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cor* Business end Financial Consultant Kibernie Bank Building; Orleans 12, U.S.A. March 6th, 1346. Deer Martha* Pardon rre for not returning to you the attached file on the subject of the British loan* I wish I could make some helpful suggestions to you but you really have such a dlsar and complete under standing of the problem that there is l i t t l e I could add. There is no doubt that England will always be © keen competitor of ours in world trade but she is also our best customer and without a strong British ifeipir© to stand with us the world will not be very safe for democracy* Far from being a gift I look upon the granting of this loan as an act of intelligent self-interest on our part end that opinion is undoubtedly shared by an overwhelming percentage of our business leaders. I hope you will keep up the gsod work in supporting those who favor making the loan* Cordially, (signed) Rudolf S* Hacht, GLI^N 2G imduboa Piece, MM Orleans 1% La* Iteca 14, Mem Allen J# , Senate Office Building, Washington, £>• C» % dear Senator ^lenders In answer to your l e t t e r of February 23, 194&. ^ the s t a t i s t i c s ti»t you quoted in your speech before Congress, a l l that you say of our national deirt i s trua, but t h i s i s an internal de%t, not • foral©* dewt* •• our® this money to ourselves, not to other nation*. If w keep up a high level of production with a consequent high level of employment J if we can sell our manufactured goods end our surplus fern products abroad; in other words, i f we can maintain a high national income, w© do not huve to worry about our Internal debts i t will take cars of itself* I'm no economist - don't take m word for t h i s . Ask Merrinor iieeles and see i f he does not substantiate it* But if wo cennot soil our manufactured goods and our surplus farm products, we will navy meBufecturera md farmers going broke and thousands of trasmployed* Then wa will hav© to worry e greet deal about our internal debt, bctceuae we will be in smother dopreeeion* Tha only way wa oen avoid a felling nations! income i s by an expanded world tra&a* The only way w© can ©xpsnd our world trade i s to htsve trada barriers done away with* Britain and her Dominions centre! trade in about one-third of th© world's eras* Under the terms of the proposod British Loan, Britain agrees to ©bandon ^i3sapir© praf» arenoe, modify cartel practices, and relax control of dollars in the nations of the sterling bloc. I submitted t&e exoerpt from the racord yon eent ms to an authority on international finance* this i s vahot ha says; fl I do not s@© whut real bearing tae Senatorv a S-JPOO: n?ntQ have on the question of the advisability of making the loan t o Britain* To be sure our debt ie extremely heavy but i t i s not lurtful to oar economy because i t i e almost exclusively a domestic debt. **The proposed credit to Britain ia no gift* It will add no burden to the Aasriean taxpayer* I t will pay interest, except under most unusual conditions* I t will stabilize currencies and stioulate Internetional trade. I t will proaote American foreign trade, create more jobs and sugaont our incoms* I t will not really take money out of this country but will stiirnslet@ jiiaerieen exports to raeny narKet© which ara end will remain eloaati to us aa the buyers in tha so-celled 'sterling area* o«n only get goods in l&iglend because they heve no 'dollars 1 bit only 'sterling 1 * . '*lt i s important to a i r farmers as well as our raanufacturere to &©ep the world's markets open for iiinerioen goods beoauaaraemytimes in the past the approximate 100 of our production idiieh went for export has meant the difference bet?/een prosperity and depression in t h i s country, while at the moment we can s e l l hvm at ham practically everytjdng we make, thle condition will not lest for a l l tirae. . , A, rt "1% Is definitely good bunlness for us to make the proposed loan*" -2Senator Allen J# blender March 14 You wouldn't eoneidor a banker very astute if his vaults w«r© full of money and he did not Is ad i t out et interest to finance the production of mora real wealth, ioomoaists consider world prosperity indiviaeblo* If we, th© greet Creditor nation, to whom ©11 countries ow© money, are to expect debt payment, ws will have to keep these countries going concerns so they oen export to us th§ goods for whioh ©lone they can obtain dollar credits to pay ue« I think the figures you have compiled and presented to th© Senate* VWQ interesting, but I contand, Sir, that you ore arguing from a t&lm prondse* You conclude that bsoausa we have © large per ospits internal debt, we must not venture sny money es loans to other nations whan your figures would prove have sra&Uer per oapite national debts* But your figures do not specify as to whether those national debts are inttrnsl or foroi^Ei* We know our debt i s intsr!ial« As most nations ©re indebted to us to greater or less axtent, i t would be logical to conclude that a considerable pert of their dabt | i f o r a i ^ and osed to us» The question resolves i t s e l f Into whether or not we will