Word: eca
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...Indirection. Earlier in the week, Vandenberg had rushed to the rescue of ECA itself. Appearing at his own request before the Senate Appropriations Committee, he sharply and eloquently denounced the House's $2 billion slash in funds for European recovery (TIME, June...
...said Vandenberg, would brand U.S. policies as "capricious, unreliable and impotent." Its effect would be "to repeal by indirection" the whole intent of ECA. Said Vandenberg...
...ECA cut? "A great setback to our bipartisan foreign policy." The reciprocal trade agreements? "I think the reciprocal trade act should be extended [for three years]. The draft? "I should have been much happier [with] universal military training . . . [But] if Congress believes that the time is here to have conscription . . . I'm for it and I'm willing that my boys should take their place...
...Gentle Little Shove." Responsible Congressmen from both sides of the aisle protested in vain. Some of the reductions were made by extending the spending period for ECA and China aid from twelve to 15 months. Hoping to restore the twelve-month spending period, Illinois Republican Everett Dirksen warned: "If we fail in this first year we shall fail for good . . . This cut may be the gentle little shove that may throw the government of France into the ashcan." Minority Leader Sam Rayburn, his bald head glistening under the hot House lights, pleaded: "Let us not do too little...
Later, in approving ECA, Congress had authorized $15 million to keep this weapon in action. The money would be used to swap currencies. In selling copies to foreign customers, U.S. publications take foreign money in payment. Part of this currency is blocked; little of it can be used by publishers to pay their expenses. By trading the foreign currencies to the U.S. Government for dollars, publishers could meet their expenses. No subsidy had been asked or offered: no publisher would make a profit out of the exchange...