Word: dillons
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Others-such as Dean Rusk and Arthur Goldberg-may have captured the headlines. But many Washingtonians are beginning to realize that the top performance by a Kennedy Cabinet officer to date has been turned in by Treasury Secretary C. (for Clarence) Douglas Dillon, 51, the Cabinet's lone Republican and the quiet man of the New Frontier...
Last week Doug Dillon, the Harvard-accented scion of Cháteau Haut-Brion,* gave a typical performance before the Senate Appropriations Subcommittee. At issue was the restoration of a $16.9 million appropriation to hire 2,500 additional tax collectors that the House had cut from Treasury's budget. Because the Internal Revenue Service is understaffed, argued Dillon, more than $24 billion in personal income went unreported and untaxed in 1959; the Government's share of that hidden wealth would be more than enough to balance the budget. As usual, Dillon appeared without a retinue of aides...
Internal Verities. Dillon had more background for his job than most of his Cabinet associates had for theirs. A capable Ambassador to Paris (1953-57) and investment banker (Dillon, Read & Co. Inc.), he was Dwight Eisenhower's Under Secretary of State for Economic Affairs, and had little trouble getting the feel of his new desk in the Treasury Building. "My own internal thinking has not changed," he says. "I have not had to change my views." As an unmistakable G.O.P. voice in a Democratic Administration, Dillon has consciously tried to keep out of the limelight, worked diligently to transform...
Carefully avoiding the risk of a fight with Congress, Dillon got a Justice Department ruling that has enabled him to nudge down long-term interest rates without affecting short-term levels-a trick his predecessors thought impossible without new laws. The ruling: bonds could be sold at less than their face value, thereby automatically hiking the interest rate. Beyond that, by establishing friendly, first-name relations with William McChesney Martin Jr., cautious boss of the Federal Reserve Board, Dillon smoothed the path for the Reserve's new policy of buying long-term Treasury notes and bonds rather than just...
...Dillon's plan would still let business spend what it has to in order to get business, but without being able to claim as much tax credit. His Spartan suggestions, however, did not appeal much to businessmen-despite the fact that he added that the Kennedy Administration hopes to present to Congress next year a program of income tax relief for individuals, including those in high tax brackets. Snorted Judson Sayre, chairman of the Norge Division of Borg-Warner: "You can't run businessmen like the Army. How can you put executives on per diem...