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UNIVERSITY OF MICHIGAN ANN ARBOR DEPARTM ENT O F EC O N O M IC S December 8, 1940 Marriner S. Eccles, Chairman Board of Governors of the Federal Reserve System Wàshington, D.C. Dear Sir: I read with great interest a dispatch in the New York Times of December 5 regarding a proposal for a monetary program. It is indeed to be regretted that a garbled version of your re marks reached the public, but the thirteen point summary subsequently issued contains so many excellent suggestions that it is to be hoped that most serious consideration will be given to what you actually said. I would like very much to obtain a copy of your address. The Times summary is so brief that one has diffidulty in understanding the content of your pro ¿-osai. My interest is that of a person con cerned with monetary policy from an academic point of view. I believe that your statement offers a most reasonable program of monetary action in relation to the problem of national defense, at least as I understand the progrram from the brief newspaper summary. In my opinion all too little attention has been given to monetary policy in the national defense program. The appearance of your thirteen point program caught my attention, and I trust that these matters will be given the serious consideration that they deserve. Sincerely yours, Edward C. Simmons Assistant-Professor of Economics December 11, 1940. Mr. Edward C. Simmons, Assistant-Professor of Economics, University of Michigan, Ann Arbor, Michigan. My dear Professor Simmons: In accordance with the request in your letter of December 8, I take pleasure in enclosing a copy of the talk I gave before the National Industrial Conference Board. The press summary, to which you refer, was on the whole correct, but such a summary fails to bring out the general background against which various proposals were made. I trust that the text of what was actually said will be of interest to you. Sincerely yours, M. S. Eccles, Chairman. enclosure !T :b
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