The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
February 3, 1939 f Mr. James ?. Barnett 406 iff. Fourth Street Dayton, Ohio Dear Mr. Barnett: Mr. Secies has asked me to acknowledge and thank you for your letter of January 26 which he read with interest. You ask for the official figures respecting the government's cash position between June 30, 1937 -^nd March 30, 1938, since one of your friends has made a wager with you as to the fact tnat for the period in question the budget was balanced. If you will refer to the enclosed copy of Mr. Eccles' radio address you will see from his language that he was speaking of the cash budget rather than the bookkeeping budget. It is the difference between the Treasury's cash receipts and its cash disbursements which contributes to community purchasing power. The Treasury figures for the period in question are as follows (in millions of dollars): Cash receipts Gash disbursements Excess of receipts Source: 5,501 ^,216 285 Bulletin o*f(^H§^xr§as*u,ry Departa^pat/r^?ani'' 19^7, p^ 7. Mr. Eccles joins me in hopingt^i§b*iypu ^re successful in collecting your wager. http://fraser.stlouisfed.org/ enclosure Federal Reserve Bank of St. Louis Yours sincerj},2fc Lawrence Clayton Assistant to the Chairman
@FedFRASER