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December 16* 5• The E d i t o r , Hew Y o r k H e r a l d - T r i b u n e , Hew Y o r k C i t y . Dear S i r ? I c a n n o t b e l i e v e t h a t i f y o u had seen o r r e a d t h e s t a t e m e n t I p r e s e n t e d b e f o r e t h e J o i n t Committee on t h e Economic Report y o u w o u l d have s a i d i n y o u r e d i t o r i a l o f December 5 t h a t I had n o t been e n t i r e l y f r a n k w i t h t h e p u b l i c a b o u t t h e f a c t t h a t s u p p o r t o f t h e Government bond m a r k e t i s i n i t s e l f i n f l a t i o n a r y — o r t h a t I " h a r d l y even discussed i t . 1 1 From t h e e n c l o s e d copy o f t h e s t a t e m e n t y o u w i l l see t h a t t h e e n t i r e d i s c u s s i o n r e v o l v e s a r o u n d t h a t p r e cise point. Very t r u l y yours 9 M. S . E c c l e s 9 Chairman. Enclosure NEW-^YORK Xeratb ®ributie European Edition Published Daily and Sunday in Parts 230 West 41st Street N e w Y o r k 18 Dec * 8 , H o n . M. S• E c c l e s Board of G o v e r n o r s , W a s h i n g t o n , D* C. Dear *ed. 1947 8es . System Sir: I w i s h to acknowledge and t h a n k y o u f o r y o u r l e t t e r , w h i c h has j u s t been r e c e i v e d a t t h i s office. I t has been placed, b e f o r e t h e E d i t o r for his attention. Yours very truly, z. Secretary to the Editor NEW Ketalh YORK ^#&€trihutte 2 3 0 WEST 41 ST STREET, NEW YORK December 1 1 , 19^7- M r . M. S . E c c l e s Chairman, Board o f Governors o f t h e F e d e r a l R e s e r v e System Washington, D . C. Dear M r . Eccles: I am s o r r y i f we were u n j u s t t o you i n o u r r e c e n t e d i t o r i a l . We d i d n o t have t h e f u l l t e x t o f y o u r s t a t e m e n t a t t h e t i m e and t h e r e p o r t s i n t h e news d i s p a t c h e s were v e r y i n c o m p l e t e . We a r e p l a n n i n g t o r u n your l e t t e r on Sunday w i t h t h e p e r t i n e n t p a r a g r a p h s f r o m the' s t a t e m e n t . While space l i m i t a t i o n s f o r c e us t o c u t r a t h e r d r a s t i c a l l y , we w i l l do our b e s t t o g i v e our readers the s a l i e n t points o f your a r gument . Yours v e r y fZ^Jl^ truly, l ^ J U l Russell H i l l , of the E d i t o r i a l - Staff. December 12, 1947. Dear S i r : May I j u s t say t h a t I t h i n k i t was very fair-minded of you t o publish i n your issue of Sunday, December p e r t i n e n t passages from my recent testimony w i t h regard t o t h e Fede r a l Reserve's stand on bond prices and i n f l a t i o n . I wanted you t o know t h a t I appreciated i t . Very t r u l y yours, M. S. Eccles, Chairman. The E d i t o r , New York Herald-Tribune, New York C i t y . ET:b
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