a c t i o n i n any W I t o l d you so" record. I d i d f e e l very strongly t h a t I ought t o put the cold f a c t s i n t o the record so t h a t anyone who t r o u b l e d t o read i t would see how ent i r e l y insincere the miscalled a n t i - i n f l a t i o n p r o gram, as cooked up h a s t i l y f o r t h i s s p e c i a l session, a c t u a l l y was when seen i n t h e l i g h t o f past p e r formance. with best regards, Sincerely yours^ Mr. to. Lloyd Adams, Rexburg, Idaho. ET:b
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