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October 1, 1941•
Marriner S. Eccles, Esq., Chairman
Federal Reserve Board,
Washington, D. CMy dear Mr. Eccles:
I want to congratulate you upon the stand
you have taken about the apparent tendency on the part of
important Administration officers to further disunite our
people in this serious threat of inflation.
It is a dangerous thing to array masses
against the classes but it is even more dangerous to
array the classes against the classes — and that is precisely what will be done if farmers and Labor are to have
no limitation fixed upon their wages and prices received.
The White Collar Class, which is the most
vulnerable class of our population, will suffer most unfairly if farm prices are not regulated and, also, if wages
are not regulated.
My understanding is that Labor consumes about
90$ of what it produces and it would be all right if Labor consumed 100$ of what it produced ^ b t the other 10$ would deal
a death blow to our economy and result in warranted bitterness
and strife.
Manifestly, the proposed exemption of these
two factors is to influence their votes and the gentlemen involved should be impressed with this certainty: The war cannot
be won with votes I
The quicker those back of this unwise proposal
learn about the effect of their proposal, the better for the
security of all of our people.
I enclose a copy of a letter written to President
Roosevelt today on this subject*
Very truly yours,

Qotober 1st, 1941
Hon. Franklin ! . Hoosevelt,
Whit© House,
Washington, D. C.
Dear President Roosevelt:Unless the Administration dispel r all
political thoughts,and deals with the subject as a patriotic
and eoonomlc question, we shall have inflation in this country to such an extent that the wrath of labor ana farmers
and everyone else will be visited upon the Adninistrition in
a way never before witnessed in this nation.

If it is a real democracy
say to farmers or to laborers *we wonft do anything to keep
you from getting out of the public all you can (because you
have a lot of vote*)* and say to others Hyou must have the
prices for all your commodities reducedl*
The treatment of this most vital
eoonomlc question in the way it is suggested, i.e., that labor
and farmers shall not be restricted, but everyone else shall
be restricted, is the height of folly and the greatest exhibition of unpatriotic action that could possibly be conceived:
Respectfully submitted,

Hon. Henry rorgenthau
Hon. Marrlner 8. Kecles



October 6, 1941.

Mr. iftilliam ß. Joyce,
Vvm. B. Joyce & ¿>ons,
115 Broadway,
New York, New York.
My dear Mr. Joyce:
This is to acknowledge receipt of your
letter of October 1, enclosing a copy of your letter
to the President.
I am interested to have your comments on
the price control measure, and 1 appreciate your
courtesy in writing.
Sincerely yours,

M. S. Eccles,

ET: cm