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NATIONAL INDUSTRIAL CONFERENCE BOARD

INCORPORATED

247 P A R K A V E N U E , N E W Y O R K 17, N. Y.

October 12, 1944

Hon. Marriner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
On Thursday, November 16th, the National Industrial
Conference Board will explore nThe Postwar Price Problem - In
flation or Deflation" in the General Session of its 264th Meeting
at the Waldorf-Astoria.
In this session we plan to discuss the important factors
which influence price trends following the war. It would be of
great value to our Members and Associates if they could obtain your
views on this vital problem, and the Trustees of the Board have
asked me to extend to you on their behalf a cordial invitation to
participate as a speaker in this meeting.
About a thousand of the leading industrial executives of
the comtry are expected to attend this session, which will be
held in the Grand Ball Room of the Waldorf-Astoria and which will
be open to the press. The formal presentation of each speaker is
usually limited to about twenty-five minutes. The session will
begin with an informal dinner at 6:
.1 close about
10:00 P.M,
ISy associate, Dr. A. M. Paxson, will be in Washington
the latter part of this week, and I would appreciate it if you
would give hi® a few minutes to discuss your participation in this
session with you.

With kindest regards, I am,
Yours cordially,

President.

Preliminary Agenda

264t h M E E T I N G

THE C O N F E R E N C E B OA RD

FOUNDED 1916

THURSDAY, NOVEMBER 16, 1944
T he

W a l d o r f -A s t o r ia H o t e l

NEW YORK CITY

GENERAL SESSION
THE POSTWAR PRICE PROBLEM — INFLATION OR DEFLATION

ROUND TABLE CONFERENCES
Termination Problems of Prime and Sub Contractors
Rebuilding Industry’s Sales Organization
Carry-back, Carry-forward and Refund Provisions
Foremen, Unions, and the Wagner Act

NATIONAL INDUSTRIAL CONFERENCE BOARD,
247 P ark A venue

•

Inc.

N e w Y ork 17, N . Y .

ROUND TABLE CONFERENCES
3 :0 0 P .M . to 6 :0 0 P .M ., Concurrently

{Additional speakers to be announced)

2. Rebuilding Industry’s Sales Organization
Chairman: N o r m a n W . W i l s o n , President,
Hammermill Paper Company
Speakers: D o n a l d R . G. C o w a n , Past President,
American Marketing Association
B u rto n B ig e l o w ,
Burton Bigelow Organization

{Additional speaker to be announced)

3. Carry-back, Carry-forward and Refund Provisions

Chairman: C. N . O s b o r n e , Vice President,
The M . A. Hanna Company
Speakers: R o y B lo u g h , Director of Tax Research,
Treasury Department
M . E . M c D o w e l l , Head, Tax Department,
Standard Oil Company (New Jersey)
C a r l S h o u p , Associate Professor of Economics,
Columbia University

4. Foremen, Unions, and the Wagner Act
Chairman: R . E . G i l l m o r , President,
Sperry Gyroscope Company, Inc.
Speakers: G e r a r d D . R e i l l y ,
National Labor Relations Board
M a r t i n M . C o o p e r , Assistant to International President,
Federation of Architects, Engineers, Chemists and
Technicians, CIO
T . O. A r m s t r o n g , Supervisor,
Industrial Relations Department,
Westinghouse Electric & Manufacturing Company

DINNER RECESS
6:0 0 P .M . Informal Dinner beginning with Cocktails
{Grand Ball Room )

GENERAL SESSION
7 :3 0 P .M . to 10:00 P .M .
{Grand Ball Room )

THE POSTWAR PRICE PROBLEM — INFLATION OR DEFLATION

Chairman: V ir g i l J o rd a n
President, The Conference Board
Speakers: M a r r in e r S. E c c le s
Chairman, Board of Governors,
Federal Reserve System
L eo W o l m a n
Professor of Economics,
Columbia University
J a m e s G. R o g e r s , Jr.
Deputy Administrator,
Office of Price Administration

FOUNDED 1916

NIGHT LETTER

October 12, 191-iU'

M. S. Eccles
Hotel Ben Lomond
Ogden, Utah
Letter today from Virgil Jordan urges you apeak before National
Industrial Conference Board, general session, Waldorf, NewYork,
Thursday night, November sixteenth.

Subject quote The Postwar

Price Problem - Inflation or Deflation unquote.

