Word: snyders
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Dates: during 1940-1949
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After the election, Democratic Johnny-come-latelys fell over one another in a frantic burst of generosity which brought about $600,000. Some tried to predate their donations; the Democratic moneyraisers took their money, but weren't deceived. Among the faithful pre-election contributors: Treasury Secretary John W. Snyder and family, $8,000; Cash-Raiser Louis Johnson (who now wants to be Secretary of Defense), $3,000; Mrs. Truman's secretary, Reathel Odum...
Secretary of the Treasury John Snyder disagreed. At a credit conference in Chicago, Snyder told 1,083 representatives of the American Bankers Association that "business apprehension," which "is getting to be a seasonal affair," had, in effect, already put a damper on overbuying, overborrowing, and overexpansion. There was no need for any additional broad controls against inflation...
This did not mean, he warned, that deflation was ahead. While admitting that the postwar backlog of demand for many items had just about run out, Snyder thought that severe shortages in steel and steel products plus a demand for new products would probably take up the slack that was appearing. The economy, said he, showed "encouraging signs of stability in the vicinity of the present high levels...
...bankers were not convinced, either by Snyder or by Sawyer. In a survey of 310 representative banks, A.B.A. had found that borrowers were becoming slower in their payments, working capital was being absorbed by rising inventories, and demand for loans was dropping. The bankers concluded that the U.S. "may be at an economic crossroads. A turn one way can mean a continued inflationary spiral, a turn the other way can bring a recession...
Another hint came from Treasury Secretary John Snyder, who had let it be known that he was anxious to get back to a better-paying job in private life. Other Cabinet shifts were in the wind. At the behest of the President, Secretary of State George Marshall had again & again deferred his retirement. White House aides let the word drop that the President might now reluctantly let him go-and Under Secretary Robert Lovett with him. Among Democratic politicos there was little doubt that the ax was sharp for Army Secretary Kenneth Royall, who had remarked that Harry Truman...