The potters herald. [volume] (East Liverpool, Ohio) 1899-1982, 1947-11-27
Truman Asks Controls Over
Economy On Selective Bdsis

Washington, ID. c. - President
fuman asked Congress for auth
] ority to impose "selective" controls
over the nations economy to curb
alarming" initiation and to enable
the United States to aid foreign
nations.
Major points of the Presidents
initiation program included the
revival of price controls and ra-
tioning on products "in short sup
ply" and the imposition of wage
controls essential to maintain the
necessary price ceilings"
Mr.. Truman's address to the spe-
cial session of Congress brought
forth an immediate storm of pro-
test against his recommended pro-
gram. Senator Taft led the attack
on the Presidents suggestions,
terming the measures as steps "to-
ward a completely totalitarian ma
tion."
Besides the other actions he pro-
posed Mr.. Truman asked for au-
thority to put into effect eight 9TH
er economic controls of lesser gen
eral impact. These were restora-
tion of controls of consumer credit; /;
regulation of speculation on COM
modify exchanges; extension and
expansion of export controls; allo-
cation of transportation facilities
and equipment; inducements to
farmers to market livestock and
poultry at weights and grades rep
resenting the most efficient use of
ngrain; expansion of conservation
ractices; ALLEGATION and inventory
Control of scarce commodities in
industry and extension of rent con-
troll
AS Secretary of State George c..
Marshall had already done, the
President estimated the emergency
relief for western Europe, for the
period until next April l, at $597,-
100000. Of this amount, France
would get $328,0OO, 600, Italy $227,-
100000, and Austria $42,O00,C00.
This emergency aid, he warned,
would provide no solution of the
European situation. He pictured
this emergency help as a sort of
term-insurance policy which would
keep western Europe going until
the European recovery program,
which he promised to present to
Congress shortly" could come in
to operation.
The bulk of the Presidents mes
sage was devoted to discussion of
the nations economic situation
with emphasis upon the threat of
increasing initiation. He said:
"Today, initiation stands as an
ominous threat to the prosperity
we have achieved. We can no long
er treat inflation-with spiraling
i, prices and living costs-as some
vague condition we may encounter
in the future. We already have an
alarming degree Of initiation. And
even more alarming, it is getting
Iworse.
"The harsh effects of price in
flation are clear. They are felt by
wage earners, farmers and bust
ness men. Wage earners are find
ing that bigger pay checks this
year buy less than smaller pay
checks bought last year. Despite
generalities about high farm prices,
the income of many farm families
cannot keep up with the rising
costs of the things they buy. Small
business men are being squeezed
by rising costs. Even those who
are well off are asking, "How
long can it last? When is the break
coming?"
GIN addition, price initiation
threatens our entire program OF
foreign aid. We cannot abandon
foreign aid, nor can we abandon
our own people to the ravages of
unchecked initiation" q
Mr.. Truman declared that the
measures he presented to the Con-
gress are vital and essential to the
welfare of this nation" He added: I
'If we neglect our economic ills !,
at home, if we fail to halt the
march of initiation, we may bring /
on a depression from which our
economic system, as we know it,
might not recover.
"And if we turn our backs on
nations still struggling to recover
from the agony of war, not yet able
to stand on their own feet, we
may lose for all time the chance to
obtain a world of free peoples that
can live in enduring peace.
"The freedom that we cherish
in our own economy and the free
dom that we enjoy in the world to-
day are both at stake"