Ball, Joseph H., vice president, Association of American Ship Owners- Blake, William Rhea, executive vice president, National Cotton Butler, Sally, director, General Federation of Women's Clubs. Campbell, Wallace J., director, Cooperative League of United States Cowperthwaite, Ray, Cooperative Food Distributors of America___ 'Dickey, Raymond R., general counsel, National Used Car Dealers Galston, Clarence E., president, Motor Haulage Co.. Goodman, Herman, attorney, Institute of Surplus Dealers, Inc.. Gottsegen, Mrs. Jack J., National Council of Jewish Women... Heer, Leo J., vice president, National Retail Furniture Association.. Holman, Charles W., secretary, National Milk Producers Federation_ Imbey, Ian, chairman, Institute of Surplus Dealers, Inc. Johnson, J. Gordon, president, American Machinery Corp- Riggle, John J., secretary, National Council of Farmer Cooperatives_ Robbins, Paul M., National Society of Professional Engineers.. Rowan, Iola Winn, administrative secretary, National Association of Ward, Gilbert L., National Retail Dry Goods Association_ Members of association.. 166 CONTENTS Page Ball, Joseph H., vice president, Association of American Ship Owners Blake, William Rhea, executive vice president, National Cotton Butler, Sally, director, General Federation of Women's Clubs. Campbell, Wallace J., director, Cooperative League of United States Cowperthwaite, Ray, Cooperative Food Distributors of America__ Dickey, Raymond R., general counsel, National Used Car Dealers Galston, Clarence E., president, Motor Haulage Co. Goodman, Herman, attorney, Institute of Surplus Dealers, Inc.. Heer, Leo J., vice president, National Retail Furniture Association__ Holman, Charles W., secretary, National Milk Producers Federation. Imbey, Ian, chairman, Institute of Surplus Dealers, Inc. Johnson, J. Gordon, president, American Machinery Corp.. Jones, Richard S., chairman, Dairy Industry Committee. Jones, Rowland, Jr., president, American Retail Federation___ Riggle, John J., secretary, National Council of Farmer Cooperatives_ Robbins, Paul M., National Society of Professional Engineers.- Rowan, Iola Winn, administrative secretary, National Association of Ward, Gilbert L., National Retail Dry Goods Association.. Members of association. 166 Letters, statements, reports, etc., submitted by-Continued Cowperthwaite, Ray, Cooperative Food Distributors of America: Ferebee, Dorothy B., president, National Council of Negro Women: Galston, Clarence E., president, Motor Haulage Co.: Statement... Holman, Charles W., secretary, National Milk Producers Federation: Percentage total exports, specified countries, to United States___ Comparison of butter prices, United States and specified coun- Milk and dairy products consumption, selected countries. Actions taken by Agriculture Department under section 104.. Imports, dairy products, prewar average_ Exports, dairy products, prewar average_. Page 341 352 150 Dried milk: Exports and imports of specified countries. Jones, Rowland, Jr., president, American Retail Federation: List of 315 Kline, Allan B., president, American Farm Bureau Federation: 1953 policies adopted by the official voting delegates_ McNary, William S., chairman, Council on Government Relations, 158 Trigg, Ralph S., Acting Assistant Director for Production, ODM: 163 STANDBY ECONOMIC CONTROLS MONDAY, MARCH 2, 1953 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, The committee met, pursuant to call, in room 301, Senate Office Building, at 10:10 a. m., Senator Homer E. Capehart, chairman, presiding. Present: Senators Capehart, Bricker, Ives, Bennett, Bush, Payne, Goldwater, Maybank, Robertson, and Douglas. The CHAIRMAN. The committee will come to order, please. When the Korean conflict took us by surprise about 21⁄2 years ago, we were spending annually for military purposes a total of approximately $10 billion. Within a year, our defense budget increased fourfold, and actual military expenditures doubled. At the present time, we are spending for defense purposes alone almost $50 billion a year, or approximately $1 billion a week. Fortunately, it appears that from now on our expenditures for national defense should begin to decrease. But we cannot be unaware of the ever present Communist menace, which is a threat not only to our society, but to Christian civilization. It is against this background that we as your representatives in the Senate and you, as the representatives of labor-and you, as the representatives of industry-and you, as the representatives of the public, should consider this legislation. In keeping with my responsibility as chairman of the Banking and Currency Committee, I have introduced two bills-alternative approaches to combat inflationary pressures in the event of a grave national crisis. Briefly, one provides for an overall type standby authority with a small, key standby organization. The other would grant standby authority for a 90-day freeze on prices, wages, and residential rents, pending further action by the Congress. It is not necessary for me, I believe, in the light of my record in the Senate to state that I prefer no controls over our economy. However, I feel that I would be remiss in my duties as a Senator and as chairman of this committee if I failed to obtain the fullest consideration of what is the best and most practical way of taking care of what could be a disastrous economic dislocation in the event of a grave national emergency. We must give the same consideration to economic preparedness as we do to military preparedness. It is my considered judgment, and I know a majority of the members of this committee share my view, that if we prepare ourselves for a system of controls to combat a possible inflationary situation, we will do most to prevent the very situation which we all fear. In other words, a little economic peni 1 |