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SNVDER,
WILSON
iJizuziimznt
„
OSCAR
PRODUCE
8c C O .
Sxoksx*.
EXCHANGE B L D O . , 4 I O
MADISON
R . FOSTER
MEMBERS
AVE.
NEW YORK STOCK EXCHANOE
ASSO. NEW YORK CURB MARKET
TOLEDO 4 , OHIO
HERBERT E . Y O U N G
R O B E R T A . FOSTER
WOODWARD C . GARDINER
CHICAGO BOARD OF TRADE
TELEPHONE ADAMS 4151
March 19, 1945
Mr« M* 3* Hccles, Chairman
Board of governors
Federal r e s e r v e System
Washington, D* 6*
Hear Mr* E c c l e s :
I have your l e t t e r of l a r c h 14th i n answer t o my l e t t e r
t o Senator i f obey: a l s o a copy of your informative statement t o
the p r e s s .
I'he answers which you gave i n r e p l y t o t h e Senate Committee r e l a t e d t o f u t u r e a c t i o n s which only Congress migfct ta&e;
whereas your reply t o questions concerning increased margin re~
(juirements i n t i m a t i n g such requirements might be r a i s e d t o 100^
r e l a t e d t o a c t i o n within the j u r i s d i c t i o n of your own Board and
has nothing t o do with p r i c e s of r e a l e s t a t e , homes, e t c .
Since my l e t t e r of march 10th, i have made i t a p o i n t
to read the o f f i c i a l Washington r e a c t i o n s t o your p r o p o s a l s .
MOT the purpose of sending them to you as a matter of reading
i n t e r e s t only, i had cut four a r t i c l e s from our l o c a l Blade of
the same date as your p r o p o s a l s , i am dissuaded now from doing
so as l am convinced as you must be t h a t o f f i c i a l Washington
does not want i«hat you s u g g e s t .
1 s t Washington has a 400 b i l l i o n d o l l a r war to pay f o r
2nd xhey want s i x t y m i l l i o n jobs
3rd fhey d o n ' t want an economic l e t down following
the collapse of Germany
4th 'jfhe t r e a s u r y didn*t propose your proposals
i i e f e r r i n g b&ck t o item 1—when, as and i f t h i s war i s
ever paid f o r i t ¥¿11 only be paid by i n f l a t i o n a r y p r o c e s s e s
I j u s t as a r e now being planned!; s u p e r f i c i a l l y h i $ i n a t i o n a l i n come; p l e n t i f u l supply of money; and a probable i n c r e a s e i n the
p r i c e of gold, ihe balanced budget ^ i c h you r e f e r t o i n
Paragraph 6 , you or i w i l l never see i n our l i f e time and I
doubt i f i n the l i f e time of my 19 year old son { now i n the
South p a c i f i c } . I n f a c t ^aen t h a t son r e t u r n s he w i l l shoulder
a p r o p o r t i o n a t e debt of seven 1$ e i g h t thousand d o l l a r s a s
w i l l each SI r e t u r n i n g .
-2-
Mr. Socles
March 19f 1945
B e f e r r i n g t o your raragraph h
i f Congress throu^t t h e u l B i l l of
Eights encouraged the &X hope to ^something more than a mirage*,
then the Administration and those s e l e c t e d t o carry out the
n a t i o n a l p o l i c y have not been of the same mind* Accordingly
Americans a r e s t r i c t l y Amer icans<—they p r o t e c t themselves^-and X
o a n r t help but add &od b l e s s ' e m — t h a t ' s what makes fem Americans^be i t C a p i t a l p r o t e c t i o n , merman b u l l e t s , or ¿ a p s .
From t h e standpoint of our business and t h a t probably
i s of most i n t e r e s t t o you, our debit balances are sioall and i t i s
not the d i s p o s i t i o n of the p u b l i c to over buy.
¿hanging you f o r your l e t t e r .
Yours very t r u l y ,
SNYDERf WIL30H & 00.
@FedFRASER