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SIX HUNDRED AND TWO PAVONIA AVENUE JERSEY CITY HEIGHTS, N.J. January 31st, 1939 Mr. Marriner S. Secies, Chairman Federal Reserve System, Washington, D. 0. Dear Sir; The spending policy of our Government has proven an unwise gamble. It has created an all time high debt and if we continue to live beyond income, it spells for ruin. The principal foreign countries not at war came out of the depression without increasing their debt. This indicates that our spending for recovery was entirely unnecessary. England not only balanced her budget, but wound up with lees unemployment and a far better outlook. Even our neighbor Canada had a more encouraging prospect for sustained progress than the United States. 0nr waste and spending policy is not a sure method to obtain recovery. The only safe way is through economy, hard work and living within income. I appeal to you to do all you can in every way you can to encourage business, balance our budget through economies, and restrict our spending to actual needs and self supporting undertakings. Very truly yours,
@FedFRASER