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R. W.


116 J O H N


March 24, 1939
Dear M r . Eccles,
You will not remember me but I was one of the surety
men with whom you talked in San Francisco when Six Companies
Inc. was being formed. Naturally I have followed your public
life since then with considerable interest.
May I now applaud your statement to the Silver Committee
and your letter in January to Senator Byrd? You alone, even
in the Administration, seem to have the courage of plain speech.
Certain things must be said and any attempt to say them politely or diplomatically is immediately misconstrued by headline
writers and readers. Courtesy seems to defeat its own purpose.
This economy and budget balancing talk is sheer emotionalism. It must be met head-on. The Republican campaign of
1936 broke down completely because it was impossible to make
a coherent statement of that so-called point of view. I am
satisfied you can get the same results now and in 194-0 •
Any rational person knows that what business we have
will collapse if government spending is stopped. There is
no large field for the productive investment of private capital.
V?hy pretend there is? Taxes must be increased. Ylhy talk of
reduction? Business confidence is a myth. The word business
men must learn is not cooperation nor appeasement but submission. Let's say so and stop trying to sugar coat the pill.
It is suggested that you consider resigning. I hope
you will not do so although I appreciate that you may be disgusted with newspapers and Congressmen. I think it is your
duty to stay in there and pitch•
You are my candidate for President in 194-0- When the
time is ripe, I want to do my small part to promote that
candidacy* Please let me know when and how I can help.
VQ-QT»C! Tromr frml v

Honorable Marriner S . Eccles
Federal Reserve Building,
Washington, D.C.

March 31, 1939-

Dear Mr* Stewart:
Your letter of March 2U, recalling that
you were one of the surety representatives with whom
I met when Six Companies Inc. was being formed in
San Francisco and commenting upon my recent statements, is very much appreciated*
I am glad to have your flattering references to my views and your encouragement, even though
you carry it to a preposterous conclusion. Nevertheless,
I wanted you to know that I appreciated your interest
and your thoughtfulness in writing to me.
Sincerely yours,

M . S # Eccles,

Mr. R . Vv. Stewart,
116 John Street,
New York City.


-•fv^jved in
MAR 2 5 1933
..serve System