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2917 SAINT PAUL STREW lj Baltimore 18, MARYLAND ^f-rru fx*—- . J^e. h.*- h L ^ r P L . K / /ft/ _ - " iH i , TQ , ^ Z6^ . OJIJUI/-C-0U-*--^ Lm^U^-o A* t u U h ytru*. yL^. p. L* ~ y 1 ^ «917 SAINT PAUL STHWrr BALTIMORE 18, M A R Y L A N D It* L L it*. „ ft- y j^MXl h / /-/^J/ -S I • .k Ulx k - J t ± A ^ j f f h le> tf- t-o-Jbi— ^ ( — tio-a^cL fcA^—lo^ts— * - J A** USO-CX***- p 7 Jt> V^ lJUL-JJo CL^tsSPf^— f a J b - f J > y aiiut p o J L , d f L - l o - o ^ J L - p L p /eT D t . / 1 / /\ FEB 19195t February 2J, I95I Mies Grace Birmingham, 2917 Saint Paul Street, Baltimore 1Q, Maryland* Dear M a s Birmingham! I want to thank you for your letter of February 17 and for your expression of confidence in the Board's efforts to fight inflation. It is always a pleasure to hear from people like yourself who have given earnest thought to the long-run consequences of current policies* You are quite correct in feeling that the present *cheap money" policy could* if continued indefinitely during a potentially inflationary period, lead to economic bankruptcy* You are also correct in your understanding that the Federal Reserve Board was established by the Congress as an independent agenoy* As a matter of fact, the history of other countries shows that when the central bank loses its independence and becomes simply a subservient branch of the government's financing department, economic and financial bankruptcy generally result* We should all do everything we can to see that no such catastrophe befalls this country• Very truly yours, M* S« Bodes* &JSamf FQLE
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