1959 CONGRESSIONAL RECORD- HOUSE 2263 Daniel B. Stahl, AOS057149. Eternal God, our Father, who art at.. The ilitemational standing achieved Duane G. Teuscher, A03051193. ways seeking to draw us within the by the Bank and Fund is such that the Thomas G. Tobin, A03050663. compass and circuit of Thy divine fel- international economic system of today Eugene H. Unruh, A03058777. Matthew B. Wallace, A03028808. lowship, grant that we may be eager to cannot successfully function without BertH W. Wallin, A03057092. accept and acclaim the overtures of Thy them. They are indeed vital to the con­ Alford M. White, Jr., A03048012. friendship and love. _ tinued economic growth and cohesion of Harry D. White, Jr., A03028468. We acknowledge humbly that we great- the entire free world. Richard K. Whitney, A03051137. ly need Thy counsel and companionship The National Advisory Council on In­ Joseph E. Wildt, A03058911. in order that we may be equal to all the ternational Monetary and Financial John R. Wojahn, A03058053. tasks and responsibilities which are far Problems, which is responsible for ad­ Bernard J. Zajkowski, A03058779. beyond our finite wisdom and strength. vising me with respect to United States TO BE SECOND_ LIEUTENANT-DISTINGUISHED Inspire our souls to lay hold confident- relationships with the Bank and Fund, AVIATION CADET GRADUATE ly and courageously of those principles has now recommended that the resources Larimer J. Lenhardt, A03081803. of truth and righteousness, good will and . of the Bank and Fund be increased. IN THE COAST GUARD brotherhood which Thou hast ordained I strongly concur in this recommenda­ The following-named persons to be chief for the building of a nobler civilization. tion. Accordingly, I ask that Congress, warrant officers, W-4, in the U.S. Coast May glory and majesty, dominion, and in accordance with the provisions of the Guard: power, through Jesus Christ, our Lord, Bretton Woods Agreements Act, author­ Cecil M. Thomas Oscar D. Diel be Thine forever and ever. Amen. ize the U.S. Governor of the Interna- John Needham PeterS. Fredriksen, Jr. The Journal of the proceedings of tional Moneta~y Fund to request a~d Arva S. Alexander George Tanghe .w. yesterday was read and approved. consent to an mcreas~ of 50 perc~nt m Robert J. Mohr Roy L. Daisey the quota of the Umted States m the Frank P. Coffin Cecil L. James Wesley R. Hansberry Charles E. Mueller International Monetary Fund, and au­ Gerard A. Hearn Thomas E. Harwell · thorize the U.S. Governor of the Inter- Peter Majkut Joseph M. McGahee MESSAGE FROM THE PRESIDENT national Bank to vote for an increase of Raymond E. Holley Arthur N. Colona · A messr.ge in writing from the Presi­ 110 percent in the capital stock of the William M. Parker John E. Rowe dent of the United States was communi­ Bank, and, subject to said increase be­ The following-named persons to be chief cated to the House by Mr. Ratchford, coming effective, subscribe on behalf of warrant officers, W-3, in the U.S. Coast one of his secretaries. the United States to 31,750 additional Guard: shares of stock of the Bank, amounting Arloy F . Jensen Victor M. Adams to a doubling of the United States sub­ "A" "Z" Shows Charles I. Carpenter INTERNATIONAL MONETARY FUND scription. Charles H. Sanders Jack S. Breschini AND INTERNATIONAL BANK FOR The recommended increase is neces­ Richard G. Degnan F erdinand J. Selissen sary to enable the two institutions to Louis W. Stanley Ernest T. Bittman RECONSTRUCTION AND DEVELOP­ Jack D. Rodgers · Julian R. Sherman MENT-MESSAGE FROM THE continue to operate successfully over the Marshall K. Phillips Leo V. Walsh, Jr. PRESIDENT OF THE UNITED years ahead. Our subscriptions are the Artell B. Crowley, Jr. Adrian Fulcher STATES (H. DOC. NO. 77) only financial support we are required to Gordon R. Campbell Shelbert P. Creech give these institutions. Within the Martin F. Groff George J. McKinlock The SPEAKER laid before the House framework of their capital structure, Ronald McClellan Glenn N. Nelson the following message from the Presi­ they are self-supporting and do not re­ Lloyd T . Twiford David A. Smith dent of the United States, which was quire additional periodic contributions. Millard W. Johnson WalterS. Yearga-in read by the Clerk and, together with ac­ INTERNATIONAL MONETARY FUND Daniel W. Cluff Elmer L. Alban companying papers, referred to the Com­ Robert C. Ashdon George D. Miller, Jr. mittee on Banking and Currency and The International Monetary Fund has George W. Hupper Frederick D. Mann two primary tasks. It promotes interna­ Harry J. Backman James W. Berry ordered