Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-08-13

GO NcAaSl4t aAl114t PASHA4 Y ~
to act on the credit-control bill
passed at the special session OF
what the Chief Executive now
has tagged a "do-nothing Con-
gress."
The Presidents latest crack at
the legislators came yesterday at a
news conference where he took a
dim view of Republican predictions
of an easing in the price situation.
He declared he had been hearing
that line of argument ever since
the wartime price rationing system
went by the boards in 1916
1t was expected generally that the
President would sign the credit curb
measure which the COP substituted
for his more ambitious plan to regu-
late wages and prices and resort to
Irationing where necessary. But along
with the presidential approval it
was expected that he would come
out with another indictment of the
Eghtieth Congress at which he has
been hammering since his Western
tour in June.
Counter Attack Planned.
| A prompt rejoinder from Congress
was in the offlng. Senator Watkins
of Utah disclosed the Republican
line of counter-attack in advance.
He told a reporter that Congress
had approved controls that go tc
the root of the matter" of imitation
and he added that the Republicans
had refused to go along with the
"unwise steps" OF. bringing back price
controls and rationing.
What we didn't do was as i'm
portant as what we did do" Sena-
tor Watkins said.
The new bill gives the Federal Re-
serve Board authority to tighten UP
requirements for bank reserves and
restore checks on installment buying
Up to last November, when these
controls died, one-third of the pur-
chase price was required first on
most articles like washers and ra-
dios, with full payment in Is
months.
Quick Action Seen.
The new regulations-which one
official said would be issued very
quickly" after the bill becomes law
were expected to be more drastic
in one respect than the boards pre-
vious Regulation W.
That rule exempted any pur-
chases below $50 or above $4,000
But because of the steep climb OF
automobile and other prices, the
new top figure will be closer to 81
900, this official said.
The bill tightens up bank credit
by authorizing an increase in the
reserve requirements behind depos-
its and bank notes.
Both moves are designed to make
it harder for individuals and bust.
nesses to get credit, so they will
not spend so much on market
that does not have enough goods
to meet demands in most cases.
Concurrently, Secretary of the
Treasury Snyder moved indirectly
at the rising credit and price spiral.
He announced that another SSH, =
43l 900 of Government bonds will be
paid of in cash when they mature
on December IS, instead of being re-
placed by new bond issue.
He gave notice that all outstand-
ing 2 per cent treasury bonds of
1948-50. issued December 8, 1899, are
called for redemption.
This brought to more than s1,022,-
100000 the redemption calls issued
this week ......... e.,. q.
President Humans dig at Con-
gress was in response to requests for
comment on the results of the spe-
cial session.
Recalling that administration
spokesman had been refused hear
ings, the Chief Executive said that
the legislators only spent 40 minutes
of the 10 days passing the $65. 000,-
600 loan for United Nations head
quarters and that not much time
was required for the modified hous-
ing bill to be put through.
Silent on Dewey.
Would you call it a do-nothing
Congress-" he was asked.
The President said he would.
But Mr.. Truman had no comment
when asked If he held Gov. Thomas
E. Dewey, Republican presidential
candidate, responsible.
A reporters statement that Sena-
tor Taft, Republican, of Ohio
thinks prices will level of brought
Mr.. Humans response that he had
heard that before.
He said, however, he hoped Mr.
Taft was good prophet.
A reporter asked about the pos
sible effect of bumper crops or
prices. Mr.. Truman said these
should be help-in time-to pro-
duce reductions, but he reminded
that most of the crops have not
been harvested yet.
| ChupIuin-SIuyino Trial HuIts