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Datroit, Michigan January 26, 1939 Hon. Marriner S. Scales Washington, D» C# Dear Sir: I listened to your talk over the Badio Monday in which you upheld president Roosevelt's polioy of spending freely for the public good* To say I nas delighted to hear your views is putting it very mildly* I really was pleased beyond measure for you echoed my sentiments and belief so accurately that I deoided to write you expressing my appreciation of your wisdom and courage in standing up so valiantly for him. I really donft understand how men like Senator Byrd and others canft see that that is the only reasonable way to start the business upswing. To show you that I have long held to those views I enclose a copy of a letter I wrote the Hon. Owen D. Young in May 1932, when he foimed that Committee of bankers and industrialists to work out a plan to spend a vast sum of idle money in an effort to start the wheels going. I have been in the manufacturing business and the banking business so I know the needs of both, tha manufacturing business for loans to carry heavy purchases at different periods for profit, and the need of the banks for these loans to put the money into useful production for profit, and thus keep the wheels right on turning. The logic is so profound I say again I donft understand how men can think otherwise. When it comes to a matter of spending for profit we had an illustration of it right here in Detroit, for when the Hon. Frank Murphy (now ittorney General) was Mayor of Detroit in the years 19S1 - 2 he spent money freely for the Welfare and the result was that Detroit received the award of being the healthiest city in the united States even during those strenuous times. What more profit could you ask? Give people work and good health and your profit willfeean hundred fold in many ways. Mr. Scales, I hope you will go on the air again soon and try and put s&me sense into some of these misguided men. ^ Charles J« B/rorrow 2133 St. Glair ive. Detroit, Michigan If you have an extra copy of your speech I would like one very much. January 30, 1939 Mr. Charles J. Morrow 2133 St. Clair Avenue Detroit, Michigan My dear Mr. Morrow: I wish to acknowledge your letter of January 26 with which you enclosed a copy of your letter to Mr. Owen &. Young written in May of 1932 with reference to construction. Your comments concerning my recent address before the National Kadio Forum are appreciated, and in accordance with your request I am enclosing a copy of that address. Yours very truly, M. S. Eccles Chairman enclosure LC/fgr - C O P T Betroit, Michigan May 25, 1932 Hon. Owen D* Young Dear Sir: If your Committee will announce that you will finance tke Government Building Program, to the extent of Two Billion Dollars, you can lift the depression almost at once. It will restore confidence to those who can buy "but are not doing so because they cannot see anything ahead on which to base their reliance and therefore, are waiting for someone to start something. Consuming power must be restored before any- thing can be gained and consuming power can only be restored by providing work for those who are the consuming power, and that is the eight million who are now out of work. If this Government had even announced its intention two years ago of starting then $ two billion dollar program of public works, it would have prevented all that hoarding of money which has caused so much unnecessary suffering in this country, because people would not have been afraid of the future and would have continued with their normal buying and our so-called depression would have been ended long ag&. Look at the amount of money that has been expended in Welfare work these last two* years and nothing to show for it, but thirty million half starved, discontented men, women and children* It has been estimated that there are about forty million who have been employed right along and if they had continued their normal buying the resulting manufacturing to supply those needs would have taken care of approximately five million workers and the Government public works program wauld have taken care of the other three million, so that a normal condition could have been restored in one year and 1931 and 1932 would have again seen a happy oontented condition which mmO mm should be the condition at all times in these united States, and would be too, if we had forceful leaders to take the proper steps in times of industrial disturbances* There wouldn't have been any need of the Farm Loan Bill or the Reconstruction Finance Corporation or the Glass Steagall Bill or the Goldsborough Bill. Those are simply palliative measures which would not be necessary if decisive steps had been taken in time, and confidence sustained, Now we have the sad spectacle of a vast oountry overflowing with good things going to waste, and one quarter of the people almost starving. It is a shame and a disgrace to our so^oalled intelligence and civilization. For heavenfa sake Mr. Young start something. There is plenty of money In the oountry to carry on with for as you know ninety per-oent of our business is conducted without the actual exchange of currency, and all this talk of deflating to bring up the price of commodities is rank nonsense, for the only thing that will restore prices on commodities is, to OGnsisae the commodities, the extent of the supply, and make the demand more near and talking about supply, I think that Farm Loan Bill of five hundred million dollars was a colossal mistake, because the law of supply and demand should regulate all production whether It Is growm or made. The farming business does not need coddling any more than the manufacturing business• They both require good management, and if a man has no executive ability he has no right to expect to succeed as a farmer any more than he would as a manufacturer. What we need right now, is a forced building program to get things moving. Make it as self liquidating as possible but start it going on something even if it is not productive, ifter five years a sinking fund can be accumulated to retire the bonds on a twenty year basis * We have been drifting tm years too long and it Is t toe we get started again* The reason I say "finance the Government" is because I believe in working through regularly organized channels if at all possible for we must work together to obtain results. Large projects are no different than small ones in that respect, If you have a small business well organized you can expand it to any size you like, but you must have a dominating spirit of unselfish cooperation, and a reliable leadership. I consider our form of Government a good one if we could only get the right leaders with a national unselfish spirit. I truly believe that if a large definite works plan was announced by the Government, with your cooperation, it would start the public buying what they need for they have the money, as evidenced by the savings acoounts, but are afraid to let go» is done in the war, all they are waiting for is that good old battle cry "Come on boys, Let*a got" and I think this is your opportunity* G, J* Morrow 2133 St* Clair Ive. Detroit, Michigan
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