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THE PLAZA BANK OF ST. LOUIS TWELVE THIRTY OLJVE S T R E E T SAINT LOUIS F. R.VONWINDEGGER PRESIDENT December 3 , 1947 Dear M r . Eccles5 Once a g a i n , t h i s time i n your statement b e f o r e t h e J o i n t Committee o f t h e Congress on t h e Economic Report, you have made us f e e l t h a t a t l e a s t we have one man i n a c r i t i c a l spot who has the knowledge, t h e v i s i o n , and the courage t o know and t o say what needs saying so badly* I must acknowledge I have been exceedingly f e a r f u l o f the close p a r a l l e l between our p o l i c i e s now and those t h a t were employed a f t e r t h e F i r s t World War, which brought on tha depression o f 1929* Unless something d r a s t i c i s done a t once, the w o r l d w i l l tumble down around our ears. I f e a r t h a t the w o r l d cannot a f f o r d t o have America s u f f e r another depression. What shocks me more than anything else i s t h e way my f e l l o w bankers prove t h a t t h e y have l e a r n e d n o t h i n g and a r e d e l i b e r a t e l y supporting p o l i c i e s which w i l l make i t so i n e v i t a b l e and so easy f o r the communists t o s a y , n I t o l d you so. 11 Thanks again f o r the enc Honorable M a r r i n e r S* Eccles Chairman, Board o f Governors Federal Reserve System Washington, D. C . P . 3 . Could we have about a dozen more copies o f your p r i n t e d statement? F . R« van W< December 1 5 , 1947* M r . F . R. von toindegger, P r e s i d e n t , The P l a z a Bank o f S t . L o u i s , Twelve T h i r t y O l i v e S t r e e t , Saint Louis, Missouri. Dear Mr. von Iftindegger: I r e g r e t t h a t because o f t h e pressure upon me f o r r e p e a t e d appearances b e f o r e C o n g r e s s i o n a l Committees I have been unable t o acknowledge sooner t h e r e c e i p t o f y o u r v e r y g r a t i f y i n g l e t t e r o f December 3> 1947 i n r e g a r d t o my s t a t e ment b e f o r e t h e J o i n t Committee o f t h e Congress dn t h e E c onomic Report* I am g l a d t o send you under separate c o v e r , i n accordance w i t h y o u r r e q u e s t , a dozen copies o f my s t a t e ment. I hope t h a t you w i l l be a b l e t o persuade o t h e r s i n t e r e s t e d i n t h e problem t o read t h i s statement because I b e l i e v e t h a t , whatever may be t h e outcome, we w i l l a l l benef i t by w i d e - s p r e a d s t u d y and d i s c u s s i o n o f t h e problem. Sincerely yours, M. CM: am Eccles, Chairman.
@FedFRASER