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DOCUMENT

COMMITTEE ON BANKING AND CURRENCY
HOUSE OF REPRESENTATIVES

EIGHTY-FIRST CONGRESS

SECOND SESSION

ON

H. R. 9176

A BILL TO ESTABLISH A SYSTEM OF PRIORITIES AND ALLO-
CATIONS FOR MATERIALS AND FACILITIES, AUTHORIZE THE
REQUISITIONING THEREOF, PROVIDE FINANCIAL ASSISTANCE
FOR EXPANSION OF PRODUCTIVE CAPACITY AND SUPPLY,
STRENGTHEN CONTROLS OVER CREDIT, REGULATE SPECULA-
TION ON COMMODITY EXCHANGES, AND BY THESE MEASURES
FACILITATE THE PRODUCTION OF GOODS AND SERVICES
NECESSARY FOR THE NATIONAL SECURITY, AND FOR OTHER

PURPOSES

JULY 24 AND 25, 1950

Printed for the use of the Committee on Banking and Currency

STANFORD
LIBRARIES

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1950

70331

COMMITTEE ON BANKING AND CURRENCY

BRENT SPENCE, Kentucky, Chairman PAUL BROWN, Georgia

JESSE P. WOLCOTT, Michigan WRIGHT PATMAN, Texas

RALPH A. GAMBLE, New York A. S. MIKE MONRONEY, Oklahoma

FREDERICK C. SMITH, Ohio BROOKS HAYS, Arkansas

JOHN C. KUNKEL, Pennsylvania ALBERT RAINS, Alabama

HENRY O. TALLE, Iowa FRANK BUCHANAN, Pennsylvania

ROLLA C. McMILLEN, Illinois ABRAHAM J. MULTER, New York

CLARENCE E. KILBURN, New York CHARLES B. DEANE, North Carolina

ALBERT M. COLE, Kansas GEORGE D. O'BRIEN, Michigan

MERLIN HULL, Wisconsin CHASE GOING WOODHOUSE, Connecticut HARDIE SCOTT, Pennsylvania CLINTON D. MCKINNON, California

DONALD W. NICHOLSON, Massachusetts
HUGH J. ADDONIZIO, New Jersey
ISIDORE DOLLINGER, New York
BARRATT O'HARA, Illinois
RICHARD BOLLING, Missouri

WILLIAM J. HALLAHAN, Clerk
ORMAN S. FINK, Professional Staff

JOHN E. BARRIERE, Professional Staff
II

CONTENTS

Page

1

41

88

59

48

H. R. 9176. A bill to establish a system of priorities and allocations for

materials and facilities, authorize the requisitioning thereof, provide

financial assistance for expansion of productive capacity and supply,

strengthen controls over credit, regulate speculation on commodity ex-

changes, and by these measures facilitate the production of goods and

services necessary for the national security, and for other purposes-----
Message from the President of the United States, transmitting a report

on the situation in Korea (H. Doc. No. 646) -

Statement of -

Evans, R. M., Board of Governors, Federal Reserve System

Sawyer, Hon. Charles, Secretary of Commerce

Symington, Hon. W. Stuart, chairman, National Security Resources

Board..

Additional data submitted for the information of the committee by-

Federal Reserve Board:

Consumer credit outstanding (chart)-

Earnings and expenses of the Federal Reserve banks, 1946–50...

Farm mortgage debt, total outstanding, December 31 (chart)--

Financing War Production and Contract Terminations Under

Regulation V, article from the Federal Reserve Bulletin.

Gross debt of the United States Government (chart)--
Maturities of series E savings bonds-amount outstanding on

June 30, 1950 (chart) -

Member bank reserve requirements-

Nonfarm mortgage debt (chart)

National Security Resources Board:

Dismantling of plants in Germany---

Appendix:

Bennett, Hon. John B., a Representative in Congress from the State

of Michigan (statement)-

Blatnik, Hon. John A., a Representative in Congress from the State of

Minnesota (statement)-
Fakler, Herman, vice president, Millers’ National Federation, letter of

July 26, 1950, to Hon. Brent Spence-

Garmatz, Hon. Edward A., letter of July 26, 1950, to Hon. Brent

Spence-

Restaurant Beverage Association of Washington, D. C., resolu-

tion.-

Gerholz, Robert P., president, National Association of Real Estate

Boards (statement).

Goss, Albert S., master, the National Grange (letter and statement)--

Hughes, Syd J., vice president, Industrial Bank of Commerce, New

York City (statement) - -

Stevens, D. A., chairman, committee on agriculture, Millers' National

Federation, letter to Hon. Brent Spence.

Taylor, H. S., president, Oglebay, Norton & Co., Cleveland, Ohio

(statement)

49

81

47

119

129

125

126

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