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January 84, 1939 •

Mr # M. S # Secies,
Washington, !)• G.
Dear Sir;
I was very much interested in your talk over the
radio last evening•
Itfs my opinion that the policy you outline is
a very dangerous one. Certainly, tnere are no precedents
over years whicii would indicate tuat the policies *rhich
you and the President advocate are sound.
With a
wonderful country like ours, it does concern people
like myself greatly when officials of liigh standing advocate
policies that nave never proven successful. In all uhe
aiscory of tad world, no country has ever been successful
witn continued spending of money in excess of receipts.
You people who are advocating ohese policies, in my
opinion, are taking a ^eat responsibility• I have confidence
in men like Senator 3yrd who are opposed to your views and
I sincerely nope tnat there will be a steady uprising of
public opinion against the policies you are advocating.


January 27, 1939

Mr. George H.
748 Main Street
Cambridge, Massachusetts
Dear Mr. Rockwell:
Mr. Eccles has asked me to acknowledge your
letter of January 24 which he has read with interest.
He notes that in your opinion his views are unsound
and that you make special point of the fact £hat there
are no precedents over the years to justify such views.
In a sense the precedent is on the Chairmanfs side inasmuch as he advocates policies which will prevent the
contraction of the total debt of the country. If one
looks back over the years he will see that we have
never had prosperity except through expansion of the
total debt and on the other hand, every depression has
been accompanied by debt contraction, the most conspicuous example being the period from 1929 to 1933* M t h
a contraction of around 14 per cent, the national income
fell 50 per cent.
However, this is a large subject, too large
for discussion by letter. *t the Chairman1 s suggestion
I am enclosing a copy of an excerpt from Macaulayfs
History of England which, I think, will be found to be
thought-stimulating with reference to the question of
national debt*
Yours sincerely,

Lawrence Clayton
Assistant to the Chairman