The SPEAKER. Is the gentleman opposed to the bill? The SPEAKER. Is there objection to the request of the gentleman from from Mr. BENNETT of Michigan. I am, New Jersey? Mr. Speaker. The SPEAKER. The Clerk will report the motion to recommit. The Clerk read as follows: Mr. BENNETT of Michigan moves to recommit the bill, H. R. 356, to the Committee on Interstate and Foreign Commerce. Mr. WOLVERTON. Mr. Speaker, I move the previous question on the motion to recommit. The previous question was ordered. the motion to recommit. Mr. BENNETT of Michigan. Mr. There was no objection. SIGNING ENROLLED BILLS Mr. HALLECK. Mr. Speaker, I ask unanimous consent that notwithstanding the adjournment of the House until Monday next, the Clerk be authorized to receive messages from the Senate, and that the Speaker be authorized to sign any enrolled bills and joint resolutions passed by the two Houses and found truly enrolled. The SPEAKER. Is there objection to Speaker, on that I demand the yeas and the request of the gentleman from Indiana? nays. The yeas and nays were refused. The motion to recommit was rejected. The SPEAKER. The question is on the passage of the bill. The bill was passed, and a motion to reconsider was laid on the table. FURTHER MESSAGE FROM THE SENATE There was no objection. COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE Mr. WOLVERTON. Mr. Speaker, I ask unanimous consent that the Committee on Interstate and Foreign Commerce may have until midnight Saturday night to file a report on H. R. 3898. The SPEAKER. Is there objection to than $150 million next year. This is what was cut out of his budget, with his concurrence. The transfer of airline subsidies, formerly charged to the Post Office Department, to the Civil Aviation Board and the increases in parcel post rates and miscellaneous fees will further reduce the estimated postal deficit for 1954 from a beginning of $746 million originally proposed by the preceding Postmaster General to less than half the amount-$315 million. Three hundred and fifteen million dollars is still a huge deficit. It represents a loss of more than a million dollars every working day of the year but it is as low as the Postmaster General can now bring it without the further help of Congress through increases in postal rates. The proposals now before the House Post Office and Civil Service Committee for postal rate increases of $240 million annually will bring the huge postal deficit into reasonable balance for the first time in many years. It is a modest, practical and realistic request which I trust this House will adopt speedily when the bill comes before us for action. To tolerate a philosophy that postal A further message from the Senate, the request of the gentleman from deficits should not be controlled en by Mr. Carrell, one of its clerks, announced that the Senate agrees to the report of the committee of conference on the disagreeing votes of the two Houses on the amendment of the Senate to the bill (H. R. 1802) entitled "An act to amend the act of Congress, approved March 4, 1915 (38 Stat. 1213), as amended." FILING ACCOMPANYING VIEWS ON HOUSE REPORT NO. 857 Mr. LANTAFF. Mr. Speaker, I ask unanimous consent to file accompanying views on House Report No. 857 which has heretofore been printed. The SPEAKER. Is there objection to the request of the gentleman from Florida? Mr. HOFFMAN of Michigan. Mr. Speaker, reserving the right to object, I desire the same right to reply to the gentleman's accompanying views and have until Monday night and have them printed together. The SPEAKER. Is that agreeable? Mr. LANTAFF. I have no objection, Mr. Speaker. The SPEAKER. Is there objection to the request of the gentleman from Florida? There was no objection. SPECIAL ORDER GRANTED Mr. BOW asked and was given permission to address the House for 30 minutes on Thursday next, following any special orders heretofore entered. GENERAL LEAVE TO EXTEND Mr. WOLVERTON. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks on H. R. 356. New Jersey? There was no objection. POSTMASTER GENERAL ARTHUR E. SUMMERFIELD Mr. CANFIELD. Mr. Speaker, I ask unanimous consent to address the House for 5 minutes and to revise and extend my remarks. The SPEAKER. Is there objection to the request of the gentleman from New Jersey? There was no objection. Mr. CANFIELD. Mr. Speaker, as chairman of the Subcommittee on Treasury-Post Treasury-Post Office Departments of the Committee on Appropriations, I am intimately acquainted with the plans and accomplishments of Postmaster General Arthur E. Summerfield. I know that the Post Office Department, for the first time in many years, is being operated in