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G. D. MOHUNDRO 124 OHIO STREET EAST ALTON, ILL. April 12,1951 Marriner S. Eccles Washington D*C. Dear S i r ; T have a copy of a letter signed by ysru giving the cause of the 1929 depression. A copy in part follows.lfThe depression of 1929 was caused by the call of the bank loans which liquidated or extinguished through contraction of credit loans, about $20 b i l l i o n , or 40f> of our bank deposits. Bank credit, not currency, was extinguished, and the turnover of velocity of the remaining supply diminished1.1 Please give the reason for the contraction of credit loans that the letter states caused the depression. T am interested in your views as to how to prevent-depressions • I have the statements of many great statesmen & men who because of their position and background should know the causes of wars & depressions. My aim is to interest people in preventing depressions & wars by giving them statements of great men on the causes of wars & depressions. Your views would be of great value I think. May Iuse copies of your letter? May I use copies of your explanation of the causes of the money contraction. I w i l l give f u l l credit for any statement I may use. I make no charge for copies of the causes of depressions & wars as given by outstanding leaders. T wish to thank you in advance for any help you may give. T remain, Sincerely Yours May 11, 1951. Mr. G. D* Mohundro, 124 Ohio Street, East Alton, I l l i n o i s . Dear Mr. Mohundro* I wish to acknowledge your letter of April 12, 1951> requesting my views on how to prevent wars and depressions • I appreciate your interest in my personal opinions on this very important subject, but I do not have the time to provide you with the detailed information which you request. The causes of wars and depressions are so numerous and involved that to try to explain them adequately would require a volume of written material. You may be interested, however, in a copy of my recent testimony Preparedness Against Both War and Inflation• delivered on January 25, 1951, before the Joint Committee on the Economic Report. This statement may provide you with a part of the information you desire. I would prefer that you do not publish any isolated excerpts from this statement or from any of my letters to you. In the event that any longer portion of this material is printed, however, I trust that you w i l l send i t back to me prior to its publication to see i f there are any objections to its use. Very truly yours, M. S. Eccles. Enclosure
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