The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Mr Marriner S Eeclee, Chairman. federal'Reserve System, i t D,C, Encampment % o ^arch 1st 1939t Dear Sir: If this gets " y the Secretary1 sf waste b&3kets and all others, b I would like you to read it* Have you read the Editorial in Collier's ( The Answer is Yes, Mr Eccles) ^eby 11th 1939 issue? If not it might be a good idea to read it before you read this, you would know then at least what I am trying to drive at* The answer to some of this, I would say, is right in here* I would say the signifiance would be wonderful, if we did actually owe the debt>tp ourselves* TJhy not make it so in fact? Would not one fifth of one percent of tlie interest we pay the money loaners, take care for all time our ten million unemployed* Hy facilities for fact finding are limited here but not with you* Why build up something to xuinate us, when it should be vested in the U S Government* This system of borrowing has a pawnbroker complex to me and I doubt very much if it is sound financeing* Commercial barks nineteen rnMMiarci,billion, insurance companys twenty four billions, on deposits in banlcd of peoples sa;vings, some fifty three billions. Any one can see what a power and source of revenue this is to any body that may or does control it* I hold just the difference between National success and failure lays right here* The Government must have this revenue end not private concerns in order to survive and stay on top of what is actually theirs or the Peoples, which of course is the same thing* The Government is pouring out billions right now and will continue to do so, with the result, far as the people are concerned, as Collier's points out* My entire rant is stop it, ntop it* flhy not? Cannot it be done? It only adds to the Nations overhead and ould go into the U S treasury. 2 would li^e to see the present administration successful and confute their political enemys Taut they are not going to do it unless they put a stop to this system, method or what ever you call it of financeing* Fo "business on earth does it that way and succeeds* I want Uncle Sam to hold the purse strings and do it in a "business like manner, I also feel that will go a long ways in solveing our present condition* I hope I have made mysdlf reasonably clear and if you have followed me this far, I thank you and if my ideas as set down here are worth five cents, 1 will go 5o-5o with you on them* Wishing you all the luck in the world, I am Very Sincerely Yours,, March 7, 1939- Mr, L. ft. Minnie, Encampment, Wyoming• Dear Mr. ndnnie: chairman Eccles requested me to acknowledge receipt of your letter of March 1 which he was particularly interested in reading. The article in Collier1s to which you refer was, of course, a complete distortion of his views and he has written to tne editor requesting a correction, which they have said they would print in a forthcoming issue. He especially asked ^e to thank you for your interest and your courtesy in "writing to him. Very truly yours, Elliott Thurston, Special assistant to the Ciaairiuan. ET:b