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February 7, 1951. Dear Senator McMarion: In view of the controversy which has been raised between the Treasury and the Federal Heserve over means of restraining the inflationary expansion of credit, I thinlc you will be interested in seeing the enclosed statement by the Department of Economics of the University of Chicago* It is the best and clearest exposition ttmt I have seen on the subject. The economists who sign it vare 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 tho credit inflation which has already reached dangerous proportions and is going on unchecked, I earnestly hope because of your responsibilities in Congress you will find time to read this statement. Respectfully and sincerely, M. s. Secies. Hon. Brien McMahon, United States Senate, Washington, D, C,
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