help them to pay usj into whether we would not be wifcer to risk some money to mal© more. I am afraid you ere not seeing ths fbreste for the trees* I do not suppose that any argument I advance will convince you but I do eppreciato your being willing to give consideration to ay views end the courtesy you have shown s»# This whole thing is biggor then dollars &nd cents* ;Jenetor x&lender, i t i s a gambl® for the continuation of our civilisation whioh another war will deatroy. I not only advocate this loon to Briteia in our oun interest, but I thlnls it would be to our intercut to help Frcuaoe and Hussi©, If i t i s essential to recovery of their econ'mio wall being, ovar end above the ©id «hich they can secure froa the International Bank and Fund provided ffcr in the Britton vVoods Agreements. As 1 write to you, I have in mind those* lines from Luke 12*48 - "J*br unto whomsoever saich is givan, of hiia shell be much • ©quired.** fJuoh has been given us, Senator allendar, mush i s required of us. Not us you aey in closing your remarks before the Senate, for "tho United States Crovernrasnt to l e t the world et large kaow that w© are no longer playing Snnte Glaus,** but to let the «orld Know that we will assume our responsibility for moral leadership end will try to play Savior. Sincerely, Martha G, Robinson, President. '. , LOUISIANA LEAGUE OF WOMEM VOTERS Affiliated with the National League of Women Voters 26 Audubon Place New Orleans 15, La. March 14, 1946. Members cf the Louieiana Congressional Delegation. My dear Congressman: The mernbers of the Louisiana League of >voiaen Voters would appreciate hearing from you as to your stand on the proposed British Loan, The League of Women Voters is advocating this loan as part of the program for expanded world trade, I enclose copy of a l e t t e r sent me by Mr, H. S, Hecht whom I consulted in this matter to EBke sure that my understanding was based on sound economics, Mr, Hecht i s a recognized authority on international finance and I feel sure you will appreciate the soundness of his views, I also enclose copy of a l e t t e r I am sending Senator KLlender with whom I heve had an extended correspondence on the subject• Trusting that I will hear from you shortly, and asking that you give this matter most serious consideration, I am Sincerely, Martha G-, Robinson, President, Louisiana League of Women Voters. Kncls. LOUISIANA LEAGUE OF WOMEM VOTERS Affiliated with the National League of Women Voters 2t . ^lsce New 0 r l e a n s I3 , La, .•ah 2u, 1346, . . rri v ^ccles, L/irsctor, Federal Reserve Bank, , D« 0. I am teiang the liberty of pending.you 'co:jy pf a l i t t e r sent to the L Lonal d e l e f t i , 9 si l e t t e r fr . .-. - .eht on the ni^tiej - .ritish L I used your name in yrritlng I heard you spe: ; rioaji Assoc^ai '. -ankers here ii. rleans when we were jus-t •emerging from the depres;, and I v a i l never forget the impression of ability and sincerity that you made i- • „ 1 could ndvence c uld make the J"u . from Louisiana a the errors 3f his e ' . .. cerely, resident, Louisiana Leaaz< Bncl* April 1, Miss Martha G. Robinson, President, Louisiana League of Women Voters, 26 Audubon Place, Hew Orleans 15, Louisiana. Dear Miss Robinson: On behalf of Chairman Bcoles who is out of the city for a few days, I wish to acknowledge your letter of March 26 enclosing copies of letters to members of the Louisiana Congressional delegation and to Senator Sllender, as well as one from Mr. Hecht. I know Mr. Eccles will be interested to see this correspondence and will appreciate your courtesy in sending it to him. It should be helpful in accomplishing this very necessary purpose. Sincerely yours, Elliott fhurston, Assistant to the Chairman. ET:b April U, 19*46. Miss Martha G. Robinson, President, Louisiana League of Women Voters, 26 Audubon Place, New Orleans 15, Louisiana. Dear Miss Robinson: On my return from a short visit in the West, I found your letter of March 28 in regard to the British loan. It occurred to ae that you might be interested in seeing a copy of a memorandum -which I sent to Senator Murdock on the same speech by Senator Ellender to which you rightly took exception. Accordingly, I am enclosing a copy of the memorandum. I appreciated seeing the letters you sent to members of the Louisiana Congressional dele* gation and to Senator Ellender, and also the one from Mr* Hecht. May I add that I am gratified that you have such kindly memories of the speech I gave at the ABA Convention in Hew Orleans a decade ago. Sincerely yours, M. S. Eccles, Chairman. LOUISIAMA EAGUE OF WOM :M VOT RS 1 Affiliated with the National League of Women Voters 2b Audubon Place New Orleans 15, La, April 13, 1946. Mr# ivlarriner S. Secies, Chairman, rd of Governors, Federal Reserve System, Washington, D« C. My dear Mr* Secies: I thank you greatly for your l e t t e r of April /fih, enclosing a copy of the memorandum which you sent t o Senator Murdock, and which I hope was published in the Congressional Record* I w i l l %i , uide publicity as possible* , . . )inson, - "esident.
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