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426 W heatfi Id St., North Tonawanda N. Y .* February 23rd» 1951. , Hon. Marriner S. Eccleu* D irector, Federal Reserve Board* Washington* D. C. Dear Ur. Ecclest I am enclosing a oapy of a l e t t e r I am sending to Hon. J o b . Snyder* Secretary of the Treasury* th a t you may know I approve of your e ffo rts to clamp down on c re d it controls and put an end to th is cheap money policy which Ur. Truman and Mr. Snyder are pursuing regardless of i t s inevitable disastrous r e s u lts . I find many folks are deeply concerned over -this situ a tio n but are loathe to w rite th e ir protests because they fe e l i t would av ail nothing - but I have enough fa ith to believe th a t i f Messrs. Truman and Snyder realized how deeply concerned the well informed people are* they would reconsider and change the present cheap money • policy of the Federal Reserve Board whose policies they d ire c t. Thanking you for your past e ffo rts , and hoping for more success in the future* I am Sincerely youre, March 9, 1951 Mr. and Mrs. E. J. Stickney, 426 Wheatfield Street, North. Tonawanda, New York. Dear Mr. and Mrs, Stickney: Thank you for sending me a copy of your letter to Secretary Snyder, which I read with a good deal of interest. There can be lit tle doubt that, in a period like the present when our productive ca pacity and our labor supply are being used to near capacity and-can be increased only slowly, a "cheap money" policy which encourages ex pansion in. the volume of available dollars in excess of the increase in the volume of goods and services can only bring higher and higher prices; and more-' and more serious inflation. You are quite right in your statement that the cost of higher interest charges on the public debt would be far less than the cost of furthei' inflation. Among the most helpless victims of painfully aware, are these who have by hard ing and saving for the future only to watch theix savings dwindle aw&y as the result of have little control. inflation, as you are so work and thrift been plan the purchasing power of forces over which they As I have said on a number of occasions, the purchasing power of the dollar has already been permitted to fall much too far and this depreciation in the value of our money must be halted before inflation saps the strength of the democratic institutions which all our defense efforts are designed to urotect. Thank you again for taking the trouble to express your views to Secretary Snyder, and for sending me a copy of your letter. Very truly yours, M. S. Eccles. 426 Bheatfield St.* North Tomwanda, N. Y., February 23rd» 1951. Hon. Jos. Snyder, See. of Treasury, tteehig ton* D. C. Dear Sir* Sines 1933 our government has steadily pursued a policy which has cheapened the buying power of the dollar. To ue folkB who are now in odd die l i f e and are depending upon our savings to see us thru our old age* th is condition is becoming very disturb ing because i t moans the l i f e insurance program to ich ve set up a t forty years of age (ten years ago) w ill be to ta lly inadequate a t sixtyfiv e. You my think I am writing from se lfish in te re s ts ( but what of i t s effect upon the eost of th is new defense program vhioh w ill not only have to be born by the present generation but also by generations yet tufcorn. This dhspp aoney policy spells INFLATION and as such i s an insidious thing - and thsre i s no record in a l l history of any nation ever having benefited by i t - in fa e t i t invites Co&wunisa and Sociallsa as an altern ativ e to i t s ruinous effoots. I s n 't China in tb s threes of Co&uainisa today largely as a resiUit of a wild inflation? There is no honest szouss for cheap aoney a t any tia e , nueh 1) ss when a a te ria ls are scares as a t present* and a labor shortage ju s t around the corner. Would i t not be wise to iapose s tr ic te r controls over orsd it so as to reduee the demand for luxury iteas? Surely ninety percent of the authorities on economics Ban not be vroqg* I t seeas to ae th a t an increase in in te re st rates on the national debt??ould/be nearly as damaging to the national eoonoay as an uncontrollsd in fla tio n which the preeent policy of the Federal Reserve Eoard, as direeted by you* is sursly spawning, and I hereby reg ister a vigorous p ro tsst against the cheap aoney policy. Yours truly. P. S. This protsst is not inspired by any organisation! company or news a r tic le , but purely froa ay personal concern for the future of th is country*
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