Word: eccleses
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This week Marriner Eccles urged the committee to write in wage and farm control, promised inflation if they did not. But Donald Nelson and Henry Morgenthau Jr. both testified against wage control last week. The farm bloc, meanwhile, rounded up enough committee votes to take farm prices out of the...
Henry Morgenthau, who always had hoped to balance the budget, last week buried the ideological hatchet with ex-Spender Marriner S. Eccles, Chairman of the Federal Reserve Board, who had long since started preaching deflation.
Last spring Morgenthau fought Eccles' program to harden the money market (which would have raised the Treasury's interest rates). But spring was a long time ago last week. There are greater dangers to the country's economy than increased interest rates.
No one who knew Mr. Eccles was surprised at his warning. Himself the No. 1 spend-in-depression, save-in-boom exponent, he has lately also been an ardent supporter of Leon Henderson's efforts to stop inflation by saving the consumer from himself. To Henderson, the 18-month...
When & where the "further dampening" will occur depends: on how effective the current controls are, on how punishing a tax bill Congress passes, on how many defense bonds consumers buy, on how frugally the U.S. public can be persuaded to act. For Mr. Eccles, inflation's causes and cure...