909. Charles Morgan Webb to Harrod , 15 June 1939 [a]
5, Temple Gardens, Brighton #
15 June 1939 
My dear Harrod
Since my return from the States, I have only just had an opportunity of reading your most stimulating article on Dynamic Theory in the March number of the Economic Journal.  Please forgive my presumption in sending the enclosed Note containing my impressions of the article.
I am perhaps indiscrete in introducing the Parliamentary Monetary Committee into my Note.  It slipped in because I had been endeavouring in my work for the Committee to counter the operation of the de-stabilising effect of money as described in your "Trade Cycle",  and I failed to find the effect of this destabilisation introduced into your Dynamic Theory.
I am fully aware of the limitations of monetary policy alone to produce stability. But I regard it as being of supreme importance to counteract to the fullest extent possible the de-stabilising effect of money by correct Monetary Management in order that the stabilising factors may operate free from the hampering effect of monetary disturbance.
It is for this reason that I have ventured to ask you kindly to let me know whether the presentation in my Note has any validity, or whether I have mistaken the nature of the de-stabilising effect of money.
C Morgan Webb
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