The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Honest^Money Founders; Inc. lillllllllllillllllllUllllllllIIIIIIIIIIIIIIIIIIIIIIIO 111 W . Washington St. • CHICAGO • Franklin 5225 J A M E S E. B IS T O R , PRES. G E O R G E W . R E IN E C K E , V. PRES. J A M E S D. S T O V E R . SECY. W IL L IA M W A L L E R . JR.. TREAS. Informed Americans demand that Congress now provide sufficient Constitutional ¿Money to restore and stabilize a price level adequate to sustain existing debt structure and thereby re-establish mass purchasing power. November l6 , 1939* Hon. Marriner S. Eccles, Chairman Board o f Governors, Federal Reserve System, Washington, D. C. My dear Mr. Chairman: We have read with great care the transcript o f your address to the hankers of the Eighth Federal Reserve D is tric t at St. Louis on November 9« 1939« must have read THE TRUTH ABOUT MONEY booklet and learned what causes a l l wars. The state ments made to your hanker colleagues were so enlightening and encouraging to us that we want you to forward a copy to everyone of the 2500 leaders in the monetary reform movement whose names and addresses appear on pages 1^7 to 2lU of the HONEST MONEY YEAR BOOK AND DIRECTORY FOR 1940, a copy o f which was recently pur chased hy your lib r a r y . They w i ll appreciate your educational contribution. We are in complete accord with the following statements taken at random from your speech: "We have been unwilling to exchange goods for goods. *** Our country would be far better off if *** foreign purchases were to be paid for out of the sale of their goods in this country, *** rather than through further acquisition of foreign gold and silver for which we have no present or prospective use. *** Even the present volume of excess reserves, if used as a basis for credit expansion, would create a dangerous inflationary situation entirely beyond the pres ent powers of the Federal Reserve to control. *** The time is here, if not overdue, to take certain steps that will increase domestic consumption. *** I favor increasing domestic purchasing power by decreasing consumption taxes. *** WE CANNOT PROFIT FROM DISASTER TO OTHER PEOPLES." The next Congress can accomplish much needed monetary reform by ( l ) nationalize the Federal Reserve System; (2 ) mandate the new monetary authority to maintain a predetermined price le v e l; ( 3 ) require a l l banks to maintain 100$ reserves of cash and direct government obligations fo r a l l demand deposits; (U) pay into use su ffic ie n t debt-free Constitutional Money in the form o f National Pensions to provide adequate security to eld erly c itizen s. These four fundamental changes in our money system w i ll take us fa r toward the goal of providing an honest s c ie n tific and constitutional money system, without which our Democratic lib e r t ie s cannot long endure. Respectfully submitted, Honesf Money Founders, Inc. imiiiiiiiimimMainiimiiiinimitiiiiiiiiiiiiBHiiiiMiiiiiiiimiiiiiiiniiiiiiiiiiainiiiiiiiiaaiuiiiiiiiiHiiiiiiiiiiiiiiiHiniiiiiiiiiiiiBiinaHBiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiniHiii Ul W . Washington St. • CHICAGO • Franklin 5225 J A M E S E. B IS T O R . PRES. G E O R G E W . R E IN E C K E , V . PRES. J A M E S D. S T O V E R . SECY. W IL L IA M W A L L E R . JR.. TREAS. Informed Americans demand that Congress now provide sufficient Constitutional ¿Money to restore and stabilize a price level adequate to sustain existing debt structure and thereby re-establish mass purchasing power. October l6 , I 939 Mr. John 0. Scott, Editor "Money" Newspaper 230 Madi son Ave., New York, N. Y. Dear Mr. Scott RE: National Monetary Conference Your le tte r o f October 12th suggesting that Henry Ford be approached to sponsor or finance a National Monetary Conference to be held in Washington, D. C. has been received. Why should Mr. Ford sponsor or finance such a conference with another world war in the offing? As our outstanding in d u s tria lis t, he must be w ell informed as to the re a l causes which underlie this and most other wars, viz: the b attle o f power p o lit ic s fo r world domination and control. The pseudo democracies o f the gold bloc or ste rlin g group are already lin in g up against the dictator controlled nations who have l i t t l e or no gold and who must barter in order to provide their people with the bare necessities o f l i f e . I f the impending c o n flic t gets out of control, i t may w ell destroy a l l the nations o f the Christian world now attempting to operate under Finance-Capitalism. Business, p o lit ic s and re lig io n should be working together to protect the world’ s man power and wealth from being consumed in another world war; instead they are figh tin g lik e cats and dogs in their attempt to undermine each other and are thereby only adding to the chaos. So long as America has the sligh test chance o f becoming embroiled in the war in either Europe or Asia, we fe e l that the holding o f a National Monetary Conference w i ll be a waste o f time and money. Congress is now attempting to provide a workable n eu trality law, and we w ill probably jump from the frying pan into the fire . We did i t before and w i ll probably do i t again. The greed of our in d u s tria lis ts for p ro fits w ill fin a lly overcome the seasoned judgment o f the few re a l statesmen remaining in Congress. Therefore, a fte r conferring with the Trustees o f H0nest Money Foundation, we have concluded that the holding o f a National Monetary Conference during the next six months w i l l not farther the cause o f monetary reform. C ordially and sincerely yours, HONEST MONEY BOUNDERS, In c. November 17, 1939* Mr. «James £. listor, President, Honest Money Founders, Inc., Ill W. Washington Street, Chicago, Illinois. My dear Mr. Bistor: On behalf of Chairman Eccles, who is temporarily absent in the West, I wish to acknowledge receipt of and to thank you for your letter of November 16 with enclosure. Very truly yours, Elliott '¿‘hurston, Special Assistant to the Chairman. BT:b
@FedFRASER