Honolulu Record, August 19, 1948, vol. 1 no. 2, p. 3
Washington (FP)— Appearing in an almost empty hearing room before the Senate banking committee, former OPA chief Paul Porter made another attempt before Congress adjourned to gain congressional support for President Truman's anti-inflation program.
Porter referred to administration efforts to get Congress to act against high prices and then went on to say:
"I think it is appropriate to report to this committee that in my judgment much precious time has been wasted. At least during my own experience on the other side of the Capitol, committee consideration was confined principally to abstract economic seminars, attempts to fix blame and sheer politics."
Only two Republicans, Senators Homer E. Capehart (Ind.) and Harry P. Cain (Wash.) were present when Porter appeared. However, Capehart observed tartly that no Democratic Senators had come.
Capehart pointed out that Congress had been called back by Pres. Truman and said, "I would think members of his own party would be interested."
First sign of any action on inflation control came from the House side of Congress where Chairman Jesse P. Wolcott (R. Mich.) of the House banking committee indicated approval of some kind of measure to control bank credit.
Banking credit control was one of the minor points listed in Truman's message to Congress.
Chairman Thomas B. McCabe of the Federal Reserve Board endorsed the measure but admitted that purely monetary measures cannot cure inflation.
Apparently depressed by the negative reaction of Congress before whom he has appeared, Porter said to the Senate committee:
"Perhaps it is Utopian to assume that there is any prospect of eliminating partisanship from the economic issues now before Congress."