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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 v i C K S i i : U H < ; , M I S J A C K S O N , I I O L L A N D A L E M I S , S V I C K S B U R G j M I S SIS SI PPI March 6, 1946 S , . 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 . V ii r y5 //sf/ 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- wish to commend your recent statement before the r ICongressional Committee» It was sound and timely, hy i r / --Ay} y y» v \.A- 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* ET:b
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