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February 5, 1951• Hon. Jesse P. Wolcott, Member, Joint Committee on the Economic Report, U. S. House of Representatives, Washington, D. C. Dear Mr* Wolcott; In view of the controversy which has been raised between the Treasury and the Federal Reserve over means of restraining the inflationary expansion of credit, I think you will be interested in seeing the enclosed statement by the Department of Economics of the University of Chicago. It is the best and clearest exposition that I have seen on the subject. The economists who sign it are completely objective in their approach. They are not influenced by partisan or political considerations or by special interests* This issue, next to defense, is the most critical one facing the country — namely, the issue of stopping the credit inflation which has already reached dangerous proportions and is going on unchecked. I earnestly hope because of your responsibilities in Congress and as a member of the Joint Committee on the Economic Report that you will find time to read this statement. Respectfully and sincerely, M. S. Eccles. Enclosure Copy of letter with enclosure mailed to all names on attached list. MEMBERSHIP OF SENATE AND HOUSE COMMITTEES ON BANKING AND CURRENCY- 82nd Congress SENATE Democrat Republican Burnet R. Maybank, South Carolina J.William Fulbright, Arkansas A, Willis Robertson,Virginia John J. Sparkman, Alabama J, Allen Frear, Jr*,Delaware Paul H. Douglas,Illinois Russell B* Long, Louisiana Homer E. Capehart, Indiana John W. Bricker, Ohio Irving M. Ives, New York Andrew F. Schoeppel, Kansas Everett M. Dirksgn, Illinois Wallace F. Bennett, Utah HOUSE Democrat Brent Spence, Kentucky Paul Brown, Georgia Wright Patman, Texas Albert Rains, Alabama Frank Buchanan, Pennsylvania Abraham J. Multer, New York C* B. Deane, North Carolina George D# O'Brien, Michigan Clinton D. McKinnon, California Hugh J. Addonizio, New Jersey Isidore Dollinger, New York Richard Boiling, Missouri Clarence G.l Burton, Virginia Tom B. Fugate, Virginia John C. Kluczynski, Illinois Republican Jesse P* Wolcott, Michigan RaLph A* Gamble, New York Henry 0. Talle, Iowa Clarence E. Kilburn, New York Albert M. Cole, Kansas Merlin Hull, Wisconsin Hardie Scott, Pennsylvania Donald W* Nicholson,Massachusetts G. L. McDonough, California William B. Widnall, "ew Jersey Howard H. Buffett, Nebraska Jackson E. Betts, Ohio MEMBERSHIP OF JOINT COMMITTEE ON THE ECONOMIC REPORT Senate House Joseph C. O'Mahoney, Wyoming,Chairman Edward J. Hart, New Jersey,V-C John Sparkman, Alabama Wright Patman, Texas Paul H. Douglas, Illinois i'rank Buchanan, Pennsylvania William Benton, Connecticut Robert A. Taft, Ohio Jesse P. Wolcott, Michigan Ralph E* Flanders, Vermont Christian A. Herter, Mass. Arthur Watkins, Utah Theodore J* Kreps, Staff Director Grover W. Ensley, Associate Staff Director John W. Lehman, Cler
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