REAL ISSUE

Timaru Herald, Volume CLVII, Issue 23112, 29 January 1945, Page 5

REAL ISSUE

U. S. Banking Powers WASHINGTON, January 26. Tile Associated Press says that, testifying before (lie Senate Commerce Committee. Mr Henry A. Wallace former Vice-President, said that big business versus little business was (.lie real issue in the control of the Government's huge banking powers. Mr Wallace suggested that the Reconstruction Finance Corporation lending under Mr Jesse Jones should be subjected to Congressional investigation. He said: “The real motive behind the Bill to strip the lending authority wielded by Mr Jones from the Commerce Secretaryship has nothing to do with my competence to handle those powers. lam deeply concerned at Congressional moves to strip the banking functions from the Commerce Department, but 1 am willing to serve as Secretary of Commerce, whether they are separated or not. No soldier in the battlefield can do less than carry out his assignment.” Mr Wallace said that if confirmed as Secretary of Commerce he would use the lending authority to assist little business as well as big companies in a drive for free America, which means a prosperous America to carry out President Roosevelt's goal of 60.000,000 post-war jobs. If Congress did not feel that the Reconstruction Finance Corporation should be administered in the manner lie proposed, then it should be removed from the control of the Commerce Department, because lie Intended to use its powers In the interests of all American people.

Mr Wallace advocated nnanelng the establishment of new plants utter the war, absorbing 5,000,000 worker.'., also trebling foreign trade, providing another 3,000.000 jobs. He said Hint labour should have a minimum annual wage. Furthermore, wartime gains should not be broken by unemployment and wage slashes.