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Honest Money Founders; Inc. 111 W . Washington St. • CHICAGO • Franklin 5225 J A M E S E. B IS T O R , PRES. G EO RG E W . R E IN E C K E , V. PRES. J A M E S D. S T O V E R . SECY. W IL L IA M W A L L E R , JR.. TREAS. Informed Americans demand that Congress now provide sufficient Qonstituti°nal ¿Money to restore and stabilize a price level adequate to sustain existing debt structure and thereby re -e s ta b lis h m ass p u rch a sin g pow er. May 20th, 19*40. Honorable K arri ner S. S e e l««, Chairman Boar« o f Governor«, Federal Reserve System, Washington, ¿J. C. SUBJISCTs YOUR RECPTT ADTTRBSSi"UKatPIOtMOT— WHAT SHALL WE DO AP0T3T I f 8 Dear Mr. Chairmans A copy o f your statement made to The Economic Club o f H «« York on May 9th has been received and oa?efully studied. I t should coo* vince the average reader that, fin a lly , a ft e r «even year« o f saddling with pump-priming p a llia t iv e « and monopoly in vestigation «, the Hew Peal experi menter« now have accurately diagnosed the reasons fo r the Impending collapse o f our economic structure. A continuance o f the present war w i ll so m ultiply the fin an cial obligation s o f the debt-ridden world that the business stagna» tion which in evitably follow s a l l wars w i ll collapse the o ver-in flated debt structures, and sound the death k n ell to modern Capitalism. You have properly recommended adequate old-age pensions and an increased pu blic work« program large enough to put every employable bade to work as your solution o f our unemployment problem«. But you carefu lly avoided stating how you would finance the necessary b i lli o n « o f d o llars such a vast program would e n ta il. As a banker, you can only think o f issuing more tax-exempt in terest bearing bond«. But we are already nearing our le g a l debt lim it, and such additional expenditures as you now propose would increase our National debt in a very few years to 75 and possibly 100 b illio n d o lla rs. Instead o f continuing to pyramid our National debt to an amount that w i ll confiscate a l l Hational wealth, why dont you recommend to the present Congress that we begin now to get out o f debt by Issuing sound "Constitutional Money* in amounts su ffic ie n t to pay fo r the two programs you now propose» The three b illio n d o lla rs already authorized under the Thomas Amendment w i ll maâee a good stairt, and w ill accomplish wonders in providing employment fo r our id le money and men. ' You should also prevail upon the President and the Democratic Hational Committee to place a m illion copies o f your scholarly address in the voters hands before the Democratic National Convention meets in July. The average voter w i ll read i t i f given the opportunity. I t w i l l make a powerful and effe c tiv e piece o f campaign lite ra tu re . In any event, you should mail a copy to the 2,500 monetary reform students whose names and addresses appear in the HOHEST MONEY YEAR BOOK & PIRECTOBY-igUo, a copy o f which was purchased recently by your lib ra ry . Respectfully Submitted, JEB/B COIT TO THE PRESIDENT. May ¿4, 19AO. Mr. James E. ^istor, President, Honest Money Founders, Inc., Ill ifli. Washington Street, Chicago, Illinois. Dear Mr. ¿istor: This is to acknowledge receipt of your letter of May ¿0 with reference to my reoent dis cussion before The Economic Club of New Kork. Vi/hile your complimentary remarks are appreciated, I cannot let the conclusion you draw go unchallenged. I am emphatically opposed now, as I always have been, to a resort to "greenbacks". My address indicated very clearly my views on the necessity for a tax program based on the principle of ability to pay and combined with a revised old age pension and unemployment insurance system. As I was at pains to say, the program outlined in the address is in my judgment one that will assure em ployment , bring about the ultimate balancing of the budget, and avoid the necessity for continual in crease in the public debt. Very truly yours, M. £>. Eccles, Chairman. ET:b >-¿3Íi8PBOTFüLaWT BBÎ'SRRED e*®*#*** ft *§» Ä Ä Honest Money Founders,; Inc. 111 W . Washington St. • CHICAGO • Franklin 5225 T H IS IS GEORGE W . R E IN E C K E . V . PRES. JA M B S D. S T O V E R . SKCY. W IL L IA M W A L L E R . JR.. TREAS. ¿Money -tp^rStore and iHbiHil a price level adequate to sustain existing debt structure and thereby re -e s ta b lis h mass p u r c h a s in g pow/ May Honorable Marriner S. Eccles, Chairman Board of Governors, Tederai Reserve System, Washington, D. C. L ETTER, InformedAmericans demand that C ongr^atfw provide sufficient J A M E S E. B IS T O R , PRES. AN P M 20th, 19*40 ■Y7y SUBJECT: TODE RECENT ADDRESS IVWÌT" TU»# "UK1MPL0ÏMENT— WHAT SHALL WE DO ABOUT ✓? Dear Mr. Chairman: r copy of your statement made to The Economic Club of New York on May 9th has been received and carefu lly studied. I t should co vince the average reader that, fin a lly , a fte r seven years o f muddling with pomp-priming p a llia tiv e s and monopoly investigations, the New Deal experi menters now have accurately diagnosed the reasons fo r the impending collapse o f our economic structure. A continuance o f the present war w ill' so multiply the financial obligations o f the debt-ridden world that the business stagna tion which inevitably follows a l l wars w ill collapse the over-inflated debt structures, and sound the death knell to modern Capitalism. A You. have properly recommended adequate old-age pensions and an increased public works program large enough to put every employable back to work as your solution o f our unemployment problems. But you carefu lly avoided stating how you would finance -the necessary b illio n s o f dollars such a vast program would en tail. As a banker, you can only think of issuing more tax-exempt interest bearing bonds. But we are already nearing our le g a l debt lim it, and such additional expenditures as you now propose would increase our National debt in a very few years to 75 an^ possibly 100 b illio n d o llars. Instead of continuing to pyramid our National debt to an amount that w i l l confiscate a l l National wealth, why dont you recommend to the present Congress that we begin now to get out o f debt by issuing sound "Constitutional Money" in amounts su fficien t to pay fo r the two programs you now propose. The three b illio n d ollars already authorized under the Thomas Amendment w i ll make a good start, and w i ll accomplish wonders in providing employment for our id le money and men. You should also prevail upon the President and theDemocratic National Committee to place a m illion copies o f your scholarly address in the voters hands before the Democratic National Convention meets in July. The average voter w i ll read i t i f given the opportunity. I t w ill make a powerful and effective piece of campaign lite ra tu re . In any event, you should mail a copy to the 2,500 monetary reform students whose names and addresses appear in the HONEST MONEY YEAR BOOK & DIRECTORY-19 Ho, a copy of which was purchased recently by your lib ra ry . Respectfully Submitted, . Jt *
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