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February 7, 1951• Dear Congressman Feighans In view of the controversy which has been raised between the Treasury and the Federal Haserve over xae^ns of restraining the inflationary expansion of credit, I think you will be interested in seeing the enclosed statement by the Department of Economics of the University of Chicago. It is the best and clearest exposition that I have seen on the subject. The economists who sign it are completely objective in their approach*, They are not influenced by partisan or political considerations or by special interests. This issue, next to defense, is the most critical one facing the country — namely, the issue of stopping the credit inflation which has already reached dangerous proportions and is going on unchecked. I earnestly hope because of your responsibilities in Congress you will find time to read this statement* Respectfully and Sincerely, M. S. Eccles, Hon. Michael A. Feighan, United States House of Representatives Washington, D. C.
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