Word: morgenthau
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Dates: during 1940-1949
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Congress dearly loves to harry Mr. Morgenthau with guerrilla tactics, to snipe at his rear with embarrassing questions, cut off his flanks with counterproposals. But this time General Morgenthau had not given Congress time to mobilize. Treasury and Congressional experts had worked out the campaign together. Mr. Morgenthau had smoothed the way for his Blitzkrieg by luncheons with big, ham-handed Chairman Robert L. ("Muley") Doughton of the House Ways & Means committee (which starts the tax bill rolling) and urbane Chairman Walter F. George of the Senate Finance Committee. With their help, Strategist Morgenthau thought that he could make...
...Treasury wanted more than the additional $7,000,000,000 the President had asked for in his budget message. Mr. Morgenthau suggested raising an estimated $8,145,000,000 in extra taxes, making the total 1942 tax burden more than $20,000,000,000. Specifically: 1) an additional $3,350,000,000 from personal income taxes; 2) $3,345,000,000 more from corporations; 3) $1,450,000,000 more from excise taxes, gifts and estates. The big news to U.S. taxpayers...
...fashioned Treasury bonds (not savings bonds) sell all too easily in the wrong spots. Giving no more than a casual notice of sale, Morgenthau offered $1.6 billions of 2½s, 1967-72, last October, got cash offers totaling $10.4 billions. Last month the market took $1.5 billions of 10-13-year 2¼s, but not so eagerly: offers were only three times that amount, showing that the Treasury was shooting closer to the ruling price mark, getting a better bargain...
...consuming public can buy defense savings bonds, but doesn't. Since Pearl Harbor their sales have about tripled, were $660,000,000 in 26 days of February. But Morgenthau figures less than one-seventh of the nation's income earners own bonds. Hence, to absorb the dangerous purchasing power of this vast group, compulsory savings or a deferred-wage plan may prove necessary...
Months ago Mr. Ferguson decided that U.S. employers should "grab the ball from the New Deal" and care for their own unemployed after the war. To Secretary Morgenthau he proposed that the Treasury offer $500 certificates for sale to war employers. Employers would buy one certificate per year for each employe in excess of the number on the payroll June 30, 1940. Thus three years of war employment would provide about $30 a week, for one year, to each surplus war worker...