to be printed: tional monetary cooperation and sound Henry 0. Aeschlima n William F. Brock To the Congress of the United States: foreign exchange practices which are Morris J. Marshall Doily Fulcher vital to the balanced growth of world William E. Hughes Merle s. Wilson In the Bretton Woods Agreements Act trade and development. It also provides Joseph L. Richardson Finis L. McClanahan of 1945 Congress authorized the partici­ Norman R. Hundwin Robert F. Konrad short-term financial assistance to mem­ John T. Mears, Jr. Cornelius A. Johnson pation of the United States in the Inter­ ber countries to help them stabilize their George D. Doll Palmer F. Guarente national Monetary Fund and in the In­ currencies, maintain or move toward Earl W. Skinner Clinton 0 . Gregory ternational Bank for Reconstruction and convertibility, and overcome temporary Lester G. Quarles Francis C. McCracken Development. balance-of-payments problems without Stanley Thoroughman Howard A. Carande This act of leadership on the part of resorting to restrictions or other prac­ The following-named persons to be chief the Government of the United States tices which may be harmful to interna­ warrant officers, W- 2, in the U.S. Coast made it possible to bring these two great tional cooperation. In its financial oper­ Guard: international institutions into being and ations, the Fund utilizes the gold and Frederick J. Alles William F. Kortlang to launch a major effort among the na­ currencies which have been provided to Edward J. Fraser William E. Woodman tions of the free world designed to estab­ it by the member countries on the basis Thomas A. Gauld Robert E. Bonville lish an effective and continuing system of of their quotas. These operations con­ Melvin C. Mize Robert L. Williams, Jr. international cooperation in the fields of Paul P . Sherrill Neil H. Endsley sist of advances or drawings repayable Timot hy J. Crowley Charles 0. Franklin monetary and exchange policy and eco­ in not more than 3 to 5 years. John H. DeBoe nomic development. Since the beginning of its operations, Since their foundation 12 years ago, the Fund has made available about $4.1 U.S. DISTRICT JUDGE the United States has given vigorous John G. Tucker, of Texas, to be U.S. dis­ billion to 36 countries. Of this sum $3.2 trict ju dge for the eastern district of Texas, support to the Bank and the Fund. billion was actually drawn in cash; com­ vice Lamar Cecil, deceased. The two institutions have been out­ mitments of over $800 million under standingly successful. standby arrangements or lines of credit .. -...... The Bank has assisted on an increasing are still outstanding; and $100 million in scale the economic growth of the less such credits were allowed to expire un­ HOUSE OF REPRESENTATIVES developed countries through well-con­ used. ·Approximately two-thirds of the ceived and intelligently executed de­ total was provided during the past 2 THURSDAY, FEBRUARY 12, 1959 velopment projects. The Fund, through years, and the total amount of drawings the provision of wise counsel and timely and unused standby commitments out­ The House met at 10: 30 o'clock a.m. financial assistance to member countries standing on December 31, 1958, was $2.6 The Chaplain,Rev.Bernard Braskamp, faced with balance-of-payments diffi­ billion. On that date, the Fund's hold­ D.D., offered the following prayer: culties, has successfully promoted the ings of gold and U.S. dollars available Judges 18: 5: Ask counsel of God, that adoption of sound fiscal, monetary and for new advances or commitments were we may know whether our way, which we foreign exchange ·policies in member $1.4 billion, compared with $3.5 billion go, shall be prosperous. countries. at the end of 1956. In the light of past 2264 CONGRESSIONAL .RECORD- HOUSE February 12 experience, this amount would not be ity securities. Both because of the mem­ . tive, to insure further progress toward adequate if calls on the fund comparable ber countries' guarantees and because realizing a better life for the peoples of to those of recent years were made. The of the outstanding character of its rec­ the free world. fund must maintain sufficient liquid re­ ord, the Bank has been able to borrow DWIGHT D. EISENHOWER. sources to constitute a second line of large sums of money at frequent inter­ THE WHITE HousE, February 12, 1959. reserves to which its members can turn vals at rates of interest comparable to with assurance at any time. those on high-grade Government securi­ The proposed general increase of 50 ties. This permits the Bank to fix inter­ RECESS percent in the resources of the Fund, to­ est rates on its own loans that do not im­ The SPEAKER. The House will stand gether with larger increases requested . pose undue burdens on the borrowing in recess subject to the call of the Chair. by a few countries, will meet this need. countries. Thereupon

