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January 7, 1959. Mr. P. £• Wenall, 3045 Illinois Avenue, Fresno, California. Dear Mr. Wenall: Chairman Eccles requested me to acknowledge receipt of your postal of December 28th, and in answer to your question as to private debt, to refer you to the volume, "Debts and Recovery11, published by the Twentieth Century Fond, which discusses the figures in detail* Very truly youre, Elliott Thurston, Special Assistant to the Chairman. ET:b Dear Sir, 12 28 38 Zou recently referred to the fact that the Twentieth Century Fund admitted that the total' of a l l domestic debts, "both public and private, i s no greater today than i t was in 1929 • What was the private debt' then, and now? rivate debt can and has been reduced by bank ailures, bankruptcy and other methods which wiped out the debts with great losses to persons who thought they had in their possession value able assets in the form of stocks, bonds and mortgagest Is the National Debt to go the way of private debts eventually? The way i t i s piling up, i t appears that there i s no concern about i t s retirement* Yours truly, P E Wenall 3045 I l l i n o 1i s Ave http://fraser.stlouisfed.org/ Fresno Cali Federal Reserve Bank of St. Louis (THIS FOR ADDR Mr. Martin S* Ecci es, Federal Reserve Board, Washington, D, C.
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