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H. C. H o w e l l s




5, D. C.

NATIONAL 2 4 2 5

January 30, 1951

Governor Marrlner S. Eocles
Federal Reserve Building
Washington 25, D. C.
Dear Marriner:
I find myself again impelled to
write you a note of thanks, this time for a
copy of your!,Statenient Before the Joint Committee on the Economic Report".
I t f s a trenchant, understanding
piece of writing, which nevertheless on one
reading leaves me slightly confused. I plan
to study the article more closely to the end
that everything in i t possible for me to under
stand w i l l be understood and the remainder
reduced to a layman's questions.
I t e r r i b l y regret the forces that
compel your leaving Washington. Perhaps in
the coming months a requirement f o r your presence w i l l be recreated and yoti w i l l return to
Washington triumphantly. At least, that is my
mpst earnest wish.

February 7, 1951

Dear Harrys
I appreciated receiving your letter of January 30 and
also your calling me the other day, I am sorry I haven't had time
to reply to your letter sooner or to talk to you on the phone.
I t was thoughtful of you to write me relative to my
statement before the Joint Committee on the Economic Report in its
hearings on the Presidents Economic Program, I am glad you read
i t and think i t a good statement. Perhaps the next time we get
together we can discuss the points you don't fully understand.
In view of the controversy which has been raised between
the Treasury and the Federal Reserve over means of restraining the
inflationary expansion of credit, I think you w i l l be interested in
seeing the enclosed statement by the Department of Economics of the
University of Chicago, I t is the best and clearest exposition that
I have seen on the subject. The economists who sign i t are completely objective in their approach. They are not influenced by
partisan or political considerations or by special interests. This
issue, next to defense, is the most critical one facing the country—
namely, the issue of stopping the credit inflation which has already
reached dangerous proportions and is going on unchecked.
The Washington Star had a very excellent editorial on the
matter in today's issue and in case you have not had a chance to see
i t I am enclosing a copy. I think you w i l l find i t very interesting.
With warm personal regards,
Sincerely yours,

M. S. Sccles.

Mr. Barry C. Howells,
Suite 808, Hibbs building,
Washington, D. C.