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Old Church Road
Greenwich, Connecticut

December 29, 1938

Mariner secies, esquire, Chairman
Federal Reserve Board.
Washington, D. C.
Dear Sir:
Very sorry to see you again advocating the borrow spend
waste policy of the past 5 years. At the very least such economics as
has been generally acoepted by the world shows it the most dangerous
policy for the individual and for a collection of individuals.


Administration is now so deep in the mire and quicksand that only the
most heroic measures can prevent destruction.

The leadership has been

constantly uneconomic and all for temporary and political advantage, and
damn the fundamentals.
Money is now on a false low interest basis. One can not trust

Government competition with the individual, communistic in application,

is enough to prevent expansion, but the Government in addition recognises no
contracts of its own which tends to invalidate all contracts and covenants, and leads to chaos.
The policy of Government in the F.H.A. widely heralded by the
unthinking as a way of getting something for nothing has stopped my small
building operations as it is reasonable to expect the Government to be the
greatest of landlords and eventually to destroy whatever values small individuals like myself have been able to create.

It is only an example.


are many others.
You have also taught the public that a living is no longer dependent
upon individual effort. We are in agriculture and as I see it, Wallace does
not want to see any farmer make a living unless he does it the vVallace way, 



one of a group of small dictators under and obedient to a dictatorial head
man, - I take you for another minor dictator trying to overthrow the laws of
Finally you and your crowd will be ground to dust by the mills of
the Gods only, unfortunately, we will all have to be equally pulverized by
debt created over our protest,
I have seen oversupply created by too easy credit, - Public and
private easy lending leads to the same result. How you are all going to
be cursed by the man in the street and on the farm.

Better prepare your

hideaway while there is time, and make it secure, for nothing will be too
bad for you eventually,

I'd like to dance at the wake. At this Christmas

season I am cursing with true Christmas spirit all the reckless ones of the
Government inviting the whirlwind to scatter the country^ best citizens,
the savers and workers. With these few words of best wishes for the New
Year I will close.

Truly yours,

(George F. Dominick, Jr,)

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