Word: patman
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...opening rounds were fired last week in what may become the great political battle of the second Eisenhower Administration. Principal opponents ranged against each other across a highly polished table in a Capitol hearing room: Texas' Democratic Representative Wright Patman, chairman of a joint congressional subcommittee on economic stabilization, and Federal Reserve Board Chairman William McChesney Martin. Their general subject: inflation. The specific issue: tight money v. easy money in U.S. economic policy...
...under bitter attack last week. The ruggedly independent agency, which in 1951 was roundly belabored as an "engine of inflation," was now just as severely criticized as a boom-toppling instrument of deflation, largely because of its credit-tightening action. Amid the growing furor over credit, Texas Representative Wright Patman called for a full-dress congressional investigation to find out if the Federal Reserve has pinched credit too tight. Treasury Secretary George Humphrey, Commerce Secretary Sinclair Weeks and White House Economic Adviser Arthur Burns have all voiced public disapproval of FRB's fifth boost in the discount rate...
Last January, Neff continued, he also learned from aides in Case's Washington office that Case was favorably disposed toward the gas bill. He therefore went to the Shoreham Hotel, where he talked to Elmer Patman, an attorney for Superior Oil, and recommended the contribution to Case. Patman peeled off $2,500 from a "personal" fund, which he handled for Superior's President Howard Keck of Los Angeles. Later, Neff flew to South Dakota and turned 25 old $100 bills over to Kahler for delivery to the Senator's campaign fund...
Explosive Pressures. Called in his turn by the committee, Patman told of giving the money to Neff. Said he: "I told him, when you deliver it, make it very clear this money is the money of an individual . . . and there are no strings attached to it." Would Patman have given Neff the money if Case were opposed to the bill? asked Counsel Steadman. Patman hedged, then said: "As far as I'm personally concerned, the answer would have been...
...drive bargains is antisocial. The supplier is saved cost by being able to produce and sell in large lots. Furthermore, the pressure put on suppliers by buyers stimulates efficiency." If anything, big buyers probably get fewer rebates than they should. "Some large suppliers, fearful of violating the Robinson-Patman Act, probably refuse to give the big buyer as favorable differentials as he is entitled...