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HORACE JEFFERY S. nsurance R M . 3 3 0 0 - 135 So. LA SALLE STREET CHICAGO 3, III. TE. FR. 2-7300 February 5, 1951 Mr. Marriner S. Eccles Board of Governors Federal Reserve System Washington, D.C. Dear Mr. Eccles: I read with a good deal of interest your statement made before the Joint Congressional Committee of the Economic Report on January 25. Since then there was a meeting last week with the President following which the newspapers report that the Federal Reserve Board did not agree in a meeting with President Truman to support the program of the Treasury Department in the continued issuance and support of 2j percent Government Bonds. It is heartening to see that your Board is asserting the independence of the Federal Reserve to control money and credit as Congress originally intended. I sell Life Insurance as well as other kinds of Insurance and can advise that many people are very much concerned about putting their money in any fixed kind of investment and they tell me they fear the future value of the dollar. They point to it f s decreased purchasing power. I wish to express my support of your Board in adopting such measures as will maintain the value of our dollar and I meet many people in my work who feel the same way. I think many people understand clearly the position of your Board and that the control of interest rates and credit is far more important than any price or wage control. There are times when all of us have to fight for what we believe to be right - even if the fight is a difficult one, and I hope that the Board of Governors of the Federal Reserve System will have the courage to do the things necessary to reasonably maintain the value of the dollar - despite political pressures or economic pressures from whatever source. With kind regards. HJJ:lm Yours very truly February 16, 1951. Mr. Horace Jeffery, 135 South La Salle Street, Chicago 3, Illinois. Dear Mr. Jefferyt Thank you very much for your letter of February 5* in support of the Federal Reserve System^ efforts to maintain the value of the dollar. Anti-inflationary money and credit measures, and a vigorous policy on taxation, are certainly essential weapons in the fight against inflation. Ve can scarcely hope to preserve the value of the dollar for long with price and wage controls alone. Sincerely yours, M. S. Eccles. P.S. Thinking you may not have seen the full text of my statement on Januaiy 25, before the Joint Committee on the Economic Report in its hearings on the Presidents Economic Program, I am enclosing a copy of it herewith. r.s *£.
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