FREDERICK NYMEYER, 16546 South Park Avenue, South Holland, Illinois February 25, 1957 Dr. Ludwig von Mises 777 West End Avenue New York 25, New York Dear Dr. von Mises: See the enclosed Annual Report of Eliot Fitch of the Marine National Exchange Bank. Fitch and I are personal friends. He is a very superior banker. In regard to banking principles and monetary theory he is a "pragmatist." He adjusts to the circumstances and his thinking, although not in favor of run-away inflation, is adjusted to the idea of a moderate inflation each year. He is not against "credit expansion, but against "too much credit expansion. " This is the traditional viewpoint in America before New Deal economics. The Fitch viewpoint has never questioned basically the validity of any credit expansion a la Von Mises. So much for that. I thought you would be interested in what Fitch writes on pages 2 and 3 as representative of a viewpoint. Do not return. No acknowledgement expected. Yours very truly, Fredevik Hymeyer Frederick Nymeyer FN:br