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fA L E X A N D E R
FITZ-HUGH,
PRESIDENT

B E N T. F I T Z - H U G H ,
VICE-PRESIDENT

W. H. F I T Z - H U G H , J».,
VICE-PRESIDENT
JACKSON. MISS .

P. P.WILLIAMS COMPANY
LO

CATIONS
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J A C K S O N ,
I I O L L A N D A L E

M I S
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V I C K S B U R G j M I S SIS SI PPI
March 6, 1946

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.

M I S S

.

Governor Marriner S. Eccles, CHAIRMAN
Board of Governors
Federal Reserve System
Washington, D. C,

Dear Mr* Eccles:
W E GIVE N O W A R R A N T Y , E X P R E S S OR I M P L I E D , A S TO P U R I T Y , D E S C R I P T I O N , Q U A L I T Y ,
PRODUCTIVENESS
O R A N Y O T H E R M A T T E R O F A N Y S E E D W E S E L L , A N D W I L L N O T B E IN A N Y WAY R E S P O N S I B L E F O R T H E C R O P .

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While I am no longer
"family", in view of
as a Director of the
Bank, I shall always
ments,

a member of the Federal Reserve
my services of nearly nine years
New Orleans Brach of the Atlanta
be interested in your public state-

statement before the
r I wish to commend your recentwas sound and timely,
Congressional Committee» It

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I
don*t believe I would go as far as you do with reference
to the matter of the retention of governmental price
control. It seems to me it should be definitely understood
that these controls should be abandoned when the national
economy is no longer menaced by disastrous inflation. The
continuance of price control indefinitely, as some in Washington
seek, will destroy private enterprise, because there can be no
lasting private enterprise with controlled prices; in fact,
freedom is a "sine qua non" of a true price.

If you have not read Professor Harper's booklet on "Free Price",
I believe you will be interested in it. As you probe.bly know,
he is Professor of Marketing at Cornell,
Pardon another gratuitous intrusion upon your time and
attention.
Yours sincerely

W.G.
B E E R S ,
SECRETARY




March 11, 1946•

Mr. Alexander Fitz-Hugh, President,
P. P. Mlliams Company,
Vicksburg, Mississippi.
Dear Mr. Fitz-Hugh:
This is to thank you for your letter of
March 6 commenting on my recent statement in regard
to inflation controls. I was not aware that anyone,
certainly anyone in a responsible position in the
Government, proposed to retain the controls when the
inflation pressures have passed. Chester Bowles,
Paul Porter and others have been explicit in saying
that they should be removed as soon as these dangers
disappear.
While I have not seen Professor Harper's
booklet, I take it that he is arguing for completely
free interplay of prices* You are aware, however,
that the most influential pressure groups representing labor and farmers do not want to leave wage
rptes or agricultural prices to any such free interplay. I doubt that Congress is likely to go contrary
to their wishes generally speaking.
Sincerely yours,

M. S. Eccles,
Chairman*

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