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79 Hamilton*.St H a m i l t o n , N.Y. February 5 , 1951 Mr. M a r r i n e r S. Eccles F e d e r a l Reserve B u i l d i n g Washington, D.C. Dear Mr* E c c l e s : As a s t u d e n t o f money and banking and as a c i t i z e n concerned w i t h t h e s t a b i l i t y o f our economy I want t o thank you f o r your courage and f o r t h r i g h t n e s s i n d i s c l o s i n g the dangers we face i n t h e T r e a s u r y * s easy c r e d i t p o l i c y . I t i s a p i t y t h a t so many o f our citi z e n s , i n c l u d i n g , a p p a r e n t l y Mr. Truman, f a i l t o see t h a t what appears t o be an obscure b u r e a u c r a t i c c o n f l i c t v i t a l l y concerns the w e l f a r e of a l l of u s . Ve must agree w i t h the p r e s i d e n t t h a t a s t r o n g economy i s needed t o r e s i s t communism, p a r t i c u l a r l y i n view of the l o n g p u l l ahead. Yet few r e a l i z e t h a t i n a p o l i c y o f u n l i m i t e d purchase o f government bonds a t an a r t i f i c i a l p r i c e we are c r e a t i n g an e q u a l l y u n l i m i t e d e x p a n s i o n o f our money s u p p l y . You a r e d o i n g a s p l e n d i d job i n t r y i n g t o shed t h e l i g h t . F e b r u a r y 13, 1951 Mr. Creighton H a r t i l l , 79 Hamilton S t r e e t , H a m i l t o n , New Y o r k . Dear Mr. Hartill: Thank y o u v e r y much f o r y o u r k i n d l e t t e r o f February 5• I t i s encouraging t o know t h a t o t h e r s share my concern about t h e t h r e a t t o our economic w e l l b e i n g t h a t i s i n h e r e n t i n an u n c o n t r o l l e d expansion o f t h e money s u p p l y . As I have s i a d b e f o r e , and as I t h i n k y o u a g r e e , we s h a l l l o s e t h e f i g h t a g a i n s t t o t a l i t a r i a n i s m even though o u r m i l i t a r y and f o r e i g n p o l i c i e s a r e s u c c e s s f u l i n m a i n t a i n i n g peace i f we p e r m i t i n f l a t i o n t o sap t h e s t r e n g t h o f o u r domestic i n s t i t u t i o n s . Very t r u l y y o u r s , M. S. E c c l e s . ESxdm
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