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H. C. H o w e l l s SUITE 8 O 8 HIBBS BUILDING WASHINGTON 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 m slightly confused. I plan e to study the article more closely to the end that everything in i t possible for m to under e 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 m the other day, I a sorry I haven't had time e m to reply to your letter sooner or to talk to you on the phone. I t was thoughtful of you to write m relative to m e y statement before the Joint Committee on the Economic Report in its hearings on the Presidents Economic Program, I a glad you read m i t and think i t a good statement. Perhaps the next time w get e together w can discuss the points you don't fully understand. e 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 a enclosing a copy. I think you w i l l find i t very interesting. m With warm personal regards, Sincerely yours, M. S. Sccles. Mr. Barry C. Howells, Suite 808, Hibbs building, Washington, D. C.