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Rio de Janeiro, June 5 Oth. 19I1.8 Mr. MARRIMER S. ECOLES. Federal Reserv Syst e m WASHINGTON Dear Sir: I have the pleasure to enclose the article I wrote in the *'Jornal do Co me r c i o ” , about the statements made by you, before the NATIONAL ASSOCIATION OP SUPER VISORS OP STATE BANKS on a c t i o n ’s program against inflation. I have already writ_t en some other articles o la speeches utter ed by you, previously. In the above article I pointed out that we are bounded to fo l l o w United States example to improve our difficult position, entirely under the power of an accelerated inflation. I signalized too that, wherever subsists in inflation p e ril, the financial and economical order, foundation and base of the legal and so cial order, remains potentially threaten. On the economic and financial politic, a great number of mistakes were committed by the Brazilian Government dur ing the war. We called too m u c h upon cr<[ dit instead of reinforcing direct fcributation, to weaken the effects of budget deficit on high prices and coat of liv ing. Yours faithfully Addressj Dr. JOIO D E LOURENQO Rua Candido Gaffree, 85 - Urea RIO DB JANEIRO - Brasil August 18, 1943To: Mr. Thurston From: Mr. H aicmond^^ ¿y Dr. de Lourenco is the chief of the division in the Brazilian Ministry of Finance and one of their ablest men;in Mr. Grove's opinion. I think it would be nice to say that the letter with his article has been received and read with interest and that Mr. Eccles is gratified to know how much the point of view he expressed here is appreciated elsewhere. August 18, 19UB My dear Dr* de Lourenco s Ibi a la to thank you for your fulneaa and courtesy in aending me your of Juno 30 eaoloalng your artiole haaed addreas feefore thè Hatìonal Aaaooiafcion Tlaors of State Banks. thoughtlottar on lay of Super- 1 waa eapeoially intereated in your Iettar and ita obaervations about thè danger of inflation. I agree with you entirely. Sinoerely your», M. S« Bocles. Dr« Joao de Loureaoo, Boa Candido Oaffree, 85 - Urea, filo de Janeiro, Braail.
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