Dr. Paxson, his

associate, just phoned me that Dr. Leo Wolman will discuss labor
aspects and Chester Bowles expected to be only other speaker.
Think this is ideal audience of thousand or more of countxy's
leading industrial executives.

Hope you will aooept and so

advise me in order that I can give Paxson an answer by Saturday
morning when he will return to HewYork.

Elliott Thurston.

WE
UNION

C l a s s o f Se r v ic e

This is a full-rate
Telegram or Cable
gram unless its de
ferred character is in
dicated by a suitable
symbol above or pre
ceding the address.

1201

NL"* Night Letter
L C = Deferred Cable
NLT=Cable Night Letter

A . N. WILLIAMS

Ship Radiogram

P R E S ID E N T

The filing time shownm the date ime'tT**&egrams and dayjetters is STANDARD T IM E at point of

^ Time of receipt is STANDARD T IM E at point of destination

CA94- N l \ c # L L E c 1 \ OGDEN UTAH 13
ELLIOTT

THURSTON=

SYMBOLS
DL = Day Letter

(,3

w 5 39

“ FEDERAL RESERVE BOARD WASHDC^
: A D V I S E JORDAN WILL ACCEPT SPEAKING
NOVEMBER

I N V I T A T I O N NEW YORK

16TH SUGGEST YOU AND W IL L IA M S PREPARE MATERIAL

DURING NEXT TWO WEEKS REGARDS^
EC C L E S.

r
'

TH E

]

C O M P A N Y W IL L A PPR E C IATE SUGGESTIONS FROM IT S PA TR O N S C O N CE RN ING ITS SERVICE

October il** 19^4*

Dr. Yirgil Jordan,
President,
national Industrial Conference Board,
2U7 Park Avenue,
Hew York 17, Hew York.
Dear Dr. Jordan*
Following receipt of your letter of October 12 and
after talking with Dr. Paxson, I sent a night letter to Mr.
Bocles urging him to accept your cordial invitation to be
one of the three speakers at the General Session of the
Conference Board to be held at the Waldorf-Astoria on the
evening of Thursday, November 16, when the subject for dis
cussion will be "The Postwar Price Problem - Inflation or
Deflation”.
This is to confirm my further conversation by
telephone this morning with Dr. Paxson, advising him that
in reply Mr. Eccles telegraphed that he would be pleased
to accept your invitation.
On behalf of Mr. Eccles, I want to express appre
ciation again to you and to Dr. Paxson.
Sincerely yours,

Elliott Thurston,
Special Assistant to the Chairman.

ET:b

NATIONAL INDUSTRIAL CONFERENCE BOARD
INCORPORATED

2 4 7 PA RK AVENUE, NEW Y O R K 17, N. Y.

October 16, 1944»

Mr. Elliott Thurston
Special Assistant to the Chairman
Board of Governors
Federal Reserve System
Washington 25, D. C.
Dear Ur. Thurston:
I am writing to give you further details concerning Mr. Eccles'
participation in the Evening Session of the 264th Meeting of the National
Industrial Conference Board which will be held at the Waldorf-Astoria
on Thursday, November 16th. The subject for the evening meeting is "The
Postwar Price Problem - Inflation or Deflation."
We have arranged for Mr. Leo Wolman to discuss the influence
of recent labor developments on postwar price trends. I believe that
Mr. James G. Rogers or Mr. James F. Brownlee of the Office of Price
Administration will be the third speaker since Mr. Bowles could not par
ticipate because of a previous commitment.
The meeting will convene in the Grand Ball Room of the Waldorf
Astoria Hotel in New York City with an informal reception at 6:00 P.M.,
followed by dinner at 6:50 P.M. and the General Session.
If there is anything further which I can do which will be
helpful in connection with Mr. Eccles' participation on this occasion,
please let me know just what it is.
Sincerely yours,

A,
•,
Conference Division.
AMP:ES

October 16, I9Í4U*

Dr. A. X. Paxson,
Hational Industrial Conference Board,
2U7 Park Avenue,
Hew York, Hew York.
Dear Dr. Paxsons
As requested by you over the telephone
on Saturday afternoon, there is enclosed a brief
biographical sketch of Mr. Bccles for use in the
preliminary agenda.
Sincerely yours,

Blliott Thurston,
Special Assistant to the Chairman.

