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August 15, 1936


Mr* Eccles


J. M. Daiger

In response to inquiries from Mr* Leon Henderson. I
have given to him, verbally, suggestions for dealing with
the following matters:
1* The apparent lag of business recovery in
the United States in comparison with other
countries* Mr* Henderson says that a good
deal of political capital is being made of
the fact that the United States stands
fifteenth in respect of recovery from the
low point of the depression*
2* The argument that the reelection of
President Roosevelt will mean early and
ruinous inflation* Mr* Henderson says that
much use is being made of the recent articles
on inflation ty Willis and Kemmerer. The
Chicago Tribune, in its front page editorials,
has exploited effectively in Illinois and
Iowa the views of Willis, Kemmerer, and other
like-minded economists*
5* The proposal of Colonel Knox that employees
share the wealth11 of industry through participation in the equity ownership* This proposal was advanced by Colonel Knox in a
campaign speech that he delivered this week.
In addition to suggesting to Mr* Henderson the lines
of approach that I thought might be most effective in dealing with these matters, I have given him references to
source material for use in the preparation of campaign
speeches and printed matter*