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1920 Grand Ave,Davenport, Iowa
My dear S i r :
Jan.% 1939
Read your a r t i c l e U.S.Hews,Jan.3rd.Spending i s
pdetermilne.d by those administering same to j u s t i f y
^span-ling. The U.S. spending l a s t few years has prova curse to the welfare of our country, in the
ands of Roosevelt .Mr. j a s s e Jones R.P.C.Board
dvi sed me l a s t April, between period of Feb. 3-32
o Feb. 28-38, only #1,320,360,^90.58 loaned to
2 liquidate closed banks,for distribution to deposw
m i t o r s . -instead ten or more billion should have
ei been used, thus placing money Mizn i t would
*rl ci r cu l at a i n n atu r al bu sine s s ch anne 1 s, tre e f rom
J p o l i t i c a l grafting and ivit'n low administrative
u c o s t . M fattier, a banter for HO years,president
^ 30 years, succeeded Gov.Kirfcwood wxien he joined
* oarfi e l l ' s cabinet f knew baniung.He died in 1905
g Roosevelt spending, 1 urge per cent i s
Federal Reserve Bank of St. Louis

Boosav9]t has had no p
09 as economist ;FY.governship
a f i t t i n g axarapie.Devaluation
of dollar and repudiation of
guarantee for Oovmt.bonds has
affected oonfidence in financial circles, of prel^nt administration.