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May 22, 1936 Mr. M. S. Eccles Board of Governors, Federal Reserve System Washington, D* U. Dear Marriner: Thanks for your letter of May 14, enclosing your speecn. I have enjoyed reading it. I have only one suggestion to make: if the Administration, as part of this program, had enosen to desist from eternally badgering business, or would even do so now, I think business would do a great deal more towards absorbing unemployment than it has been willing to under the conditions that have existed. In other words, I fully agree that it was necessary to prime the pump in a substantial way until business got under way, but I doubt if business is going to get under way when they are constantly harrassing it from one source or another. ( In other words, this procedure destroys the very think that it was hoped would be accomplished by govern ment expenditures. JLD L M5MB&9 fy /? s r S fC t//? /rr co/?/>o/M 7ycw s rs 7 F /y ///r/?/W O C W 7?t/A f 0/?G/W /Z4770/Y
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