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Mr.Eccles: This is just a copy for your information J#H.C• La '^ria exas ?eb«17»1951 honorable L3 ayd "Beius-nti ouB'? of Ee^resen+fti iv~s ash ' ngt on , 3 • Dear ir: ,3 the administration cannot or will not do anything effective about our present run away inflation se =ms thr?t it 5 s ur> tro our represent at ives to at le"St attempt to do something about it* The present set—up is a farce with prices frozen at he highest levels in ' istory and still going up every day. I think it i3 a fairly recognized fact that cheap money means hi^b prices. So first of all why not + ry le ting the federal reserve board run their end of it without admin1st ration pressure end interference. have some government bonds that T bought 'n r^ood faith. If I had to cash them in today T would rather w t 30 ' of their value with a dollar that is w o r h a dollar than to get 1 >0 • with a fifty cent dollar. he lid should have been clashed on pricos and vn«res six or more mon hs hack. IT we had taken the advise of men like . aruch art? rccles instead of a bi^h of ^snouri POlitifcians*whom I helped nut in office, we would not be in the fix we are today. I HBIfifarmer and raise cotton find would like to see the pries ?0 cents instead of 44 if every thin/r else was cut accordingly. But we must make a C'T'r.r^e in our fiscal policies before doing anything else. We can't stop a million holes in the price ceilings until the one big hole caused by our present fiscal policies is eliminated. Very truly yours J.H.Crosby February 27, 1951 Mr. J.fi.Crosby, La Feria, Texas. Dear Mr. Crosby: Thank you for sending me a copy of your letter of February 17, to Congresman Benson, which I have read with a good deal of interest. I think your point is well taken that a moderate decline in prices stated in stable dollars is far preferable to a stable price stated in grossly deflated dollars. The dollar has already been permitted to fall far too much in its value. Prompt action to prevent further depreciation in the purchasing power of the dollar is essential if we are to prevent inflation from sapping the strength of our democratic institutions. Very truly yours, M. S. Eccles.
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