FISCAL: Byrd to Eccles

A month before Franklin Roosevelt's $8,995,000,000 1940 budget appeared, conservative Democrat Harry Flood Byrd of Virginia issued an anticipatory blast at continued deficit financing. Federal Reserve Chairman Marriner Stoddard Eccles replied to him in a letter that filled three newspaper columns (TIME, Jan. 2). Last week as Congress took a savage nibble at the President's special Relief budget (see p. 77), Senator Byrd replied to Mr. Eccles in six newspaper columns. Juiciest points of Byrd answers:

> To the Eccles claim that the total amount of debt (public and private) is no...

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