an efficient businesslike manner by the Postmaster General and his able associates. I know that postal service has already been improved in some 200 major United States cities and that these improvements are made by better use of facilities and personnel at slight, if any extra cost to the taxpayers. I know that service has been improved in certain rural areas of the country by consolidating mail routes, eliminating out-moded post offices, and extending rural free delivery service-all at a considerable saving of the taxpayers' dollars. I know, too, that the Post Office Department is making better use of modern transportation facilities to speed up the delivery of the mails-and doing so at savings to the taxpayer. The efficiencies which the Postmaster General already introduced into the Department will save the taxpayers more PERMANENT CONSUMER CREDIT CONTROL DESIRED BY FEDERAL RESERVE OFFICIALS AND ADMINISTRATION The SPEAKER. Under previous order of the House, the gentleman from Texas [Mr. PATMAN] is recognized for 10 minutes. Mr. PATMAN. Mr. Speaker, I ask unanimous consent to revise and extend my remarks and include extraneous matter. The SPEAKER. Is there objection to the request of the gentleman from Texas? There was no objection. Mr. PATMAN. Mr. Speaker, there is a very strange and unusual combination that has recently come to light here in Washington. For the last few years, the Federal Reserve officials have been trying to make it plain that the System is an independent agency and is not connected directly or indirectly with the executive branch of the Government, only admitting that the agency is a servant of Congress, having been created by Congress in 1913. But the last few days, evidence is unmistakable that there is a very pleasant and effective alliance existing between the Board of Governors and the administration in power. Does this mean that the Board of Governors are only against an administration in power that is for fair interest rates, such as fixed during World War II as a pattern? TWO HUNDRED DOLLARS EXTRA PER ANNUM FOR FAMILY OF FIVE Does it mean that the Board of Gov ernors is perfectly willing to get along with the administration that has already fixed a pattern of interest rates that will cost every man, woman, and child an additional $40 per annum? That is what the pattern of interest rates fixed with the present administration will cost-$40 per capita. All the debts of the Nation-public and private-aggregate over $600 billion. The pattern of interest rates recently fixed by the administration will cause a minimum increase of 1 percent, which is over $6 billion or approximately $40 for every man, woman, and child. This means in the future that a family of 5 will have to spend $200 of its earnings for interest instead of using the $200 to buy better food, better clothing, and more conveniences and comforts of life. It will mean $200 less for a family of 5 to spend for production of the farm or factory, and will result in a diversion of money that has heretofore gone into the bloodstream of business and commerce and helped to keep the country prosperous and healthy into the hands of those who do not need and will not buy an extra pair of shoes, an extra suit of clothes, an extra loaf of bread, or any kind of appliance or automobile. In my remarks of Wednesday of this week, I mentioned the fact that on that very day a meeting was held at the Statler Hotel at which Mr. William Martin, Chairman of the Federal Reserve Board, made a talk to car dealers and finance company representatives, in which he made it plain that he was speaking for the Federal Reserve Board and the administration in power, in advocating permanent consumer credit controls. He failed to sell the group on the idea, and newspaper items indicate that he back It is as follows: of bonds and securities to finance the MARTIN ASKS PERMANENT CREDIT CURB POWER public debt. In the American Banker of Frederick J. Bell, executive vice president of the 34,000-member NADA, quoted Mr. Martin as saying in a private speech that he would have used such authority in the past if he had it. Mr. Bell made it plain that fear of a possible administration request for credit curbing powers from Congress had prompted the all-day NADA meeting here yesterday. However, he said that to his knowledge, the administration has no present plans to ask for such authority in the next legislative program it will present to Congress in January. However, he labeled Mr. Martin's statement advocating permanent authority for credit control as an administration position, and protested it repeatedly in his meeting with the press, saying new-car