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13emorandUK for aembers of informal
discueeion group
Xht 1938*

As you kBow, there have been a series of E*©tings in the form
of a discussion group of An informal nature to dissusa w^£t to do about
the recession, followini* the first 8»©ti*£ i& January, thnse other
•Mtls£« were held, one at f a s t e r XAfoUattt-9*. hoas, one at Mr.
Appleby'a, and a final c © at »y horn three week* ago* As a result,
of then* dlaeuseiona, a tentative program was evolved Including three

Abandonment of the deflationary po^ioy bein^- followed by
the MmialatrattOB, aiaA adoption c^ a n«w spanning

+ In restarting ^pendloe, ue^ as far as possible %)m
olal resources of the i4Edn1stration in the ^ay of
sterilised gold, fold profits, etc. so as to mke the
resulting increase In the national debt as saali as possible*

Xnoiuaioxi in the prograa of staeh f ^ i s of spBading as
would use government funds as a lerera^ to get A wuefc
larger *©!«&« of priT^t© funds into iaTestJamt, which
would facilitate the eventual withdrawal of goTurniaent
support while aetivity MseA on ori^at^ financing ooxttinned to expend.

Of tha three points covered in this program two are included in
r#©ov#ry progrsjft which %h& Pr©al<S®st r@oo'mp#^ie3 to 3QKL€T*M yester
day* T3m third point regains to be foueht fcer*
Those of us in the Departs at of «'i£ri culture* who irere responsible far starting these diaeusalons believe they played a useful
part in ea&blinr ua to get together and arrive at a broader basis of
understanding, wbleh say hava served In some slight degree to help
provide a basis of action wjhieh has riot been taken* In any ease,
the experience galmd in those discussion® and the oXarifle&tlon of
ideas will continue to be useful* From tiae to tin» In the future
*e will lnvit«,.,you %® ^rtieipat^ In meetla^s of this sort to £incuss thefttjoaoisie't^eblana tJist lie ahead and «het 0o^«rnnsnt may
do to solve

for your pertielp&tion, I an
Siaeerely yours,

Departaent of A^rloulture*