Enclosure

October 18, 19i4i*

Dr. A. M. Paxson,
Director, Conference Division,
national Industrial Conference Board,
2i±7 Park Avenue,
Hew York 17, New York.
Dear Dr. Paxsonj
This is to thank you for your letter of
October 16* I am sorry that Mr. Bowles was un
available, but I am sure that either Mr. Rogers
or lir. Brownlee will do veiy well.
I shall not hesitate to call upon you
in accordance with your very kind suggestion if
the occasion should arise.
Sincerely yours,

Blliott Thurston,
Special Assistant
to the Chairman.

ET:b

FOUNDED 1916

THE CONFERENCE BOARD
NATIONAL

INDUSTRIAL

CONFERENCE

BOARD,

INC.

247 PARK AVENUE, NEW YORK CITY
VIRGIL JORDAN
PRESIDENT

October 19, 1944.

Mr. Elliott Thurston,
Special Assistant to the Chairman,
Board of Governors of the Federal Reserve System,
Washington, 25, C. C.

Dear Mr. Thurston:
I am greatly pleased to know from your let
ter of October fourteenth that Mr. Eccles will be able
to participate in the 264th Meeting of the National
Industrial Conference Board on November sixteenth, and
I know that the Associates of the Board will appreciate
having the benefit of his aid in the discussion of the
postwar price problem at the General Session that eve
ning. Dr. Paxson will be in touch with you about the
arrangements, and we shall be looking forward to hav
ing Mr. Eccles with us again.
With thanks for your helpful interest, I am,

Yours cordially,

VJ:IEB.

ident.

4:20 P. M. Sat.

Madeleine:
Mr. Paxson called - wanted to know if
Mr. Thurston would mail to him this afternoon a
brief biographical sketch of Mr. Eccles to be
used in the preliminary agenda - or he would pick
it up if more convenient.
When I told him I would try to get in
touch with Mr. Thurston, he said not to do that that if it were put in the mail as early Monday
morning as possible, that would be quite all
right.
You probably have his address, but as I
was not certain of it, I asked:
A. N. Paxson
National Industrial Conference Board
24? Park Avenue,
New York, N. Y.

ECCLES, MARRINER STODDARD, Chaiman of the Board of Governors
of the Federal Reserve System, was born In Logan, Utah, September 9,
1890, son of David and Ellen (Stoddard) Eccles. He was educated at
public schools of Baker City, Ore., and at Brigham Young College. On
July 9, 1913# he married May Campbell Young, and they have three
children; Marriner Campbell, Mrs. Eleanore May Steele, and John David.
A short time after his father’s death, Mr. Eooles took over
the management of his family*s estate, and in 1916 he organised the
Eccles Investment Co., a holding company for the interests of the
estate. He served as Vice-President and General Manager until 1929#
when he succeeded his mother as President. Entering banking, he beoame President of the First Security Corp., owning and controlling
four banks: The First Seourlty Bank of Idaho, The First Security Bank
of Utah, First National Bank of Salt Lake, and First Security Trust Co.
of Salt Lake City. He is also Chairman of the Amalgamated Sugar Co.
and Utah Construction Co., and President of Sego Milk Products Co. of
Salt Lake City, Eooles Hotels, Inc., of Ogden, Utah, and Stoddard
Lumber Co. of Ogden*
In January, 193U, Mr. Eooles was appointed Special Assistant
to the Secretary of the Treasury. In November, 193U, he was appointed
by President Roosevelt as Governor of the Federal Reserve Board. Mr.
Eooles occupied the latter position until February 1, 193&* at which
time the Board was reorganized as a result of the Banking Act of 1935*
and changed to the Board of Governors of the Federal Reserve System,
of which body he was designated Chairman by the President.
Mr. Eccles is a Director of the Pet Milk Co., Mountain States
Implement Co., and Anderson Lumber Co.
He was honored by election as President of the Utah Bankers
Assn. in 192U-25*
His social affiliations include the Ogden Golf & Country,
Ogden, Utah, and Timpanogus Clubs, Salt Lake City, Utah, and the
Che*vy Chase Country and Burning Tree Clubs, Washington, D. C.
Residence: Shoreham Hotel, Washington, D. C., and Hotel
Ben Lomond, Ogden, Utah. Officet Federal Reserve Bldg., Washington,
D. C.

TRUSTEES’ COMMITTEE ON
CONFERENCE ACTIVITIES
W . Gibson Carey, Jr., Chairman
Rolland J. Hamilton
C. W . Kellogg
Eugene Meyer
Langbourne M. Williams, Jr.

