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Dear Mr. Eccles: Your press agents, or you yourself, make the news releases about what you say Indicate that either you or they are nothing but a lot of Charlie MeCarty "Mortimers".... . R " How can you-all be so dumb ? til. In the first place — very definitely, we do NOT have an "excess of purcha sing power"... To describe the situation as such is plain stupid. What we have is underproduction and terrific underconsumption... W^at we are finding out is that we can't eat the old dollars. In view of all this — about "expanding" exports ? M exports" why are so many people worrying The other countries don't want our we NEED THEM HERE I Why don't we say — and should be producing for the home front — will import what we need. we are no "exports".. We Doesn't that answer the problem ? Why fight for foreign markets ? Why cry at the same time that we must expand into foreign countries when we haven't anywhere near satisfied our own demands ? If you are a good Chairman of the Federal Reserve Board, you should tell these international bankers and money changers to stop squawking about increasing foreign trade... All they want is their cut — they don't give a darn about the home-folks. IT'S YOUR JOB TO TELL THEM TO BE AMERICANS FIRST L We don't have "excess purchasing power" — consumption — we have desperate underproduction and under- and to tie in with it, foreign countries want to produce t h e i r own p-oods — that i s to t h e i r own good and our own good. Why ram our s t u f f down t h e i r throats when we need it ourselves.... S r f ^ ^ ^ J ^ . Where under the sun did a l l the Washington "Mortimers" come from 1 Thev don't even have horse sense I Or does the Chairman of the Reserve Board get his "cut", t o o . . . . You know, you are supoosed to be p r o t e c t i n g "U.S. economy"• just in case you have f o r g o t t e n 1 H.M.Gruner Ridge Rd. & Walnut Lane Holly Oak, Delaware P.S. .... For the, b e n e f i t of your Committee — by a l l means give England a loan\ i f she needs i t , but f o r heavens sake, don't \tie her down by asking her to take mmrnrn ANY of our production so badly needed here I \ This article is protected by copyright and has been removed. The citation for the original is: Bryant, W. C. “Eccles, Urging British Loan, Says It Will Involve Financial Sacrifice.” Wall Street Journal, March 9, 1946, p. 2.
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