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7th St. & Michigan Avenue
Chicago, Illinois
May 27, 1942

Mr. Marriner Eccles
Federal Reserve System
Washington, D. C.
My dear Mr. Eccles:
I note with interest report of your speech in the Chicago
Journal of ISommerce.
I imagine that you were commissioned to do the job of smearing
the National Chamber of Commerce and I do not think you havi
done a very good job. The situation isn’t as simple as you
would have us believe.
In the first place, business which has been abused and under
attack from the administration all of these years, would cer­
tainly not want to trust the New Deal Administration, including
Tommy Corcoran, who shows he knows how to make money because of
his acquaintance, in the fixing of compensation for the men who
get the results.
People who vote these bonuses do not always share in them yet
they are generally holders of stock who helped pay a large pro­
portion of them.
Men who deal in big figures and get big results can earn big
figures. For instance, take the Vice-President of Montgomery
Ward & Company and his salary of $100,000 per year.
Against this background you have the National Relations Board,
especially its former composition, composed of men, violently
pro-labor, unwilling to give fair judgments and so rotten that
even the President had to kick them out.
Business has not had a fair deal under the administration you
support and labor has been encouraged to excesses, which hurt
us all.

Yours very ^ruly,