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October 1, 1947 Dear Mr. P re sid e n t* We hand you h erew ith our review o f th e n&tionfcl economy a t th e c lo s e o f th e t h ir d q u a r te r . The p r ic e s i t u a t i o n co n tin u es to be the f o c a l p o in t o f our n a tio n a l economic problem. Ve do n o t, hov e v e r , b e lie v e t h a t i t as y e t threaten© to g e t o u t f hand i f measures w ith in our power are w is e ly u sed . 1. We b e lie v e t h a t th e approach through e d u c a tio n and v o lu n ta r y co o p era tio n w i l l go f a r to vard ch eckin g p r i c e s , sh a rin g e q u i t a b ly such s c a r c i t i e s a s cannot be a v o id e d , and c o n tin u in g th e stifsu lu c f o r fu tu r e p r o d u ctio n . 2. Ve b e l i e v e , h o vever, th a t in the fa c e o f uncer t a i n t y as to fu tu re n e e d s, fu tu r e s u p p lie s , and th e p r e c is e e f f e c t i v e n e s s o f the v o lu n ta r y program,, a f u l l armory o f c o n tr o l measures should fee c a r e f u l l y stu d ie d and prepare--’ f o r prompt use i f needed. 3. While ve a re m eeting iam edt&te em ergen cies, we must alw ays c o n s id e r the needs o f lo n g -tim e economic s t a b i l i z a t io n and mske s h o r t-r u a ae& sures f i t in to t h a t program r a th e r than u p s e t i t . The s u b j e c t - a a t i e r of t h i s was considered to l a s t F r id a y w ith Mr. Cl*rk. H is subsequent absence in Wyoming has prevented h is ch eek in g th e f i n a l d r a f t o r signing th is le t t e r . up R e s p e c t f u lly , Edwin G. flo u r s*, Chairman Leon H. K e y s e r lir .g , V le e -C h a ir ^ a a The President The Whifce House
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