NATIONAL INDUSTRIAL CONFERENCE BOARD

INCORPORATED

2 4 7 P A R K A V E N U E , N E W Y O R K 17, N. Y.

October 50, 1944

Hon. Marriner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
I am enclosing a copy of the preliminary
agenda announcing the 264th Meeting of the National
Industrial Conference Board.

A copy of the revised

agenda will be mailed to you within the next ten
days
Sincerely yours,

AMP:ES
Enc.

FOUNDED 1916

THE CONFERENCE BOARD
NATIONAL

INDUSTRIAL

CONFERENCE

BOARD,

INC.

247 PARK AVENUE, NEW YORK 17, N. Y.

November 3, 19M+

ür. Karriner S. Eooles
Chairman, Board of Governors
Federal Reserve System
Constitution Ave. between
20th and 21st Sts. N.W.
Washington, B. 0.
Dear Mr. Ecoles:
I am pleased to enclose copies of the revised agenda for the 26ij.th meeting of the National
Industrial Conference Board.
Sincerely y overs.

Ends .

Revised Agenda

264 t h M E E T I N G

THE C O N F E R E N C E B OA RD

FOUNDED 1916

THURSDAY, NOVEMBER 16, 1944
T he

W a l d o r f -A s t o r ia

H otel

N E W YORK CITY

GENERAL SESSION
THE POSTWAR PRICE PROBLEM — INFLATION OR DEFLATION

ROUND TABLE CONFERENCES
Termination Problems of Prime and Sub Contractors
Rebuilding Industry’s Sales Organization
Carry-back, Carry-over and Refund Provisions
Foremen, Unions, and the Wagner Act

NATIONAL INDUSTRIAL CONFERENCE BOARD,
247 P ark A venue

Inc.

N e w Y ork 17, N . Y .

ROUND TABLE CONFERENCES
3 :0 0 P .M . to 6 :0 0 P .M ., Concurrently

1. Termination Problems of Prime and Sub Contractors
Chairman: W . G ib s o n C a r e y , J r., President,
The Yale & Towne Manufacturing Company
Speakers: B r ig a d ie r G e n e r a l D . N . H a u s e m a n , Director,
Readjustment Division, Arm y Service Forces
C a p t a in H . L. M e r r in g , A ssistan t C hief,
Office of Procurement and Material for Industrial
Readjustment, N avy Department
C o u r t n e y J o h n s o n , Assistant to the Chairman of the Board,
The Studebaker Corporation
C h a r l e s B . C h is h o lm , Assistant to Vice President,
Pressed & Welded Steel Products Co., Inc.

3. Carry-back, Carry-over and Refund Provisions

4. Foremen, Unions, and the Wagner Act
Chairman: R . E . G illm o r , President,
Sperry Gyroscope Company, Inc.
Speakers: Gerard D . R e illy ,
National Labor Relations Board
M a r tin M . Cooper, Assistant to International President,
Federation of Architects, Engineers, Chemists and
Technicians, CIO
T . O. A rm stron g, Supervisor,
Industrial Relations Department, East Springfield Plant,
Westinghouse Electric & Manufacturing Company

DINNER RECESS
6 :0 0 P .M . Informal Dinner beginning with Cocktails
{Grand Ball Room )

GENERAL SESSION
7 :3 0 P .M . to 10:00 P .M .
{Grand Ball Room )

THE POSTWAR PRICE PROBLEM — INFLATION OR DEFLATION

Chairman: V ir g il Jordan
President, The Conference Board
Speakers: M a rrin e r S. E ccles
Chairman, Board of Governors,
Federal Reserve System
James G. Rogers, Jr.
Deputy Administrator,
Office of Price Administration
L eo W o l m a n
Professor of Economics,
Columbia University

THE CONFERENCE BOARD
Guest Speakers at General Session
M A R R I N E R S. E C C L E S
Chairman, Board of Governors
Federal Reserve System
Born: Logan, Utah, September 9, 1890. Education: Brigham Young College.
Vice president, Thatcher Brothers Banking Company, 1914-24; president,
First National Bank and Ogden Savings Bank, 1920-22; merged First National
Bank and Utah National Bank, 1922, into First National Bank of Ogden, of
which president, 1922-34; president, First Savings Bank, 1922-34; organized
First Security Corporation, president, 1927-34; chairman, Utah Construction
Company; president, Sego M ilk Products Company, Stoddard Lumber Com
pany, Amalgamated Sugar Company; director, Mountain States Implement
Company, Anderson Lumber Company, Pet M ilk Company. Assistant to the
Secretary of the Treasury, 1934; governor, Federal Reserve Board, 1934-36;
chairman, board of governors, Federal Reserve System since February 1 ,1 9 3 6 ;
member, Board of Economic Stabilization; member, Utah Bankers’ Association
(president, 1924-25).