dealers see no need for credit regulations. Mr. Martin's speech was in fact entitled "The Administration's Position on Consumer Credit in the Automobile Industry.” The meeting at which he made the talk was not open to the press. Automobile credit, as reported by the Federal Reserve Board, hit $9.4 billion at the end of May-about $2.9 billion or 45 percent higher than a year ago. Mr. Bell emphasized, however, that there is nothing alarming about these figures and that it was a healthy sign. He added that there has been no growth in the number of people who can't meet monthly payments on autos. When asked about the business outlook for automobile sales in the last half of this year, the NADA spokesman said: "I don't see anything to worry about." He added, however, that competition is more keen than in the past and that the dealers are returning to more normal merchandising conditions. Hefty doses of consumer credit, in the past, have been a big stimulant to auto sales. Credit helped finance a larger proportion of autos purchased last year than in any other postwar year, according to the Federal Re serve Board. Board figures show that 57 percent of those persons buying new cars last year borrowed part of the purchase price. In 1951, the percentage was only 47 percent and in 1950 it was 46 percent. On used car purchases, those using credit amounted to 65 percent last year, 60 percent in 1951 and only 57 percent in 1950. tracked considerably after being quizzed giving the Federal Reserve Board authority Congress, earlier this year, voted against by the critical and suspicious group for almost 3 hours. But it should not be overlooked that the Federal Reserve Board has more controls in mind and will not relax its efforts to get them, judging the future by the past. It is my considered opinion that if something is not done about the Federal Reserve System, Mr. Martin and his crowd will really wreck the country next time. I am inserting herewith a statement appearing in the Wall Street Journal of yesterday, concerning the Staler Hotel meeting, sponsored by the Board of Governors of the Federal Reserve banks and the administration in power. to control consumer credit. REPRESENTING THE ADMINISTRATION In the article by Mr. Nelson M. Shepard that appeared in the Washington Star of yesterday concerning this same meeting, it was stated: Chairman William McChesney Martin, Jr., of the Federal Reserve Board, in a private talk before the conference, said he had been requested by Secretary of the Treasury Humphrey to speak on behalf of the administration. NO FREE MARKET In my remarks on Wednesday, I also made reference to the fact that there is made reference to the fact that there is no free market for the United States Government in the sale of huge amounts yesterday, July 23, Mr. Marriner S. Eccles, who was Chairman of the Federal Reserve Board for probably a longer period of time than any other person ever held that position, is quoted as saying in a talk before the Stanford University Business Conference at Berkeley, Calif., within the last few days, that "the idea of a free or unmanaged money market was supposed to go out in 1913 when the Federal Reserve System was created." The officials of the administration who contend that it is fair for the United States Government to be required to pay any rate of interest forced upon it by a few money lenders who control the market are certainly not working in the interest of the United States Government. It is my belief that the Board of Governors of the Federal Reserve System are bordering on unpatriotism in failing to support our Government in time of need. An excuse is given-not a good reason-for this devastating, unfair, and cruel action. The Federal Reserve System makes money easy or tight as it desires-that is what the System claims for itself. TIGHT MONEY-RAISE INTEREST-EASE MONEY Recently, we had an outstanding example of the System permitting money to get real tight to justify the issuance of long-term bonds, bearing the highest rate of interest in 20 years, but soon thereafter easing the money market by permitting through one mimeographed statement the banks to create upon their books $52 billion with which they could buy bonds or make advances for stock purchases or gambling transactions or for any other purpose. The point is the money is tight or easy according to what the System desires. The present policy of the Board of Governors is not in the interest of the United States Government, but is in the interest of Wall Street banks. Twentyone of the New York City banks have profited more from the reductions in the reserve requirements than all the other