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COUNCIL OFFICERS BROADUS MITCHELL PRESIDENT COLSTON E . WARNE VICE-PRESIDENT BENJAMIN EXECUTIVE C. MARSH SECRETARY B O A R D OF DIRECTORS ETHEL CLYDE HAROLD U. FAULKNER HARRY W . LAIDLER BENJAMIN C. MARSH FRANCIS J. MCCONNELL BROADUS MITCHELL COLSTON E. W A R N E THE PEOPLE'S LOBBY Incorporated TO FIGHT FOR THE PEOPLE ROOM 3 1 ~ 8 F O F STREET, N . WASHINGTON 4, TELEPHONE DISTRICT D. W. C. 0272 HARRY E. BARNES JOHN BAUER ERNEST R. CHAMBERLAIN JEROME DAVIS HENRY PRATT FAIRCH1LD IRVING H. FLAMM KATE CRANE GARTZ JAMES P. GRAHAM FLORENCE C. HANSON ANN ARNOLD HEDGEMANN E. C. LINDEMAN DONALD G. LOTHROP E. A. ROSS CHARLES 8. SEELY January 19,1950 Hon Marriner S Eccles, Federal Reserve Board Washington 25, D # C # Dear Mr Eccles The American people are greatly indebted to you for your courageous efforts to stop inflation by control of consumer and commercial credit, through the Federal Reserve Board. Sen Douglas* Committee on Money, Credit and Fiscal Policies, fortunately accepted your viewpoint, as sound statesmanship. For eighteen years, with two exceptions, we have been passing the buck to Providence and the bill to ppsterity. That is enough for this century, at least, if America is to be the worldfs light house, and not bug house. You may be interested in enclosed leaflet on the Consumers1 Program. Y^urs sincerely January 25, 1950. Mr. Benjamin C# Marsh, Executive Secretary, The People's Lobby, 810 F Street, U. 1., Tvashington 4, D. C. Dear Mr. Marsh: Thank you very much for your very kindly comment upon the expression of my viewpoint before the Douglas Subcommittee on Money, Credit and Fiscal Policies. I am glad to know your favorable opinion of the report of the Committee which naturally we have welcomed as evidencing sound conclusions on the part of a very important legislative group. Sincerely yours, M. S. Eccles. CM: am