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/S g-oo A?'* 'Too Too c Tfo 0 - ^ ^ 7* <*/<?— ^ S-o -zfof ^e yo/e</ J/.*/?, X - ^ X Jjye ^ Ws/ cL^Je^/Z OoA^Zr-^ 7b s^re^t^ - W ^ / "iS j 7Z J ^ J- yOA/^Tr est*? &?><?<-«£ ' — February 23, 1951 Mr. J . P . Hester, Thayer Apartments, Carlsbad, New Mexico. Dear Mr. Hester; I am deeply gratified by the response which the recent discussion of basic monetary, credit, and fiscal policies has elicited from people throughout the country. This problem of continued inflation and debasement of the purchasing power of the dollar is terribly serious, and of the utmost concern to each and every one of us. The press, in recent weeks, has done an outstanding job of presenting these basic economic issues clearly and objectively. The public, I am confident, has benefitted .immeasurably from these discussions and more keenly aware than ever before of the importance of sound monetary and credit policies. Very truly yours, M . S . Eccles. T h a y e r Apte . , H-irlst oit* The H o n . of lot ^ 1931. ? / 15 / e o a * l t o r s of c * orl<5 e^ort. O ^ n t l e u e n i * Y o u r i c h l y * e « e r v « r,a e n c o n i m or accolade for the O u t e t n n l l n e x c e l l e n c i e s of N e t e t e e * t h l c h selves to Ti^'re c o u p l e r t o ^ I ^ an:* tfooiestlc nets 'lore e a s i l y vn*er''toofl. e c e n t l y " £ l t o r Dsivld L a w r e n c e h^* nn ^rtT.lrable e & l t o r l n l a b o v t ovr " i r r e a p o n ovorn-nent" • Tt see-ne that he ihovl<* ^o oeople pressure tie our ^on'-reeanen to e n a c t l e g i s l a t i o n th^t nl ht en3 t:iat ''e^lorablc state of aff a l r a ^ h l c h h e ^ l o f our Z t r t • o*~ rthpp arv^ suftgetl Jttfi hov ne recvtlvo t h e i r l e n r t h of service a n Is caused b y electta our P r e s l ' e n t s , the o p t . , ^ o r a tera of years lnstea- 1 of having u b j e c t to p e r i o d i c b a l l o t s , f o r or a g a i n s t , a s i e a o e r a t! c r o v e r o m e n t a of the T o ^ l ^ e i w n t M other our ovn f oper;ite • N o r o v e r n ^ e n t s u b j e c t to s u c h a chec> vsoul" <*are p r a c t i c e I3EFICIT 2 S I P I !G on a u c h *r l ^ v l s h ^ e p l o r a ^ l * <*cale as o u r n o i e r h u n r r y - v o t e t u y l n r Poll tl cos have £ o n e since 1 9 3 3 • staff For the V I T A L * L T V $ o f o u ^ c o u n t r y # y o u r e<?ltorlal/shovl£ a n a r t i c l e or serlea of a r t l c ' e s , I l l u s t r a t e * prepare W < l t h g r a p h s , depleting Just hot the U M A f l O f i s c a l p o l i c i e s o f the T r e a s u r y Ifcpt.ti d r l v l n r t p ^ m "7m I n s o l v e n c y nn* u t t e r that heloln R u s s i a *lll flstllj fulfill the "ol* "••nfler* ^ tle^ to it aln^ed L e n i n ' a profo%y 1 D. 'a ralntrun tera. v h^n ve a r b i t r a r i l y s e t the p r i c e o f a n o u n e at 3 5 of our println/ -press "oll^ra v l t h n o t h l n credit • Col^ tha^" ..)-•' the i . S . A . to spenI I t a e l f Into b a n k r u p t c y * . ' he f o u n d a t i o n of TS T C I T S P S T I T * a® l^l'i b y aV^i^one* oubll h behind then b u t our ol Hatlonl <?oll^rfi ln^te-c* of ^ollnrr, to H gol<?. The f a t a l flar In thet ply scheue la that fold aauat folio* d o l l a r s "ovn the *eprr cl "*tlon scal^-»*>-ut o n l y on -a l^tlon^l scale T h a t F a t a l flat? should be e l l a ' n a t e * b y rhall Torth purchasing a n ounce, legislation specifying that - 501" it o f 1 9 3 9 . *ny d e p r e c i a t i o n of the d o l l a r In p o v e r t i l l a u t o a n t l c ^ l l y i n e r e a e e the p r i c e of gol£ b y a like • \at. 2 The c a n n y foreigners vpre qpAnk to d e t e c t the flaw In our nrmour and sold ub no Fold after our d o l l a r s lost a lot of their value . 1 Id forel nera,lod b y "Perfidious Albion *,la nor ral'lnc our gold hoard to the tune of 3.4 MILLION "oilers annually*. / + And they arg t^klnr us for a d e f i c i t ride-an? 10 I, l a r g e l y b y p a y l n . gold w i t h c'ollsrg v o r t h b u t 55^ that we rave the i via M a r s h a l l ' s 1 lp to 1940 ve hac a gold hoard of the "RArHOLSS b l x l l o n d o l l a r s , a l l pale for vlth - %ce v n l u e d o l l a r s . • e *re now selling soue of that -'old for 35.00 per ounce w h e n e a c h of the Is r d p l l a r s A H w o r t h b u t 55f*O L S I , t total of * 19.25 In r e a l m o n e y T e thus lose "15.75 ner o u n c e ! should u n d e r s t a n d Kv«n the d u m b e l l s running our T r e a s u r y O e p t . that we v ! 3 1 f i n a l l y m o s t of aur G O L D H O V D away to fore l i n e r s , l a r g e l y , for,as of ^ T , there Is nothln? d o l l a r s from d e p r e c i a t i n g to TZ"~ v a l u e • As to keep our ing lenry iazlltt says In hla column In N e w s w e e k - To b y creating more d o l l a r s a l n ^ dona try'to halt Inflation Is like tryln^ to put out a flrer(wlth G\SQi»nJi> v e r y o n e w l t h c~ s h , s t o c k s , b o n d s , or savings accounts are being; bl Iked-robbed chiseled out of their savings • I'm surprised that a b r a i n y g u y like l a r r l n e r S . E e c l e s of F . D . B . has n o t figured out juet how manjr d o l l a r s depreciate, I.S.,would vldently are l o s t for © v e r y cent th^t our d o l l a r s a far g r e a t e r sum than lose b y p a y i n g Cat spa* Snyder £ his c l i e n t , 1 or 2 per cent no^o for -loney borrowed ,VH\T? 5 I'm also surorlse^ an' p;rleved that some m e m b e r of FDP> did n o t have the per* s p l e a c i t y to add a fine S C A R L E T line to n their chart or g r a p h d e p i c t i n g our inflated M O N E Y 5 T t h e c l o s e l y following red line showjfrk' w e a v i n g i n and out o f - b u t the b l a c k i n f l a t i o n line,with the w o r t h o f the d o l l a r s ;; In p u r c h a s i n g p o s e r trf- the m a ^ t s of t r a d e , f r o o 1 0 0 cents in 1 9 4 0 to an a l l time low of 35/'- n o w . T h a t r S D L I N V ,}\*>uld'' be the k n o c k o u t p u n c h to prove that i n f l a t i o n Is caused.* b y too m a r i ^ p r l n t l n e p r e s s d o l l a r s , w h i c h b e i n g too e a s y to e e t b r e e d s susplcl A and l a c k o f c o n f l u e n c e . \ ' I s a y more ? \ Since re lv b u t n o t to® h o p e f u l l y , " p • /A jrt
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