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C . W. H A Z E L E T T F IF TY -O N E EAST F O R T Y -S E C O N D S TR E E T N E W YORK N o v e m b e r 20, 1939. H o n o r a b l e M a r r i n e r S. Eccles, F e d e r a l R e s e r v e Bank, Washington, D.C. My dear Mr. E c c l e s :- I do not k n o w w h e t h e r y o u t o o k the time to read the p a m p h l e t w h i c h I gave y o u o n t!I n c e n tive Taxation". It offers, in w h a t I b e l i e v e is a m u c h m o r e p o p u l a r way, a m e t h o d of a c h i e v i n g what y o u propose. It tends to c o m p e l p r i v a t e spen d i n g of s u b s t a n t i a l amounts o f money, instead of the G o v e r n m e n t taking the same and spending it. As I see it, w h e n the i n d i v i d u a l spends his money, he gets something he w a n t s and puts m e n to w o r k at the s a m e time. B u t it is too d i f ficu l t to sell h i m the idea of l etting the G o v e r n m e n t s p e n d the m o n e y for him. I was m u c h p l e a s e d to see y o u r emphasis on taxing corpo r a t e surpluses if not u s e d . I am sure this is a vit a l step i n the rig h t direction. Y o u r s sincerely, November ¿1, 1939* Mr. C. w. Hazelett, 51 last /¿¿d Street, New York City. Dear Mr. Hazelett: a s Chairman Eccles is temporarily absent in the west on a belated brief vacation, I wish to acknowl edge receipt of your letter of November 20. The Chairman was, I know, interested in your approach and your suggestions in regard to what you call incentive taxation. It seems to me that it is directed to the same objective he has in mind. Sincerely yours, Elliott Thurston, Special assistant to the Chairman. ET:b
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