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BOARD OF
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r

From

GOVERNORS
THE

FEDERAL RESERVE SYSTEM

ice Correspondence
Chairman Eccles

N vm e 13, 1 4
oe br
97
SubjectL

Woodlief Thomas

I had a o a l l from C* 0* Hardy who s a i d t h a t a d e c i s i o n
n i l l be made tomorrow as t o whether the J o i n t Committee on Economic
Report and the Banking and Currency Committee*will h o l d j o i n t
hearings on t h e a n t i ~ i n f l a t i o n program*

He s a i d t h a t he thought

the consumer c r e d i t c o n t r o l s would go through -without d i f f i c u l t y *
Mr, Hardy i s b e i n g c a l l e d upon by members of h i s Committee
f o r i n f o r m a t i o n as t o f u r t h e r c r e d i t r e s t r i c t i o n s and i s
them t o the Board f s 19^-5 Annual Report,

referring

He i s a l s o g i v i n g them a

copy o f an a r t i c l e t h a t he wrote f o r the Harvard Business Review on
t h e Board 1 s proposals*

This a r t i c l e gave arguments b o t h pro and con

and on the "whole was n o t unfavorable but c o u l d be i n t e r p r e t e d as
e i t h e r f a v o r a b l e or u n f a v o r a b l e , depending upon the p r e d i l e c t i o n s
of t h e r e a d e r .

I have sent him copies of my Economic A s s o c i a t i o n

paper on "The Heritage o f War Finance 91 which discusses the problem
i n the Board 1 s proposals*

You have probably seen t h i s paper, but

t o r e f r e s h your memory I am a t t a c h i n g a r e p r i n t *

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