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22884 CONGRESSIONAL RECORD- HOUSE September 3, 1965 the encouragement and support of such delivered at the International Develop­ velopment Bank, Washington, D.C., Oc­ an institution is a dramatic step for our ment Conference, Washington, D.C., tober 31, 1964. foreign policy in the Far East. It also May 26, 1965. Johnson, Lyndon Baines: Remarks of marks a constructive and we believe pref­ Black, Eugene R.: Statement on the President at Shriver Hall Auditorium, erable alternative to post-World War II southeast Asia economic and social de­ April 7, 196·5, Johns Hopkins University, American aid. velopment presented to the House of Baltimore, Md. Representatives Banking and Currency Rostow, W. W.: "Economic Develop­ WORKING BIBLIOGRAPHY Committee on July 29, 1965. ment in Asia," the Department of State "Asia Aid Request: Official Transcript Black, Eugene R.: Statement to the bulletin, volume 52, May 31, 1965, pub­ of President Johnson's News Conference meeting of the consultative committee lication No. 7898. at the White House," the Washington of experts on the Asian Development United Nations Economic Commission Post, Wednesday, June 2,1965. Bank, Bangkok, Thailand, June 28, 1965. for Asia and the Far East, report of the Bell, David E.: "Regional Cooperation "Inter-American Development Bank: ministerial conference on Asian eco­ in South and Southeast Asia," a speech Basic Information," Inter-American De- nomic cooperation, January 6, 1964. H.R. 1820. An act for the relief of Winsome JOHNSON ECONOMIC POLICIES HOUSE OF REPRESENTATIVES Elaine Gordon; H.R. 2678. An act for the relief of Joo Yul PRAISED BY FINANCIAL WRITER FRIDAY, SEPTEMBER 3, 1965 Kim; DISCREDITING FEDERAL RE­ H.R. 2871. An act for .the relief of Dorota SERVE CHAIRMAN MARTIN'S 1929 The House met at 12 o'clock noon. Zytka; The Chaplain, Rev. Bernard Braskamp, H.R. 3292. An act for the relief of Con­ WARNING DD., used this verse of Scripture: Philip­ suela Alvarado de Corpus; Mr. PATMAN. Mr. Speaker, I ask pians 4:6: In everything by prayer and H.R. 5024. An act to amend titles 10 and 14, United States Code, and the Military Per­ unanimous consent to extend my remarks supplication with thanksgiving let your sonnel and C1v111an Employees' Claims Act of at this point in the RECORD and include requests be made known unto God. 1964, with respect to the settlement of claims a statement by J. A. Livingston. Almighty God, who art everywhere, we against the United States by members of the The SPEAKER. Is ·there objection lift up our hearts to Thee in worship and unifarmed services· and civ111an officers and to the request of the gentleman from employees of the United States for damage Texas? give Thee thanks for this fellowship of to, or loss of, personal property incident to God-fearing men and women with whom their service, and for other purposes; There was no objection. we share Thy mercies and adore Thy H.R. 6719. An act for the relief of Mrs. Mr. PATMAN. Mr. Speaker, financial name. Kazuyo Watanabe Ridgely; and writer J. A. Livingston's column appear­ May we be of one heart with all who H.R. 9570. An act to amend the Federal ing in the Washington Post's September seek Thee, of one communion with all Firearms Act to authorize the Secretary of 1 edition is a refreshing refutation of who love Thee, and of one purpose with the Treasury to relieve applicants from cer­ Federal Reserve Chairman Martin's all who serve Thy holy will in faithful­ tain provisions of the act if he determines famous prediction last June that a 1929 that the granting of relief would not be type economic bust may be just around ness and joy. contrary to the public interest, and that the Teach us that we are one, united with applicant would not be likely to conduct his the comer. Thee and with one another in one na·­ operations in an unlawfUl manner. In contrast, Mr. Livingston accurately ture, one duty, and one destiny, and may emphasizes the important differences be­ we all strive to be messengers of Thy The message also announced that the tween 1929 and 1965, rather.than finding mercy, ministers of Thy truth, and doers Senate had passed, with amendments in all sorts of disquieting similarities. of good to our fellow men in their strug­ which the concurrence of the House is Livingston lays a large part of the blame gles and sorrows. requested, bills and a joint resolution of for depression miseries on President Grant that the day may speedily come the House of the following titles: Hoover's do-nothing policy foisted upon when humanity shall feel the throb of a H.R. 647. An act to amend the act of March him by Benjamin