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20 Poplar Street,
Berkeley, California,
December 29, 1938«
Marriner S. Eccles, Chairman,
Federal Reserve Board,
Washington, D« C*
Dear Sir*
With reference to the United Press report of December 26th
commenting on your letter to Senator Henry F* Byrd, among other
things your alleged statement that Senator Byrdfs "expressed
apprehension over the potential effect of a succession of large
deficits and steadily rising public debt was needless* • •"
It is a pity that men like yourself cannot tfcdnk in terms of the
welfare of the United States rather than of a political party or
a pet idea* You know you wouldn't handle your private affairs
like the Federal Government is being handled, and a nation is but
a collection of individuals* When I have been hard up, I tightened
my belt, cut my expenses and worked harder• The theory of spending
one's way into prosperity has been an awful flop* Where is your
recovery and the reemployment by which F«D»R« once wanted to be
judged? Of course, if you fellows "planned it that way11, you are
better performers than people credit you with being*
I know from personal knowledge some of the things that have been
going on in connection with welfare, and if you don't know what
has happened in regard to the buying of votes and the whole question
of relief which smells to high heaven, it is high time that you
sent out some trustworthy persons to investigate for you if you
can't do it yourself*
I have a copy of Senator Byrd's speech and would rather trust his
statements and leadership than those of yourself*
Yours
FRPil/MB
PSi If you want business recovery, get down to basic, proven
principles so that the business man can think of his work and not
of the effects of what some ~ — theorist at Washington is doing*