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JAMES E. MURRAY* MONT., CHAIRMAN ALLEN J. ELI 1)*1DER, LA; ARTHUR CAPPER, KANS. JAMES M . M k " o , N* Y. GEORGE A. WILSON. IOWA TOM STEWART, TENN. KENNETH S. WHERRY, NEBR. CLAUDE PEPPER, FLA. C. DOUGLASS BUCK, DEL. BRIEN MCMAHON, CONN. THOMAS C. HART, CONN. GLEN H. TAYLOR. IDAHO *3ICm£e& ^lale* Jbenaie DEWEY ANDERSON, EXECUTIVE SECRETARY Special Committee to Study Problems of American Small Business December 3, 1945 Mr. Karriner S. Eccles, Chairman Board of Governors federal Reserve System Washington, D* C. Dear Mr. Eccles: This i s in confirmation of the telephone conversation which Mr. IIcBreen of the Senate Small Business Committee s t a f f h?d ^ith you last weeI: regarding your appearance "before the Committee to t e s t i f y on price control end s t a b i l i sation p o l i c i e s which are now "being followed "by the Federal government. As you undoubtedly know, the Administration 1 s p r i c e control p o l i c y has been severely c r i t i c i z e d on the f l o o r of the Senate and elsewhere during the last fewweeks. Furthermore, during the last month, the Small Business Committee has received hundreds and hundreds of telegrams from a l l segments of small business ~ manufacturers* wholesaler's, jobbers, and r e t a i l e r s complaining about s p e c i f i c problems v/hich they have in operating under price and stabilization controls. In view of these f a c t s , the Committee has decided to hold hearings beginning December 4, 1945, end extending through the ner.t several weeks. As Hr. I-icBreen told you over the telephone, the Committee would appreciate your appearing before i t on Tuesday, December 11, 1945, to discuss the problems of p r i c e control and stabilization problems from the standpoint of banking and small business* The Committee .will be extremely interested in any analyses which you may present bearing on the subjects o f : ( l ) the relationship between the current economic picture and that which prevailed a f t e r World War I ; the inflationary conditions which are now present in the United States and the reasons why they are inflationary and why they must be controlled; (3) the current volume of bank deposits and the .Volume of credit which these deposits might be expected to generate; (4) the production p o s s i b i l i t i e s which exist in the economic system at the present time and f i s c a l conditions which might either aid or hinder the f u l l realisation of these p o t e n t i a l i t i e s ; ( 5 ) the relationship between the tax structure and production p o s s i b i l i t i e s and the relationship of both of these factors to -orice control; (6) the relationship which wage controls and general wage l e v e l s bear to prices and production; and ( ? ) any constructive suggestions you may have for improving existing p r i c e and s t a b i l i s a t i o n controls* Mr. Msrriner S* 3 c c l e s ~ 2 - December 3, 1945 For your information, the Committee will also hear during the course of i t s sessions testimony from: '.'.ar KoMlization and Reconversion Director John T:?. Snyder, Economic Stabilization Director Oaskie C o l l e t , O f f i c e of Price Administrator Chester Bowles,. Labor Secretary Louis 3* Schv/ellenhach, Secretary of Treasury Fred W* Vinson, and Civilian Production Administrator John D. Small • I f you have any further questions about the scope of the hearings or the subjects to he discussed, either my o f f i c e or Kr. KcBreen w i l l he glad to furnish additional information. Sijie^r e l y ,
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