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3512 East Fourth Street Duluth 5, Minnesota tocMuIr - o o fevi motedb c u A feri X pVO^Vc^WN w t a f e s X J c o , tcrci ckif < o ^va O ^ M ^ v u i C k C m N J A a i M T r^fe-s v O f c ^ & S j ^v/^to Vcsuj^r D e s s f e s s ^ o ^ ^ V t f e Vrvfl. vsiiM pro- tocY orC^ 4Vta QXkjp^hi 3512 East Fourth Street k u d , Duluth 5, Minnesota m r OnCcL ^ p f i C i p l a — • QLM. vllXUj&taeci -WU2. < £ U £ > V A (TWJlVlt i KCfeftt m o . toiAco. S p s v m ; March 9, 1951 Mrs. George H. Spencer, Jr., 3512 East Fourth Street, Duluth 5> Minnesota, Dear Mrs, Spencer; Thank you for your letter of February 19. It is always a pleasure to hear from people like yourself who share my deep concern over the dangers of further inflation. There can be little doubt that inflation is the most serious internal problem facing our country today and that it can, if not checked, operate to destroy our free economy. I was particularly interested in your comment that "the little people are way ahead of the Government.11 You may be interested to know that a large number of everyday citizens—housewives like yourself, wage earners, retired people, small town bankers and doctors—have written to me recently. Their letters, like yours, consistently indicate a clear realization that there is a direct connection between recent monetary policy and the inflation which has made most of tnem helpless victims, that rigid support of the Government securities market has resulted in unhealthy credit expansion, that this expansion of the money supply has seriously reduced the value of the dollar, and, especially, that preserving our way of life includes defending the dollar. Needless to say, we at the Board find letters such as yours very heart-arming. The most effective answer we can make to them is to continue to press for fiscal, monetary and credit measures necessary to prevent further inflation* Very truly yours, M. S« Eccles.
@FedFRASER