EXTENSIONS OF REMARKS The Businessman in Public Affairs greatly affected with the public interest, attitude against speaking one's mind on namely, the aviation industry. He is controversial issues--has taken seed among now, I am happy to say, our colleague too many of us. It is a measure of the fail­ EXTENSION OF REMARKS ure of the democratic process-a failure in in the Senate. I ask unanimous consent the belief in the great dialogue of democ­ OF that his thoughtful and timely address, racy-when anyone, businessman, profes­ "The Businessman in Public Affairs," be sional man, or teacher, fears to participate HON. ERNEST GRUENING printed in the RECORD. in the political process. OF ALASKA There being- no objection, the address Therefore, I am much heartened by the IN THE SENATE OF THE UNrJ:ED STATES to U.S. Chamber of Commerce program of the was ordered be printed in the RECORD, Aircade and local political workshops to en­ Thursday, February 12, 1959 as follows: courage the political activity and participa­ THE BUSINESSMAN IN PuBLIC AFFAIRS tion of businessmen. Mr. GRUENING. Mr. President, the Mr. Toastmaster, members of the Weirton . However, I would offer a word of caution. address I am about to ask to have in­ Chamber of Commerce, and guests, it is a For there is some indicati.on that this action serted in the CONGRESSIONAL RECORD pleasure to be with you and to discuss the is stimulated by the concern within the was made yesterday by a man who is role of the businessman in public affairs. thinking of some members of the chamber peculiarly qualified to make it. It is on This is a question which has long been of for what is seen as the growing power and the subject "The Businessman in Public interest and personal concern to me--since political effectiveness of organized labor. Affairs," and was made to the Weirton, I have considered myself a businessman as I hope that this view will not dominate the well as one professionally interested in pub­ political actions of businessmen. I hope W.Va., Chamber of Commerce. The that they will see their role in larger terms­ speaker was the senior Senator from lic affairs-and I nqte that it is a subject which is becoming of increasing regard to and not merely in opposition to labor. For West Virginia [Mr. RANDOLPH]. He be­ your own organization. any action which is cast in terins of protag­ gan his activities as a working news­ During the campaign last fall an incident onist and antagonist limits the freedom of paperman. Then he became, successive­ the actors--by limiting the scope of their occurred which I think highlights one aspect imagination and perception. ly, a newspaper editor, a magazine editor, of our discussion tonight. As I was walking a college professor, and a business along the street in my home community of I would digress a moment to illustrate this Elkins, talking with the voters and discussing principle in reference to our own national executive. attitudes toward the Soviet Union. Russia• served With dis­ the issues, I was stopped by a citizen who has at one and the same time become our na­ tinction for seven terms in the House of drew me into a doorway to discuss the cam­ paign. Mter finishing our conversation I tional demon and the gage by which we Representatives. In the course of that asked him why he had drawn me off the measure our own pr_ogress. We are too fre­ service, I was privileged to have him, street and into the privacy of a doorway. quently confronted with such questions as '!Are American schools as advanced as those with other members of a House com­ Whereupon he replied: "You know I am in mittee, visit us in Alaska, where his of Russia?" "Do we offer _enough support business and I must b~ very careful of what !or basic research in science and technology interest in its problems was reflected in I do and say." compared with that of Russia?" "Are race subsequent legislation. Thoug~ this man may have dramatized his relations ln the United States strengthening After his ·seven terms in the House, fears somewhat, ladies and gentlemen, he the position of Russia in world opinion?" JENNiNGS RANDOLPH became a busine-SS does not .represent an isolated -state of mind. Thus, in recent years, we have too fre­ executive again in an industry which is ror, the rule of prudence--the precauti