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THE Offü HUNDRED IWENTY DODLAB CLUB Yreka, California. April 21, 1945 Hon. Harry 3. Truman, President, United States of America, Washington, D. C. My dear Mr. President: with every other We believe that you, toget creating those loyal and thinking American, are vitally concern this high 60,000,000 jobs; hut we all must realise that to tea rge and small goal every business, every industry in the high In must be encouraged, yet, right in our mi we have troy an£ governmental circles who, with one fell swoop", tXhundreds of industry that directly and indirectly gives employmel thousands of persons* That man 1 Federal Reserve Board, who ope managed currency, adding insul useless and outmoded"* A manage the gold mining industry Robert F. Wagner, of currency from the pr currency; that when another reduction in there will be no gold press money Morgentha never be ' they co been succ this they Eccles, Chairman of the ly advocates a 100$ stating that "gold is would mean total ruin for f Bill S. 510, by Senator gold reserve back of is V big step towards a managed cy is required there will be f gold reserve, and ultimately we. will have an out and out printing Why, w^wptfld ask, are Eccles, lord Keynes and ard to put over a managed currency scheme when oryshas this type of money been successful? If e single instance where this kind of money had e^cusjb for their activities could be found, but Iven though these gentlemen may be Supermen they cannot make currency work successfully, for the forces of this type of money are opposite and oppased to the inherent qualities in man that demand a sound, redeemable currency» We believe that the prosperity of our nation and sound logic demand that, when more gold reserve currency is needed and our gold reserves are not sufficient to issue this currency and still retain the present 40$ gold reserve, that the grains of gold back of the dollar be reduced in direct proportion to the amiunt og new currency needed, thereby maintaining the 40$ gold reserve We know from esperiance that in reducing the muaber of grains of gold back of the dollar, confidence in the currency is not impaired, and we further know that this method Eon. Harry 3. Truman » President. increases employment and adds to the general prosperity of the nation As we have never experianced a reduction in the percentage of gold reserve "back of currency, we would not know what effect such a reduction would have on confidence in the currency, "but what we do know is that, this method creates not one single jot and ultimately could lead to the loss of hundreds of thousands of jobs. respectfully call your attention to/bUlls of senator's Scrugham and McFarland, and Congressman Engle, |roviding for an increase in the price of gold from the present #65 to $56 an ounce. This increase in the price of gold will supply piaclocally the same amount of new gold reserve currency as would Senator Wagner1s proposal, but would still retain the 40^ g^i4_regerveVclause. crease in Personally, we do not think that the proposed be made the price of gold is enough. We h^Ìe^^that gold sh onditions warrent a still of benefit to mankind, and that e ty agreement with and approve higher price; nevertheless we ar£ i of the proposed increase as hewing ¿l defj natjb step in the right direction. 'This letter is already lengthy, the subject however is a most important one, a^TTXould ap^recl^te the opportunity of writing you further on In conclui for you to give the ma and last but not lea have talked, find our ment with your-e^ery ep as we are o| the opposite pervades t#e a^osphere her nt, we hope that it may be possible of your own personal consideration, and with every one with whom we fe ly surprised at being in agreeion. This is all the more remarkable sense of security and well-being Eespectfully yours, cc to Marriner 3 Henry Mergenthau Senator ¿crugham ¿enaftor McFarland Congressman Jungle Kenneth K. Ash, Sec *y The $120 Gold Club
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