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FIRST STATE BANK OF SAUK CENTRE S A U K C E N T R E , M I N N E S O T A December 1 , 1947 BEN DUBOIS, PRESIDENT L. L. K E L L S , V I C E PRESIDENT PAT D U B O I S , V I C E F. 5 . H. COOPER, M. HEDIN, DAVID PRESIDENT CASHIER ASST. DUBOIS, CASHIER ASST. CASHIER Hon* M a r r i n e r S. E c c l e s , Chairman Board of Governors F e d e r a l Reserve System Washington, D^ C. Dear M r . Chairmen : ^ I t would seem t h a t the banking f r a t e r n i t y d o e s n ' t agree w i t h y o u r economic p r o p o s a l s t h a t a r e aimed a t h o l d i n g i n f l a t i o n i n line. I have a f e e l i n g t h a t your suggestions a r e l o g i c a l and needed i f we a r e g o i n g t o save ourselves from a b u s t i n t h e near future. Due t o t h e f o r c e s o f c o m p e t i t i o n , business v o l u n t a r i l y cannot restrain itself. We d o n f t l i k e t o be r e g u l a t e d , o f course, b u t i t We went w o u l d seem i n these times t h a t r e g u l a t i o n i s e s s e n t i a l . t h r o u g h t h e war w i t h our economy p r e t t y w e l l i n balance b u t s i n c e t h e n we have r a i s e d hob. The s i t u a t i o n i s becoming s e r i o u s , indeed. We know b e t t e r than we do — we a r e n o t g o i n g t o do many o f t h e t h i n g s t h a t s h o u l d be done t o keep business on a l e v e l k e e l . Perhaps Congress w i l l pass enough r e s t r a i n i n g l e g i s l a t i o n t o save us from o u r s e l v e s b u t i t l o o k s dubious. it I admire t h e courageous way i n which you s t a t e d your o p i n i o n s — i s e v i d e n t t h a t you have$5ressed t h e Committees. Ben DuBois President BD:A December .5, 1947*^ Dear Ben: Your c h a r a c t e r i s t i c l e t t e r appreciated. Naturally I o f December 1 i s am g l a d t o have y o u r generous comments and y o u r p h i l o s o p h i c r e f l e c t i o n s w h i c h c o i n c i d e so c l o s e l y v d t h my own. frith best regards, Sincerely M r . Ben D u B o i s , P r e s i d e n t , F i r s t S t a t e r»ank o f Sauk C e n t r e , Sauk C e n t r e , M i n n e s o t a . ET:b yours,
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