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25 March 5 , 191*5- Honorable J . W i l l i a m F u l b r i g h t , United S t a t e s S e n a t e , Washington 2 5 , D. C. Dear S e n a t o r s You may r e c a l l t h a t when I was t e s t i f y i n g b e f o r e t h e Banking and Currency Committee i n r e g a r d t o t h e gold r e s e r v e r e q u i r e m e n t b i l l , I was q u e s t i o n e d about t h e s h a r p l y r i s i n g p r i c e s of f a r m s , homes, and o t h e r c a p i t a l a s s e t s and asked what 1 t h o u g h t could be done a b o u t i t . My s u g g e s t i o n of a s p e c i a l wart i m e c a p i t a l g a i n s t a x was w i d e l y misunderstood o r m i s r e p r e s e n t e d and, a c c o r d i n g l y , I p r e p a r e d an e x p l a n a t o r y s t a t e m e n t , a copy of which I am v e n t u r i n g t o e n c l o s e because of your i n t e r e s t i n and u n d e r s t a n d i n g of t h e s e problems of i n f l a t i o n c o n t r o l . I am n o t t a k i n g t h e l i b e r t y of sending t h e s t a t e m e n t g e n e r a l l y t o members of t h e Committee, b u t I am s e n d i n g a copy t o S e n a t o r s Wagner, T a f t , and Murdock from my S t a t e . I am a l s o e n c l o s i n g a copy of an i l l u m i n a t i n g l e t t e r i n t h i s c o n n e c t i o n w r i t t e n by an army s e r g e a n t . Sincerely yours. M. S. E c c l e s , Chairman. Enclosures 2 J A M E S E. MURRAY, DAVID I. W A L S H , M A S S . E L B E R T D . T H O M A S , UTAH CLAUDE P E P P E R , FLA. A L L E N J . EL-LENDER, L A . L I S T E R H I L L , ALA. DENNIS CHAVEZ, N. M E X . JAMES M . TUNNELL, DEL. JOSEPH F . GUFFEY, PA. OLIN D. JOHNSTON, S . C . J . W . FULBRIGHT, ARK. MONT., CHAIRMAN R O B E R T M . LA F O L L E T T E . J R . , W I S . R O B E R T A . T A F T , OHIO GEORGE D. AIKEN, VT. J O S E P H H. BALL, MINN. H. ALEXANDER SMITH, N. J . WAYNE L. M O R S E , O R E G . F O R R E S T C. DONNELL, MO. trxxleb ¿£>iale& Cenale C O M M I T T E E ON EDUCATION AND LABOR CHARLES A. MURRAY, CLERK March 8, 1945 Mr. M. S. Ecoles, Chairman Board 5f Governors Federal Reserve System Washington 25, D # 0 . Dear Mr. Eccles: Thank you very much for sending me a copy of the explanatory statement you compiled in connection with your testimony "before the Banking and Currency Committee. I appreciate your courtesy in sending me a copy aà well as the communication from Sgt. Wilson. With kindest regards and "best wishes, I am Sincerely yours, ^Sd^J ^ - ' J . W # Fulhri^it JWF/vmo y
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