Word: patman
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Dates: during 1960-1969
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...major industries. Should inflation appear again despite this warning, it will be the job of the Federal Reserve Board to combat it by limiting the money supply-and that possibility last week caused a clash between Fed Chairman William McChesney Martin Jr. and his archcritic, Texas Democrat Wright Patman, chairman of the House Banking Committee...
...vacations, got on the phone, persuaded dozens, including six from California, to return for the vote. At White House urging, labor organizations, along with local-government groups, began calling and wiring Congressmen, telling them what the money would mean to the old home town. Texas' Democratic Representative Wright Patman inserted in the Congressional Record a 33-page list of all the communities that had applied for money under the bill. All this activity enraged Charlie Halleck. "They were really bludgeoning and blackmailing,'' he fumed...
...House is sensitive about its pocketbook prerogative, and for a while last week the debate was hot and heavy. Texan Wright Patman, floor manager for the bill, hit at the opposition's weak spot: a nay vote would mean a decision against helping the economically depressed. "If you vote against it," he warned, "there will be no depressed areas bill this session." In vain, Republican Leader Charles Halleck argued that the bill could always be sent back to conference for change in its financing method. Cried he: "I do not think the gentleman should be inclined to scare people...
Nevertheless, a loud and powerful group of Congressmen, including Illinois Senator Paul Douglas and Texas Congressman Wright Patman, refuses to grant the Treasury any relief, crying that interest rates are already too high. "The only inflation we have today," says Patman, with more emotion than economic reason (see State of Business), "is inflation caused by high interest." The critics blame the Treasury for the rising cost of servicing the nation's debt, argue that any further boost in interest rates would cost the taxpayers additional billions. They argue that if the Treasury wants to sell long-term bonds...