Evening star., 1948-08-05
House Approves
|G. 0.P.In Initiation
'bi||, 264 10 81
Trumon's S Appeal for
Action on Broader
Program Ignored
By Chalmers M. Roberts

! Despite a last-minute plea by
President Truman for action on
his cost living program, the
House today passed the Repub-
lican anti-inflation bill by vote
of 264 to 81.
| The measure was pushed through
in the Republican drive for adjourn
ment of the special session this week
end a few hours after Mr.. Truman
accused Republican leaders of con-
cocting feeble compromises" on his
anti-inf1aticn program and called on
them not to quit this week end.
The Republican leadership has
agreed to seek special session action
on three measures before adjourn
ing, possibly Saturday-the limited
anti-inf1ation bill. an emergency
housing measure and bill voting
SOS ,000, 900 as a loan for building the
United Nations headquarters in New
York
The House bill completely ignored
the Presidents requests for price
controls and rationing authority.
The measure will be sent to the
Senate tomorrow and Chairman
Tobey of the Senate Banking Com
mittee may attempt to insert sons
of the controls requested by Mr..
Truman. However, he is not ex-
pected to win much support for
such action.
Aid From Southern Democrats.
Fifty-one Democrats, m o S y
Southerners, joined with 2l3 Re-
publicans in voting for the Houss
measure. Opposed were SO Demo-
Gratis, Republicans and 2 Amer
ican-Labor Party members.
The measure would:
/. Restore consumer credit con-
trolls requiring one-thlrd down
payment on purchases OF such things
as automobiles, stoves, refrigerators
and house furnishings, and limiting
the number of months over which
installments could be paid. Actual
credit rules would be set by the
Federal Reserve Board.
2. Grant the Federal Reserve
Board authority to raise reserve re-
quirements of member banks, thus
tending to limit bank loans and
thereby put brake on the imitation
spiral. The bill would increase re-
serves by smaller percentages than
those requested by the Administra-
ton, however.
3. Grant the Federal Reserve
Board authority to restore previous
gold reserve requirements, SINH
lar credit move to limit inflationary
lending.
Debate Held to 40 Minutes.
During debate on the floor, limit
ed to 40 minutes under the voting
procedure, Democratic opponents
derided the measure as one which
would have no effect on imitation.
Representative Monroney, Demo-
crat, of Oklahoma said the bill
merely gives the giant of imitation
tiny slap on the wrist
Chairman Wolcott of the House
Banking Committee, who wrote the
bill, blamed high prices on the ad-
ministration's cheap money" poll
cies and said the measure passed
today would have psychological
effect although he admitted little
likelihood of any price reductions.
Mr.. Truman's blast at the Repub-
lican leaders on the imitation issue
took place at a press conference. He
read a formal statement saying:
Mr.. Truman singled out the House
Banking and Currency Committee
and the House Ways and Means
Committee.
He said Representative Wolcott
had refused to hear testimony from
the Secretaries of Agriculture, COM
, merce and Interior.
. Mr.. Truman also assailed the Ways
and Means Committee for refusing
to consider his recommendation for
an excess profits tax. He said such
!, a tax is necessary to offset the in
,, f1ationary effects of the tax bill
passed last spring
The Secretary of Agriculture
was prepared to offer program
directed to the problem of exces-'
sive food prices" the President said.
The Secretary of Commerce was
prepared to discuss with the COM
1See CONGRESS, Page A-4J
------------------