J A M E S G . R O G E R S , Jr.
Deputy Administrator, Office of Price Administration
M r. Rogers was graduated from Yale University in 1931. He was employed
by Benton & Bowles from 1931 to 1936; served as vice president of Lord &
Thomas, 1936-38; returned to Benton & Bowles as vice president and general
manager in 1938. He served as assistant director of the Domestic Branch of
the Office of W ar Information. In 1943 he joined the Office of Price Administra
tion. As deputy administrator he is responsible for the general coordination
of operations of the six departments of the Agency and the field organization,
and is general assistant to the Administrator.

LEO W O L M A N
Professor of Economics, Columbia University

Born: Baltimore, Maryland, February 24, 1890. Education: Johns Hopkins,
A .B ., 1911, Ph.D ., 1914. Teacher, Hobart College, Johns Hopkins, University
of Michigan, New School for Social Research; in charge research, Amalgamated
Clothing Workers of America, 1920-31; professor economics, Columbia Uni
versity, since 1931; trustee, Mutual Life Insurance Company of New York.
Chairman, Interstate Commission on Unemployment Insurance. Special agent,
U . S. Commission on Industrial Relations, 1914; Council National Defense,
1917; chief of section on production statistics, W ar Industries Board, 1918;
attached to American Peace Mission, Paris, France, January-June, 1919; mem
ber, advisory committee, U . S. Unemployment Conference, Washington, 1921.
Chairman, Labor Advisory Board, N R A ; member, National Labor Board;
chairman, Automobile Labor Board. Author: “ The Boycott in American Trade
Unions” (1 9 1 6 ); “ Growth of American Trade Unions, 1880-1923” (19 2 4 );
“ Planning and Control of Public Works” (1 9 3 0 ); “ Ebb and Flow in American
Trade Unions” (1936). Co-author: “ Business Cycles and Unemployment” ;
“ Recent Economic Changes” ; “ Recent Social Trends” ; and “ The State in
Society.”

FOUNDED 1916

THE CONFERENCE BOARD
NATIONAL

INDUSTRIAL

CONFERENCE

BOARD,

INC.

247 PARK AVENUE, NEW YORK CITY
VIRGIL JORDAN
PRESIDENT

November 21, 1944

Honorable Marriner S. Eccles, Chairman
Board of Governors
Federal Reserve System
Washington, D. G.
Dear Mr* Ecclesî
This note is just to thank you again on behalf
of the Trustees and Associates of the National Industrial
Conference Board, as well as for myself, for the trouble
you took to participate in the General Session of the
264th Meeting of the Board last Thursday evening.
Your very clear and carefully considered state
ment of financial and fiscal policies which you feel are
desirable in dealing with the problems of reconversion
after the war was heard with the deepest interest and appre
ciation by Members and Associates of the Board who were
present, and will be extremely helpful to them in securing
better understanding of developments in the difficult ad
justment period which lies ahead. The Board is deeply in
debted to you for your assistance.
We are being asked by many of the Board’s Associates to reproduce your address for further study, and I
assume you will have no objection if we do so. Will you let
me have an official text for this purpose?
With sincere thanks and kindest regards, I am,
Yours cordially.

VJ jES

November ¿4, 194-4*

Dr. Virgil Jordan,
President,
The Conference board,
irA7 Park avenue,
Mew York, New York.
Dear Dr. Jordan:
Your letter of November kl and your kind refer
ences to my talk before the Conference ^oard last week
are very much appreciated. The audience iiatened atten
tively, however much they may have been in disagreement
with my general approach to the proolems of the postwar
world, and 1 was glad to have had tne opportunity to be
with you again.
The text of the speech, somewhat revised with
a view to cutting it down, is to be printed in the Fed
eral heserve bulletin that comes out around the middle of
December. As you request, however, I am sending you a re
vised copy ior such use as you may care to make of it.
I, pf course, have no objection to your reproducing it in
this form.
».itn kindest personal regards,
bincerely yours,

H. fa. E-ccles,
Chairman.

Enclosure

ET:fc

FOUNDED 1916

THE CONFERENCE BOARD
NATIONAL

INDUSTRIAL

CONFERENCE

BOARD,

INC.

