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tfOMMJ^SIONER
OF
WCJR N E W
BELL, LOMBARD 41D7
DEEDS
K E Y S T O N E , MAIN
JERSEY
4563
EMANUEL KLINE
REALTOR - INSURANCE • NOTARY PUBLIC
2 5 5 S O U T H 5TH STREET
PHILADELPHIA,
PA.
July 25, 1939
Hon. Mariner Eccles
Chairman df Federal Reserve Bank
Washington, D. C.
My dear Mr. Eccles:
I am enclosing herewith a copy of l e t t e r which I sent t o
the Hon. James*N. Meade, IT. S. Senator, from New York, and which
speaks for i t s e l f . I t r u s t you w i l l take an i n t e r e s t in t h e matter
as i t i s very important, from what I observe from business conditions,
and i s in my estimation one of the g r e a t e s t stumbling blocks t o
continued p r o s p e r i t y .
^^
j
*
I belong t o mere than twenty organizations, and I know the
consensus of t h e average businessman *s opinion. We w i l l , t h e r e f o r e , appreciate your kind cooperation; ttfaniTyfeu.
^
Very t r ^ l y y o u r s ^
ENC.
{
EMANUEL KLINE
Representing Equity Tent and Hive of The Maccabees of Detroit, Michigan, America's Strongest Fraternal Life Insurance Company.
July 24th,
1931 ,
Hon* James K* Meade
U. 8* Senator
Washington, D* C#
Dear SenatorsX vent to congratulate you on the remarkable work you are
doing, particularly as a "rookie*, a new Senator* I have read a purported
brief of your pending act to assist small and middle-class businessmen
t o procure credit* Such a Bill i s sorely needed* In my estimation, your
Bill would increase business
tremendously* The banks have virtually
stopped functioning since f33*
No arerage businessman, no matter how good, honorable and
responsible he had proved himsdlf to bef can get credit in any bank unless
he pledges $10,000*00 for every $5,000.00 he wishes t o borrow, despite the
fact that the bank reports show huge and greater cluttered balances in
banks than 9 ever before* The foolish large reserve requirement was "the
f i r s t stone * that affected business credits*
We must have a new arrangement, like a Federal Credit Union
o u t f i t , under the leadership of a person like Harry Hopkins, Leon
Henderson, Tern Amlie, or someone at least in sympathy with the ?underdog»*
I t was a foolish gesture of Congress, in vy estimation, t o give the
Hon* Jesse Jones, that ultra-conservative banker, charge of the new
reorganization leaning agencies«
I can prove and I am expecting a c a l l for a chance, as well
as a large number of local businessmen nho can show Congress facts that
svery loan, unless for a bankrupt railroad, the Union Indemnity of La*,
"Black Maria", Charlie Dwes, or other bankers, are usually sabotaged
and must run the gamut of a fierce opposition* I t virtually ta^es *
chizel, a jimmy, crow bar, etc* t o even get an application considered*
I got 0 H X solitary lean through for one of my clients, a f t e r a two
year battle and now have *Bie Battle of the Ages* for an application
pending for about two years* Hon* Jesse Jones and a l l his outfit of
bankers, many of them ex-officers firom defunct banks who could not even
make good in t h e i r own banks but A o are good sabotuers to keep "small
fry* away from pnited States R* F* C* assistance make every Imaginable
excuse to thwart borrowers*
I have been President of a Credit Tfoion for over five years,
within which time we lost less than $60«00 and expect to collect about
I I 15j£ of that* That shows the average American businessman i s honest
and on the level*
I am sending a copy of t h i s l e t t e r t o the Honftrable Jesse
Jones which will prove that I am frank, and honest and sincere and that
I can prove a l l that I have hrein stated*
Tory truly yours,
EMANUEL KUHB
@FedFRASER