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^ ^ M ^ t ^ t f d¡jt< ¿L 1 ^ ^ ^ ^ .ÀzKinjfs fCtkJbr c u . ^ ^ ^ ^ C á n / b ^ L ^ € -çoUC ^ ^ c t i ^L^t^M fe j -t! o ^ t & L ' J&t/fe* ^ tKñ&tplCj A V . . . ^ ^ ¿-br^A í m I Í a , . # J t a J ^ û - i ^ t ^ J j L ^ - ^ ^ U cu^J s t ^ x j J j y® tA4 x l c * y / 7 * f X J L j j u Ö-lLtJh ^ L ^ J yffi-U. ¿L*J> / Z&á^yíéL,,-. - ^ u l A ^ ¿I-Cu O ¿ó. oqjo #1/ Ä6? ë^Lt^f^ i Dx^Jí ¿Lcci^Q-ç ¿jf Àurùtfl "tiu. rf ? U ¿Jhi&ujJ^ju^tíl ¿ u . i. -M Yrv [ty^-j/í^cjL *_% r T r í c l J , V ^ te/*g i ^ — — . cruj o~f TLU ^ tóuaJUJ^ d^c-a -tfó, i47 tí Om^-CAM dit ét. ^ A c d „ x -fc^ „-ix/ Tc^Ui ¿L&ïkà CU* d J K^'tyÚ ^ —M ^ ¿JU+ // f : . J ^ ^W ^ v / y ^ vfiU^x ^ ¿Uru^c JL. ^ ^ * ¿L** jl -/V On TAJ* TuXy^k 'i á < (^MéU^^a - ^ X À j J . _ y Z _ .lUiJ/. i f ^ p . ^ ¿O P+^Jk - -V ÀJjutc ^rTJou gfyiiTrnaii'fe Ü Ü & & •too* 25 April 20, 19U5Mr. John U. Bergquist, 3J4O Water Street, Skowhegan, Maine. Dear Mr. Bergquist: Barely have I read or received a letter so full of misunderstanding as yours of April 17* It would take a lengthy conversation to furnish you with sufficient comprehension to judge fairly of the matters on which you pronounce such final judgments. Let me see if I can correct a few of the more glaring of your mistakes. First of all, I have never made the statement which you attribute to me about speculation and inflation being good for the country. Therefore, I have not changed my tune. Both inflation and deflation are destructive, and I have done all in my limited power to suggest ways and means of a practical nature to avoid both extremes. And I have consistently been at this task now for a good many years. I do not want to stagnate the real estate and stock markets. I would like to eliminate the speculator who contributes nothing to production, but does contribute enormously to instability. You evidently have not the slightest conception of wnat ray proposal was and, accordingly, I enclose a copy of an explanatory statement in case you care to examine it as a matter of simple fairness. I am also enclosing copies of two statements which will indicate to you that some effort has been made on ray part to ascertain and discuss publicly the causes of inflation. I am not interested in personal publicity and do not advertize such recommendations as I have made over the years to those in positions of responsibility. It would be an inpropriety to do so in the first place. But, at all odds, you are entirely in error in supposing that I have failed to object to measures and policies that I considered contrary to the national interest. ^ ' You are equally misinformed about the banks. There is nothing to prevent their making commercial loans. Government bonds are not forced upon them. The service charges of which you complain were not originated by any Government authority or agency, but originated entirely with the private banks themselves. Mr. John U. Bergquist - (2) April 20, 1 I am at a loss to find words adequate to characterise your description of what you think the Federal Reserve System is or should be and your suggestion that it should oppose the financing of the war. You say you are for winning the war, but almost every recommendation you make would effectively prevent it. Finally, there is nothing in any law or Executive Order which confers upon me the authority to make decisions for the War Labor Board. Very truly yours, M. S. Iccles, Chairman. Enclosures 3: Capital gains statement; Radio addresses of June 2U, and April 1U, 19U3- 19h2
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