Evening star., 1947-11-30
By J. A. O'Leory

Chairman Wolcott of the
House Banking Committee last
night called for a quick decision
by Congress on how far it in
tends to 60 in applying imitation
controls, because business,
labor and agriculture" are en-
titled to know what to expect.
His statement came as both Sen
ate and House prepared to push
ahead this week on the related prob
lens of foreign aid and domestic
prices. Senate leaders hope for pas
sage of the $597, 100000 interim aid
bill for France, Italy and Austria
by tomorrow evening.
Case Proposes Amendment.
Three separate developments yes
terday reflected a growing realiza-
ton by lawmakers that prices at
home and foreign aid are insepara-
BILE problems. They were:
l. Representative Case, Republi-
can, of South Dakota proposed a
hold -the-line price amendment to
the stopgap aid bill. 1t would pro-
hibit the purchase of any goods or
services out of the S597 ,000, 900 au-
thorization at prices higher than the
peak in the same market In the six
months prior to November II, when
Congress met.
2. Mr.. Wolcott, Michigan Repub-
lican, said another condition to fur
ther foreign aid should be an effort
by the recipient countries to bring
about "a more realistic" adjustment
in the value of their currencies in
relation to the American dollar. The
Banking Committee chairman said
most of our economic ills stem from
that"
Too Much Generosity Opposed.
8. Senator johnson, Democrat, of
Colorado, said that "if we make
(foreign) loans and gifts as gener-
ously as the President recommends
we must adopt a system of price
controls to avoid another spasm of
imitation higher prices followed by
demands for higher wages"
Senator johnson added, however,
that he is opposed to an over-gen-
erous flood of American dollars to
Europe and Asia" and believes that
by following more moderate pro-
gram I'VE should be able to escape
further devastating imitation"
The Colorado Democrat suggested
Europe's food problem could be met
by stimulating wheat production in
Africa He said that If the United
States provided the tractors and
Europe provided the labor, a large
quantity of wheat could be grown in
Africa.
Mr. Wolcott said that until his
committee has heard all of the ad-
ministration's witnesses at hearings
this week it would be too early to say
how far it will 60 in acting on Presi-
dent Truman's 10-point program for
curbing imitation.
"On the other hand" he added
I'VE should make up our minds
quickly on what We are going to do,
so that business, labor and agricul-
ture, will know what to expect"
Greater Output Stressed.
He said that, while there are no
signs of it yet, prolonged uncertainty
might affect production, at time
when increased production is es-
sential to check the inf1ationary
spiral.
| Mr.. Wolcott revealed that he is
ready to take one step, namely to
extend the Export Control Act which
expires in February, and to broaden
it if necessary to enable the Presi-
dent to regulate exports with the
least possible impact on home needs.
He pointed out that, on the basis
of the first nine months of 1947
the United States this year will
show exports valued at $4,000 ,0O0,-
600. against 5000 ,0OO, 900 of imports,
In this connection, he said the
lack of a realistic valuation OF
foreign currencies, in their rela-
toin to the dollar, has decided in
f1uence against exports from Europe
to the United States.
If steps are not taken to revalue
| (See CONGRESS Page A-4)