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Chronicle (Levin), 30 December 1947, Page 7

WASHIXGTOX, Dec. 23. President Truman announced today that he .would sign tomorrow the Kepublican anti-inllation Bill passed by Congress, though it was a "fceble and pitifully inadequate" weapon agaiusi the high eost of living. Mr. Truman said tlie measure would not provent prices from going higher, and warned that the Ameriean people t'aced the danger of a serious depression if prices kept rising. The Bill, approved by Congress, provides for continued curbs on exports and transportation, controls on graxn Consumption by whisky distillers, and a voluntary systein of industry-wide allocation of scarce materials, such as steel. Mr. Truman's original ten-point "programme xirovided for authority to regulate consumer and business credit, authority to regulate the distribution of scarce eommodities, authority to extend and strengthen rent control, and authority to use on a selective basis rationing and price controls for essential cost of living items and industrial products. Announcing his intention to sign the Bill, Mr. Truman said: "I am signing the Bill with a seuse of deep disappointment that Congress has seen iit. to take such feeble steps toward control of inflation. At a time wlien nearly everyone in this nation is feel'ing the pressure of exorbitant prices, Congress has enaeted a Bill that is pitifully inadequate as a weapon, but I feel I must do so because it contains sonie measures that are needed now."

Mr. Truman then referred to his tenpoint programtne, presented to Congress on November 17, and pointed out, chat the Bepubliean Bill contained only fhree of tliose poiuts— points of minor importance comparod with the otliers. "The meagre authority contained in the Bill will be utilised to the fullest exteut by the Goverument but tbe public must not be misled into believing this Bill will do the job. I wouhl be shirking my responsibilitv if I did not protest agaiust the obvious insutnciency of this legislation. " Mr. Truman emphasised that the BilFs provisions for purely voluntary agreements for the allocation of transportation faeilities and equipment, tor the allocation 'aiul inventory control of scarce eommodities, and for tne reguiation of speculative trading on tne commodity exchangcs, did not enahic the Goverument to protect tbe people 's interests. " If the meinbers of an industry rot'use to make an agreement, there is nothing thc Govemment can do to see that a. programme is developed' for that industry. If the members of an industry reach an agfeement which is ina'Uequate, or agaiust ihe public interest, there is nothing the Government can do to improve it. The Government cannot prevent industries from refusing to enter into agreements." The President said thc Government had tried repeatedly* • durin'g the pasf vear to induce indlisfrialists to make Voluntary agreements, but the results had been wlioTly inadequate in stemming tlie-tide of rising prices. "Tuflation and the higli cost of livmg eonfront all the Ameriean people wita a grave danger. Unchecked inflation can bring a serious depression that caucause untold hardslii p. Thc Americaii people look to Congress to pass legfslation adequate to pcrform t'he aiiiuiportant task of combating inflation. 1 trust that, when Congress returns, it will proiuptly cnact an eft'ectivc, worxable programme."