247 PARK AVENUE, NEW YORK CITY
VIRGIL JORDAN
PRESIDENT

November 27, 1944.

Honorable Marriner S. Eccles, Chairman,
Board of Governors of the Federal Reserve System,
Washington 25,
D. C.

Dear Mr. Eccles:
Thanks very much for your promptness in
sending me the revised copy of your speech, which we
do not expect to print until after it appears in the
Federal Reserve Bulletin, probably in a new quarterly
publication which we are planning to issue the first
of next year.
I think our audience recognized the impor
tance of your speech, but 1 am not as sure as you are
that they were all in disagreement «1th your approach.
1 rather imagine that most of them, like myself, were
doubtful that the program would work out as you expect.
Probably a good many of them, like myself, would like
to see a program of that kind work successfully, but
do not believe that it can do so without producing
collateral difficulties which.would be worse for the
country than those which it is designed to remedy.
When 1 was listening to you at the seating
1 had the reminiscent reflection that fifteen years
ago, when I was writing editorials about federal re
serve policy during and after the stock market crash,
I found myself on the other side of the fence in some
of these matters, and used to have long and rather
heated arguments with your predecessor, Mr. Meyer,
about open market policy. At that time I felt that
we needed rather massive doses of open market pur
chases of governments to check credit contraction,

THE CONFERENCE BOARD
247 PARK AVENUE, NEW YORK CITY

(Honorable Marriner S. Eccles —

November 27, 1944 —

Page 2)

and I think I got into the bad graces of a good many
bankers here in Mew York on that occasion. But I
think you would agree that measures of that kind were
a very mild matter for debate as compared with the im
plications of the program outlined in your speech.
That is perhaps why I find myself classified as an
ultra-conservative today in this field of discussion.
However, I am quite sure that the program is going to
be tested on a grand scale, and experience will prob
ably tell whether I was right then or now.
With kindest regards, and best wishes, I am,

Yours cordially,

V:IEB

November 30, 1944*

Dr. Virgil Jordan,
President,
The Conference Board,
¿47 Park Avenue,
New York City.
Dear Dr. Jordan:
While the subject is too extensive to be discussed ade
quately in correspondence, your letter of November 27 prompts me
to say that I am aware of the difficulties, particularly the
political difficulties, of carrying out such a program as I out
lined. However, if I felt that the remedy were worse than the
disease, I would not of course advance these proposals. It is
in the end a question of alternatives, and what I outlined was
the alternative which seemed to me most practical and promising
from my standpoint as a business man and banker.
I agree that even so mild a proposal as the one you
urged fifteen years ago in regard to open market operations seems
and is very minor compared with such a program as I undertook to
discuss. The opposition you encountered then was likewise mild
compared with the hostility which I would expect from a good many
bankers in New York towards my recommendations. If I had ever
been deterred because the bankers were not in agreement, I would
have maintained silence during the past decade. On the other
hand, on the very few occasions when some of these people have
indicated agreement with me, I have been inclined to re-examine
my premises, concluding that I must be wrong. This does not go
for all bankers because there are some who, in my opinion, are
intelligent enough to be aware of what the alternatives are.
fte cannot go back. *«e know that Government budgets are
going to be upwards of #¿5 billions a year in the postwar, that
regardless of what political party is in power, the Government
will assume more not less responsibility for economic conditions
and employment, and that peacetime budgets and their management

Dr. Virgil Jordan

November 30, 1944»

(2 )

will be an increasingly vital factor in economic life. now and
where taxes are imposed, when and where and how the money is
diffused through the economy will be major factors in determining
whether we have good or bad results.
I am no perfectionist, but there is a point at which con
ditions become intolerable under any democratic system, with eco
nomic and political upheaval that is hardly compatible with
”confidence1’. By comparison with conservative thought in England,
Canada and other democracies, my own program hardly seems liberal
enough, though the ultra-conservatives in this country undoubtedly
think it extremely radical. I think the choices before us are
clear and are far from what too many ultra-conservatives, who
seem to think you can turn back the clock, believe tnem to be.
Let me say again, how much I appreciated your courtesy.
I hope I may have an opportunity of seeing you if you have oc
casion to come to Washington, when we can talk of these things
more readily than we can write about them.
with kindest personal regards,
Sincerely yours,

ET:b

Eccles,
Chairman.