banks of the Nation combined. OLD DOLLAR OR 1939 DOLLAR IF RETURNED TO NOW WOULD DOUBLE ALL DEBTS Mr. PATMAN. Mr. Speaker, many make the dollar more valuable and do people are contending that we should it quickly, that they should return to the 1939 dollar. If we returned to the 1939 dollar, we would be forcing a dollar that is worth twice as much as the present dollar, which means that the people would have to pay $2 for every dollar that they owe and the taxpayers on the Federal debt would have to do likewise. It would be like a farmer borrowing money from his local bank to raise wheat that was worth $3 a bushel. After planting his crop, cultivating.it, and harvesting it on the basis of $3 wheat and paying prices on that basis for his labor, machinery, and other expenses, he discovers when he harvests the wheat, he can only get $1.50 a bushel. The farmer Recently the president of the Wood- Mr. PRIEST in two instances and to Mr. HELLER in four instances and to Mr. ROGERS of Texas and to include ex- Mr. IKARD in two instances and to in- Mr. FRIEDEL and to include a letter. Mr. COLE of New York in connection OLD DOLLAR WOULD BREAK UNITED STATES, with a committee report relating to the SAYS INSURANCE MAN (By Walter S. J. Swanson) A man who manages $190 million in in- Headquarters of the Woodmen, and of He said the rise in interest rates and the He predicted that interest generally would The Woodmen of the World is a large The group is now concluding a national EXTENSION OF REMARKS By unanimous consent, permission to Mr. Bow and to include extraneous disappearance of Major Hallahan during Mr. GWINN in two instances and to Mr. WOLVERTON in two instances and Mr. POFF. Mr. WOLCOTT. SENATE BILL, JOINT RESOLUTION, A bill, joint resolution, and a concur- lowing titles were taken from the Speak- S. 2417. An act to provide for the creation S. J. Res. 96. Joint resolution to strengthen S. Con. Res. 43. Concurrent resolution ten- ENROLLED BILLS AND JOINT RESO- LUTION SIGNED Mr. LECOMPTE, from the Committee H. R. 4484. An act to amend section 365 of Mr. ADAIR and to include an editorial. proved March 3, 1901, as amended, to in- Mr. LANE in two instances. crease the maximum sum allowable by the Mr. DEMPSEY and to include extrane- funeral expenses. Mr. SUTTON and to include a letter. Mr. GRANAHAN and to include a news- Mr. GARY and to include an editorial. Mr. PELLY and to include an editorial. Mr. DAVIS of Georgia in three instances Mr. BROWN of Georgia and to include H. R. 5227. An act making appropriations H. R. 5804. An act to authorize the Secre- H. J. Res. 253. Joint resolution to amend The SPEAKER announced his signa- S. 2078. An act to provide for the orderly event of the death, incapacity, or separation BILLS AND JOINT RESOLUTION Mr. LECOMPTE, from the Committee H. R. 4484. An act to amend section 365 of H. R. 5227. An act making appropriations H. R. 5804. An act to authorize the Secre- tary of the Interior to grant easements for H. J. Res. 253. Joint resolution to amend ADJOURNMENT Mr. HALLECK. Mr. Speaker, I move The motion was agreed to; according- EXECUTIVE COMMUNICATIONS, ETC. 871. Under clause 2 of rule XXIV, a REPORTS OF COMMITTEES ON PUB- Mr. H. CARL ANDERSEN: Committee on Mr. RODINO: Committee on the Judiciary. Mr. MILLER of Nebraska: Committee on bill to amend the Reclamation Project Act of Mr. HALE: Committee on Interstate and Mrs. ROGERS of Massachusetts: Commit- Mr. SHORT: Committee on Armed Serv- Mr. CUNNINGHAM: Committee on Armed Mr. HOFFMAN of Michigan: Committee on 263. Resolution disapproving Reorganiza- Mr. HOFFMAN of Michigan: Committee on Mr. HINSHAW: Committee on Interstate Mr. MILLER of Nebraska: Committee on Mr. WOLCOTT: Committee of conference. Mr. MILLER of Nebraska: Committee of Mr. MEADER: Committee on the Judiciary. mittee of the Whole House on the State of Mr. MEADER: Committee on the Judiciary. REPORTS OF COMMITTEES ON PRI- Mr. JONAS of Illinois: Committee on the Whole House. Mr. LANE: Committee on the Judiciary.. Mr. BURDICK: Committee on the Judi- Mr. LANE: Committee on the Judiciary. Mr. JONAS of Illinois: Committee on the Mr. RODINO: Committee on the Judiciary. Mr. RODINO: Committee on the Judiciary. Mr. JONAS of Illinois: Committee on the Mr. JONAS of Illinois: Committee on the Mr. CUNNINGHAM: Committee on Armed PUBLIC BILLS AND RESOLUTIONS Under clause 4 of rule XXII, public By Mr. BENNETT of Florida: H. R. 6505. A bill to amend the Social public-assistance programs; to the Com- By Mr. DURHAM: H. R. 6506. A bill for the relief of the city By Mr. ENGLE: H. R. 6507. A bill to amend the Tariff Act By Mr. HOLTZMAN: H. R. 6508. A bill to amend the Social Se- H. R. 