Anderson of the Chase new power and the thrill of a new joy, 3, 1901, to permit the appointment of new Natiomil Bank and others. He denies liberated among men and nations and trustees in deeds of trust in the District of that this would happen under present Columbia by agreement of the parties; day economic policies. causing that change in their inner life, H.R. 3128. An act for t:tie rellef of Angelo which is more brotherly and Christ­ Iannuzzi; and Livingston's explanation is good as far like. H.J. Res. 504. Joint resolution to fa.c111tate as it goes. The one great flaw in his Help us to believe that the good of the admission into the United States of cer­ analysis is, I believe, his omission of the mankind does actually exist, and the in­ tain aliens. fact that the Government between 1929 jury of one is the hurt of all. Inspire us and 1933 intentionally reduced the Na­ more with that down-reaching love The message also announced that the tion's money supply by an unbelievable which gives itself gladly and sacrificially Senate agrees to the amendments of the 25 percent. So the Government, through House to a joint resolution of the Senate the Federal Reserve-contrary to Living­ for the sake of needy and wandering hu­ of the following title: manity. ston-was not merely on the sidelines, Hear us in Christ's name. Ameri. S.J. Res. 53. Joint resolution to establish but was actively pursuing deflationary a tercentenary commission to commemorate policies which resulted in history's . the. advent and history of Father Jacques Marquette in North America, and for other greatest economic catastrophe. THE JOURNAL purposes. President Johnson, in his Economic The Journal of the proceedings of yes­ Report to Congress last January, gave terday was read and approved. The message also announced that the much credit to stable long-term interest Senate had passed bills of the following rates and excess bank reserves for the titles, in which the concurrence of the record-breaking prosperity starting early MESSAGE FROM THE SENATE IIouseisrequested: in the Kennedy-Johnson administration A message from the Senate by Mr. s. 481. An act for the relief of Winnifred in 1961-noting at the same time, how­ Arrington, one of its clerks, announced Evadne Newman; ever, that the general level of interest that the Senate had passed without S. 779. An act for the relief of Henryka rates is now higher than at any period Lyska; since the early 1930's. There is no ques­ amendment bills of the House of the fol­ S. 803. An act for the relief of Ching Zai lowing titles: tion that wise Government policies and Yen and his wife, Faung Hwa Yen; wise private decisions together are re­ H.R. 1402. An act for the relief of Dr. Jorge S. 1168. An act for the relief of Timothy Rosendo Barahona; William O'Kane; and sponsible for our sparkling economic H.R.1443. An act for the relief of Mrs. S. 2393. An act to authorize additional performance. I would hope and pray Olga Bernice Bramson Gilfillan; G8-16, G8-17, and G8-18 positions for use that the costly and tragic mistakes of H.R. 1627. An act tor the relief of Esterina in agencies or functions created or sub­ the past will not be repeated, but with Ricupero; stantially expanded after June 30, 1965. the independence-obsessed Federal Re- September 3, 1965 CONGRESSIONAL RECORD- HOUSE 22885 serve Board moving farther and farther The new economics however, does not 0.25 percent as of January 1, 1967; will away from the official administration satisfy the inborn pessimist, the constitu­ be increased again by 0.25 percent as of tional skeptic. He looks at the long-term policies, on~ just never knows. chart of business and says: "There's always January 1, 1968; and then a final 0.25 Mr. Speaker, the entire Livingston something. If it isn't economic, it's political percent as of January 1, 1969. article follows: " · If it isn't a banking panic it's Vietnam or These increases will restore the RaJI­ HOOVER, JOHNSON PHILOSOPHIES CONTRASTED an outflow of gold or social disorders. The road Retirement fund to the position of · (By J. A. Livingston) human mind is not big enough to. encom­ actuarial balance in which it stood as of For no reason except that September marks pass, to grasp entire, the all-too-human uni­ January 1 this year. t he 36th anniversary of the end of the Cool­ verse." i<:l.ge-Hoover boom, this column is dedicated The new .economists are not chart-bound. to the twenty-nlners, those New Era hopefuls History is theirs to make, not to be wor­ PEACE THROUGH LAW who sought fortune-and to hell with fame­ shiped as inevitably repetitious.
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