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Form P. R. 511 TO Chairman Eccles FROM E l l i o t t Thurston 2 /5 A 5 REMAKKS Thomas Jones C a ld w e ll i s l i s t e d in "Who's Who" as a banker and la w y e r, con nected s in c e 1925 w ith th e Union N a tio n a l Bank o f Houston, and one-tim e T re a su re r and D ir e c t o r o f the F e d e ra l Land Bank t h e re . He i s a ls o p r e s id e n t o f a c a t t l e company. CHAIRMAN'S OFFICE © January 23, 1945 Hon, M a rrìn e r S. S o c le s , Chairman B oard o f Governors F e d e r a l Reserve System W ashington, D. C. My dear Mr. E c c le s : Where can I g e t s e v e r a l c o p ies o f your very i n t e r e s t in g speech b e fo r e the m eeting o f N a tio n a l I n d u s t r ia l Conference Board on November 16, which appeared in the F e d e ra l R eserve B u l le t i n f o r December? By the way, in what shape are “•unused s a v in g s ” o r " i d l e sa v in g s "? Do you use these terms in the same sense that some econom ists u se the term "e x c e ss s a v in g s"? Thanking you f o r t h i s in fo rm a tio n , I am, Yours s i n c e r e ly , 3251 D e l Monte Houston 6 , Texas T JC îacs February 6, 1945• M r. T . J . C a ld w e ll, 3k51 D el Monte, Houston 6 , T e x a s. My d e a r M r. C a ld w e ll: I n accordance w ith th e req u est in your l e t t e r o f January <-3> I ta k e p le a s u re in e n c lo s in g some c o p ies o f th e speech I gave b e fo r e th e N a t io n a l I n d u s t r i a l C onference Bodrd on November 16. By unused s a v in g s o r i d l e s a v in g s , I meant money belo n g in g t o i n d i v i d u a l s , b u sin e s se s o r p u b lic b o d ie s t h a t i s i d l e , whether in currency o r in a checking account; t h a t i s , money t h a t i s not in u se and i s in excess o f what i s c u r r e n t ly needed by the ow ners. I r e c e n t ly saw in th e U n ite d S t a t e s News th e f o llo w i n g p aragraph which v e ry a p t ly d e s c r ib e s what I have in mind: “ a m athem atical p r o p o s it io n . The co u n try ’ s economic machine i s view ed as a flo w o f d o l l a r s from em ployers t o w orkers and then from w o rk e rs, as consumers, back t o em p lo y e r s and fa rm e rs. As t h i s income stream f l o w s , some d o l l a r s dro p out o f th e m ain.channel in t o s a v in g s . These s a v in g s ¿.re expected t o re tu rn to th e main stream in th e form o f new investm ent. I f th e y don’ t , a ’ le a k a g e 1 i s c o n sid ere d t o r e s u lt in th e income stream t h a t lo w ers the l e v e l o f th e stream and causes unemployment. I t i s h e ld t o be th e Government’ s ta s k both t o sto p such le a k a g e s and to see t h a t the income stream i s high enough." S in c e r e ly y o u rs, M. S . F c c le s , Chairman. Enclosures 5 ET:b 3251 D e l Monte Houston 6 , Texas February 15, 1945 Hon. M. S. E c c le s , Chairman F e d e r a l R eserve Board Washington 25, D. C. My dear Mr. E c c le s : Thank you f o r your v e ry in t e r e s t in g l e t t e r o f F ebruary 6, w ith e n c lo s u re s . Yours s in c e r e ly , y. J. TJC: acs C a ld w e ll
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