Evening star., 1945-01-25

The tull tert OF Mr.. Wallace's
statement today before the Sem
ate Commerce Committee fol-
lotUs.:
Mr.. chairman and members Of
the committee:
1 appreciate the opportunity yol
have extended to me to appear be.
fore this committee on S. 375. OBJ.
Wously am deeply concerned with
any proposal that has for its purpose
the stripping Of the Commerce De.
partment of its present lending
functions. I would be less thar
frank If I were to give you the i'm.
preston that my concern spring.
solely from the fact that important
functions are being carved out from
under the jurisdiction of the Depart.
ment Of Commerce.
You know. and + know, that oi
even greater significance is the faci
that my nomination as Secretary OF
Commerce was the occasion for this
particular proposal.
Denies Lack Of Experience"
There are some who have sug-
eested-perhaps in an effort to save
my feelings or face-that this separa-
ton OF the lending functions from
the Commerce Department is de-
sirable because Of my alleged "lack
OF experience" in such field. Let
me say that this talk does not fool
either me or the American public.
You know, and I know, that it is
not a question of my lack of ex-
perlence." Rather it is a case of
not liking the experience I have.
Let me be specific: For eight years
l was Secretary of Agriculture. Dur
Ing that period the Commodity
Credit Corp, the Farm Security Ad-
ministration, the Farm Credit Ad-
mlnistration and the Rural Electrifi-
cation Administration were under
my supervision. During that period
these agencies loaned over s6,0OO,-
100000. We made II 500 900 separate
Commodity Credit loans and 1,208.-
600 Rural Rehabilitation loans. We
arranged the financing to permit
2o,l84 tenant farmers to buy their
own farms.
Collateral for these loans included
1arm real estate, agricultural pro-
duclng, processing and marketing
facilities and a wide range of farm
commodities. These loans were moi
only made on sound business basis
but they were also in the public
interest. Farmers benefited, con-
sumers benefited and the interests of
the Nation itself were advanced as a
result OF these loans.
Proud of Record.
l an proud of our financial rec
ord ON this difficult financing. If
there are any present who are in
terested IN the details respecting
this record, will be glad to answer
their questions at the end of my pre-
pared statement. But since 1 do not
believe that the real issue relates to
my alleged lack of financial expert
ence I would like to proceed to what
1 conceive to be the real issue.
The real motive underlying these
suggestions Tor stripping the Com
merce Department of it's vast finan-
cial powers has, of course, nothing
TO DO with my competence to ad-
minister these powers. The real is
sue is whether or not the powers of
the Reconstruction Finance Corp.
and its giant subsidiaries are to be
used only to help big business or
whether these powers are also to be
used to help little business and to
help carry out the Presidents COM
mitment of 10000, 900 jobs. In other
words, the question is really one of
whether this committee, the Con-
gress and the American public want
these enormous financial powers
utilized and invested in a free
Amer1ca-in a prosperous America
This is not any petty question of
personalities. This Is q question of
fundamental policy. It is the ques-
ton of the path which America will
follow in the future. So that there
can be no doubt in any ones mind
where l. stand on these fundamental
issues, I would like to take this op-
portunity to discuss with you the
future which 1 feel is in store for
America.
Outlines Aims.
In discussing with you the path
which I feel the American people
should pursue m the years imme-
diately following this war, I am
under no illusions that as Secretary
Of Commerce will be able to carry
out all of the measures which will
discuss. However, I do want to
make it clear now that, to the ex-
tent that powers are vested in me
by Congress, I will use those powers
to the fullest possible extent to
further the objectives which 1 will
outline to you.
For the second time in Is years
America has proved her capacity to
meet the challenge of total war.
Twice in Is years we have amazed
the whole world-and ourselves
with our daring conception of what
America could do when forced to
war. We have astonished a CRATE
full world by the stupendous num-
Der of planes, tanks and guns roll
ing of our assembly lines; with the
bridge of ships we have erected
across the oceans; by the over
whelming force with which America
has turned the scales of battle.
Thus has America met the chal-
lenge of WARMTH boldness, cour-
age and determination. Thus has
America become the symbol-the
world over-for the dynamic force
of free people fighting for a free
world.
But what of the peacetime prob
lens here at home which will follow
the successful conclusion of this
war? Is America prepared to meet
the challenge of these peacetime
problems as it has twice met the
challenge of war? viii we approach
the problems of peace with the same
boldness of conception, the same
courage and determination as we
have approached the problems of
war?
Says U. S. Wants Lasting Peace.