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February 23, I I I 94* Chairman Eccles L. M. Piser Memorandum from National City Bank of Cleveland The memorandum sent to you by Mr. George Buffington in general deals with very familiar subjects• You might be interested, however, in a quotation from the study, which seems to indicate a growing realization that interest rates will not be permitted to increase substantially in the post-war period. At the end of the memorandum, the statement is made that llthe Government will undoubtedly continue to have a vital concern in the level of interest rates for some time to come. There has been no official statement of policy in this respect but the following quotation of Mr. Bellfs certainly reflects his own thinking on the subject: 1 1 think it can be fairly said of the United States, as the late Chancellor of the Exchequer, Sir Kingsley Wood, recently said of Great Britain, that n . • • we have revolutionized public opinion as to what are fair rates for Government war borrowing.11 I believe that this revolution in opinion has a sound basis in underlying economic realities, and is applicable to the coming times of peace also. I hope that the policies of the Government will be directed to this end.flf Is there anything further that you wish me to do in this matter?