Kankakee Valley Post, Volume 18, Number 36, DeMotte, Jasper County, 6 August 1948 — GOP Forces Ram Their Own Plan Through, 16 to 8 [ARTICLE]

GOP Forces Ram Their Own Plan Through, 16 to 8

Republicans Drop Poll Tax Fight With South; Press For Early Adjournment Washington, Aug. 5. By a vote of 16 to 8, the house banking and currency committee tonight approved the Republicans’ anti-inflation bill, calling for consumer and bank credit curbs and increased gold reserve requirements in the federal reserve system. Simultaneously, a senate banking subcommitte put the finishing touches on legislation for low cost housing and 500 million dollars for slum clearance. Full steam was put behind the Republicans’ own housing and anti-inflationary plan, in the hope of adjourning congress by Saturda night, leaving President Truman’s legislative program strewn as wreckage on Capitol hill. Last Minute Pleas The administration made desperate but futile last minute efforts to salvage the President’s eight point anti-inflation bill, excess profits tax measure, and long range public housing proposals.

No less than three cabinet members and a Presidential adviser came before the house and senate banking committee during the day urging adoption of the Truman program. They included Treasury Secretary Snyder before the house committee, and Agriculture Secretary Brannan, Commerce Secretary Sawyer, and Vice Chairman Leon Keyserling of the President’s council of economic advisers, before the senate committee. Besides, Mr. Truman called his congressional leaders to the White House for an hour’s conference, instructing them to exert every effort to pass his legislative program. Attending were Senate Democratic Leader Barkley (Ky.), the President’s running mate; senate Democratic Whip Lucas (Ill.); House Democratic Leader Rayburn (Tex.); and House Democratic Whip McCormack (Mass.) Barkley said the President thinks adoption of his full program is necessary. Hopeless Motion Rep. Dingell (D., Mich.), administration New Dealer, also went thru the hopeless motion of introducing the President’s bill for 4.3 billion dollars in excess profits taxes on the nation’s leading corporations. It was ignored by Republicans. Despite the President’s directive for adoption of his program, no Democrat on the house banking committee offered his eight point bill as a substitute for the measure proposed by Chairman Wolcott (R., Mich.), and adopted. Wolcott immediately hailed the gold reserve increase as indicating an end to the New Deal’s “easy money” policy. The President had not requested this move and administration forces attacked it as a possible threat to the government bond market. Florence DeYoung entertained the bridge club last Friday evening. Prizes were won by Doris Zeck, Grace Cheever, Florence Curtin and Jerry Ramp.