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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