Monday, Aug. 09, 1948
Slow Motion
Congress went through the motions of considering the President's special-session message--but the motions were perfunctory. Seven hours after Harry Truman had left Capitol Hill, congressional Republicans flatly announced--with the approval of Candidate Tom Dewey--that "our efforts will be devoted to completing the session as soon as possible."
One way of completing it quickly and painlessly was to take refuge in the expected Southern filibuster on civil rights. While the House made ready for a three-day weekend, Acting Senate Majority
Leader Ken Wherry called up the anti-poll tax bill. From his seat under the Senate's big gilt clock, Mississippi's quiet John Stennis picked up the cue.
Hardly Trying. As the Southerners kept Senate business at a standstill, Senate and House committees listened coldly to the Administration's explanations of Harry Truman's anti-inflation program. Ex-OPAdministrator Paul Porter, who had been re-enlisted by the White House fortnight ago, was the chief performer before the House Banking and Currency Committee. His main point: roll back prices to November 1947 levels on such items as meat, dairy products, clothing, steel.
On the Senate side, Administration witnesses hardly seemed to be trying. Both Treasury Secretary John Snyder and Federal Reserve Board Chairman Thomas McCabe were plainly reluctant to discuss price controls. Said Secretary Snyder: "I have stated many times that I am not in favor of price controls. Nor am I in favor of castor oil. But if I've got an ailment and it's going to save my life, then I'll take it."
New Petard. If the Republicans needed any more petards to hoist Harry Truman, they had one in ex-Federal Reserve Chairman Marriner Eccles. He agreed that the Administration's plan for increasing bank reserves was one way to check inflationary credit. It was a scheme which he had suggested himself last fall and which the President had then ignored. As for the rest of the President's program, such proposals as the long-range housing program would only force inflationary pressures even higher. Said Eccles: "It's like try ing to fill up the bathtub with the stopper out."
By this week it was clear that the only "anti-inflation" bills with any chance of passage were those to control consumer credit and to tighten up bank loans. Congress might also approve the $65 million building loan for U.N., and remove the discriminatory provisions from the D.P. bill. The rest of the President's program had no more chance than a snowball in summer Washington.
This file is automatically generated by a robot program, so reader's discretion is required.