Noveiiber 22, 191+U

Mr. Ben Cohen,
General Conns si,
Office of War Mobilization,
The White House,
Washington, D. C.
Dear Ben;
Herewith a copy of my speech that I men
tioned to you at Ed Foleyfs last night. I would
particularly value having your coranentary on it if
you can find the time to look it over*
It covers, of course, a rather compre
hensive range of the transition and subsequent
postwar period as I view it from this distance.
Sincerely yours,

Enclosure

¿5

Ilovamber 22,

Dr. L. B. Currie,
Administrative Assistant,
Bio Wnita House,
Washington, D. C.
Dear Lauch;
Enclosed is a copy of the speech I men
tioned vmon I was talking to you at Ed Foleyrs.
I am making some revisions in it for publication
in the Federal Reserve Bulletin, but no changes
in substance.

opinion,
ments on
possibly
your own

Because, as you know, I value your
I would like to have your candid com
it if you can find time to read it and
drop me an informal line or two as to
reaction.
Sincerely yours,

Enclosure

November 2U, 19i-4U*

Mr. Philip Murray, President,
Congress of Industrial Organizations,
United Mine Workers Building,
Washington, D. C.
Dear Mr. Murray*
I am taking the liberty of enclosing a copy of a talk I
gave in Hew York the other night, in the hope that you might have
an opportunity to look it over and give me the benefit of your view
point in case it differs from ay own approach, particularly as re
gards labor problems in the intermediate period and in the longer
range after the war.
I am most hesitant about Intruding upon your already fully
occupied time, but I feel very strongly, as I am sure you do, that
it is of the utmost importance that national policies be given the
right direction now with the prospect of the end of the war not too
far in the future. While my own participation in policy-making is
largely confined to the banking field, monetary and credit matters
are an essential part of any comprehensive program, nor is it
possible to discuss them without relating them to the economic
picture as a whole.
X know that you feel very deeply the heavy responsibility
that rests upon you in your position of leadership in the labor field,
and for that reason I am less reluctant to ask for your general
opinion of the viewpoint expressed in this talk before a group that
could hardly be considered receptive to the ideas expressed.
With best regards.
Sincerely yours.

M. S. Ecoles,
Chairman.
Enclosure

,BT :b

November 21+* 19^4

Honorable Harold D. Smith,
Director of the Budget,
Washington 2*?» D. C*
Dear Harolds
I am enclosing copy of the talk before the
National Industrial Conference Board in New York
which I mentioned to you over the telephone on yes
terday. I know how little time you have for reading
speeches, but if you have an opportunity to look
this over, I would be particularly interested in
getting your viewpoint in regard to the general ap
proach on the intermediate and long-range problems
after the war.
I am looking forward to seeing you at
luncheon at one o ’clock on next Monday.
Sincerely yours,

Enclosure

November 21+,

Honorable Fred M. Vinson,
Director,
Office of Economic Stabilization,
Washington 25, D. C.
Dear Judge*
I am taking the liberty of enolosing a copy of a
talk I gave in New York the other night in an effort to
outline in more or loss general terms my own views with re
gard to the economic problems we will face in the inter
mediate period and in the longer range after the war. It
was the first chance I had to speak my mind after the silence
enforced upon me during the campaign by Federal Reserve re
strictions on political activity.
Crowded as your time is, I thought possibly you
might have a chance to glance at this or tiiat at least
some of your able assistants might do so and let me know
if I am on the wrong track from your viewpoint.
With best regards,
Sincerely yours,

Enclosure
/

Hovember 2U, 19U**

Honorable Henry A. Wallace,
Washington 25, D. C.
Dear Henry:
You must be weary of all the speech-making that
preceded November seventh, and while I hesitate to inflict
on you the enclosed copy of a talk I gave in Hew York, I
so greatly value your views and general approach that I am
wondering whether in this effort I am generally in accord
with your own approach to the problems of the intermediate
period and longer range after the war.
The general Federal Reserve ban on political
activity kept me in enforced silence during the campaign
and this was the first opportunity I had to outline ray
own viewpoint on the economic issues that lie ahead.
With best regards,
Sincerely yours.

Enclosure

Full text of Marriner S. Eccles Papers : Letter to Marriner S. Eccles, Box 80, Folder 16, Item 3

FRASER