6509. A bill granting exemption from H. R. 6510. A bill to allow a parent, under H. R. 6511. A bill to increase the personal By Mr. KING of California: H. R. 6512. A bill to amend the Tariff Act By Mr. OAKMAN: H. R. 6513. A bill requiring the filing with By Mr. SMITH of Mississippi: H. R. 6514. A bill for the relief of the town By Mr. ALLEN of California: H. R. 6515. A bill to establish a postal By Mr. CRETELLA: H. R. 6516. A bill to amend the Tariff By Mr. GUBSER: H. R. 6517. A bill to amend section 402 By Mr. LANTAFF: H. R. 6518. A bill to authorize a prelim- By Mr. PATTEN: H. R. 6519. A bill to authorize the Secre- tary of the Interior to convey certain land H. Con. Res. 170. Concurrent resolution By Mr. AYRES: H. R. 6520. A bill for the relief of Paolino Berchielli, wife Heda and daughter Alba; to the Committee on the Judiciary. H. R. 6521. A bill for the relief of Giovanni Conti; to the Committee on the Judiciary. By Mr. BENDER: H. R. 6522. A bill for the relief of Darwish Abdel Kareem; to the Committee on the Judiciary. H. R. 6523. A bill for the relief of Emile N. Ghantous; to the Committee on the Judiciary. H. R. 6524. A bill for the relief of Kaiser J. Rashid; to the Committee on the Judiciary. By Mr. BERRY: H. R. 6525. A bill authorizing the issuance of a patent in fee to Ruth Long Crow Running Horse; to the Committee on Interior and Insular Affairs. PETITIONS, ETC. Under clause 1 of rule XXII, petitions and papers were laid on the Clerk's desk and referred as follows: 398. By the SPEAKER: Petition of New England Region of Hadassah, Boston, Mass., requesting the approval of the mutual security bill and to include economic and military assistance to Israel and the Near East; to the Committee on Foreign Affairs. SENATE SATURDAY, JULY 25, 1953 (Legislative day of Monday, July 6, 1953) The Senate met at 10 o'clock a. m., on the expiration of the recess. Rev. Ralph C. John, Ph. D., the American University, Washington, D. C., offered the following prayer: Eternal God, our Heavenly Father, in whose presence a thousand years are as a day: Incline Thine ear to hear our petitions, bend Thy presence to minister to our needs. Our hearts this day are saddened by the passing of one who has merited Thine own commendation: "Well done, thou good and faithful servant; thou hast been faithful over a few things; I will make thee ruler over many. Enter thou into the joy of thy Lord." We thank Thee for the depth of his integrity, for the diligence of his service, and for the warmth of his presence in his relationships with Thy people and with Thee. Our faith is that he has passed from our side and sight to Thy mansions above, to live forever in the light of Thy love and in the company of all the saints who now from their labors rest. Make the benediction of Thy spirit to rest upon him, and upon us, that the incidents of time may be seen in the ranges of eternity. Bless this Senate, and these Senators, custodians of a sacred trust, as they fulfill the demands of public office and divine obligation. This we ask in Jesus' name. Amen. THE JOURNAL On request of Mr. KNOWLAND, and by unanimous consent, the reading of the Journal of the proceedings of Friday, July 24, 1953, was dispensed with. MESSAGE FROM THE PRESIDENT A message in writing from the President of the United States submitting a nomination was communicated to the Senate by Mr. Miller, one of his secretaries. MESSAGE FROM THE HOUSE A message from the House of Representatives, by Mr. Bartlett, one of its clerks, announced that the House had passed the following bills, in which it requested the concurrence of the Senate: H. R. 356. An act to amend the Railroad Retirement Act of 1937, as amended; and H. R. 6342. An act to amend the Public Buildings Act of 1949 to authorize the Ad ministrator of General Services to acquire title to real property and to provide for the construction of certain public buildings thereon by executing purchase contracts; to extend the authority of the Postmaster General to lease quarters for post-office purposes; and for other purposes. ENROLLED BILL AND JOINT RESOLUTION SIGNED The message also announced that the Speaker had affixed his signature to the following enrolled bill and joint resolution, and they were signed by the Vice President: H. R. 157. An act to provide that the tax on admissions shall not apply to moving picture admissions; and H. J. Res. 228. Joint resolution to permit the entry of 500 eligible orphans under 10 years of age, adopted abroad or to be adopted in the United States by United States citizens serving abroad in the United States Armed Forces or employed abroad by the United States Government. |