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Dr* Edgar Dehn T5 Hart Avenue Yonkers, 1UY* March 11, 1945 Marriner S# lecles, chairman Federal Reserve Beard V/ashingt on, D.C* Sirs Permit me t® pretest vigorously against your reported intention t® eliminate leans en equities altogether. If we are in a mess, it was "planned tliat way11 in Washington. And if yen donft like the consequences of having pushed us around, you think that a remedy can always fee found in pushing us around some more? You cannot t«mper with my inalienable right to borrow on my property, you hare the right to regulate Twit not to oppress. It is difficult to write a polite letter when one's blood boils, But let me say with all emphasis I can muster that we9 the people, are getting sick and tired of being pushed around, that our patience is at the breaking point. I am not a speculator, but an investor. While I hare a debit balance against my account, I meant to cover it by selling my house. Due to the mess caused by this administration, and in spite of your vision of real estate profits, I am unable to sell my house without a loss. What do you think will happen to me now if you put the noose around my neck? Respectfully, March 19, 1945. Dr. Edgar Dehn, 75 Hart Avenue, Yonkers, New York. Dear Dr. Dehn: This is to acknowledge your letter of March 11. I am venturing to enclose a copy of a statement explaining why 1 propose a special wartime capital ¿ains tax. from this you will note that your blood pressure is unnecessarily elevated so far at least as this proposal is concerned. Y->u appear to be the exception that proves the rule so far as real estate profits go, for the evidence is irrefutable that generally speaking the values of urban real estate are from 33—1/3 to 50 per cent above the 1940 level. I have not proposed "to eliminate loans on equities altogether", as you will see from py statement. I trust that you will have an opportunity to read it carefully and that your blood pressure will come down accordingly. Sincerely yours, M.fe;ftccles, Chairman. Enclosure ET:b
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