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G E O R G E H. ROCKWELL 7 4 8 MAIN STREET CAMBRIDGE, MASS. 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. Sines 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 enclosure LC/fgr