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PRIVATE OFFICE OF

RICHARD SEARS
10 STATE STREET
BOSTON
TELEPHONE CAPITOL 7528

Dec.

2 8 , 1938

llariirxer S. Eccles, Esq.,
Chairman Federal Beserve Board,
Washington, D»C,
Dear S i r ,
In the Boston Herald of Dec. 26th, I take extreme issue
with you on what you state in reply to Harry P. Byrd*
There has teen most contemptible and despicable
waste

in the New Deal since this administration has come

into power all along the line

and I will give you an example

of one case which has annoyed me very much.

Two years ago

there was a sidewalk "built "between Ipswich and Hamilton down
near my country place and from close observation I found
the workers on the 7/.P»A* did not work half of the time and
very often they were smoking and talking.
walk in the first place was a perfect waste

Building the sideas I checked up

and found that not more than 25 people walked on it from June 1st
to Sept. 1st. and so you can see for yourself what a ridiculous
waste it was and the taxpayers throughout the country have to pay
for it. The expenses so far from Jan. 1st. of the WPA are |93,500,00o,QDC
Chairman Harrison himself says that high taxes have been
one of the leading forces in checking industrial advancement and
the development of the country and of course anyone who uses his
brains can see that.

Many of us have been extremely angry

with t he doings of the present government and if it continues

http://fraser.stlouisfed.org/ much
Federal Reserve Bank of St. Louis

longer there will be a stagnation of business*

PRIVATE OFFICE OF

RICHARD

SEARS

10 STATE STREET
BOSTON
TELEPHONE CAPITOL 7528

-2-

The national debt now is nearly forty "billions and how in the
do
world/you expect that to " e paid, l>ut it has got to * e paid
b
b
sometime*

I would like to throw the whole

W.P..A* into

the Atlantic Ocean and have this country start new with a more
careful set of men in the government*




Kindly let me hj*€r from
Very truly yours,i




January 3, 1938.

Mr* Richard Sears,
10 State Street,
Boston, Massachusetts.
Dear Mr. bears:
Tnis is to acknowledge receipt of your letter of
December 28th with regard to my recent reply to Senator Byrd
of Virginia.
One of the difficulties of public discussion is
the impossibility within the limited space of addresses, letters, etc., to cover adequately large and complex problems.
I was endeavoring to discuss general economic questions,
realizing that there are many instances, such as the one you
cite, of relative waste or at least inefficient expenditure.
You and I would have no issue on instances of this sort or,
for that matter, on questions of policy or of taxation which
have the effect of discouraging private business activity.
None of us relishes having so large a national
debt, and my concern is exactly the same as yours. However,
v.here we would doubtless disagree is over the question of
how national income may be raised to a point at which there
would no longer be any need or justification for increasing
that debt.
Since you have taKen the trouble to write, you
might be interested in looking over the text of r y address
a
in New York iwhich was the subject of the Senator's attack,
as well as the full text of my reply, which was longer than
could be covered adequately in the press. I am, accordingly,
enclosing copies lor your information.

Sincerely yours,

i. S. Eccles,
Chairman.

enclosures

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