Medford mail tribune., May 28, 1957, Image 9

Truman Points To Serious Consequences
From (Inflation Now Being Experienced
- (Continued from pag 1)
But we must face the fact that
in the last ten years there has
been a steady rise in the cost of
things our people and our gov
ernment buy. At the same time,
the value of the dollar has been
depreciating at a faster rate,
particularly during the last
three years. This is because the
purchasing power of the people
has been going up at a greater
rate than the rate of production
of goods and services.
I do not wish to minimize the
erious consequences of the type
of inflation we are now ex
periencing. It has already
brought hardship to a large seg
ment of our population, in the
cities as well as on the farm,
and especially to those who have
to live on pensions and fixed
incomes.
I would like to point out that
the inflation spiral had its big
gest increase during the period
when the advocates of hard
money took control of our fin
ances. It is obvious this is no
way to deal with inflation. We
have learned from the experi
ence of several costly depressions
in this country that there is only
one sure way to sound economy
and general prosperity. And that
way is to encourage and foster
constantly expanding economy.
When supply and demand are in
balance in a free competitive
economy, prices will stabilize
and inflation will be held in
check.
Learned To Depend on Volume
One of the great lessions some
of our enlightened industrial
ists have learned from their mass
production experience was the
wisdom of reducing -he costs of
goods to the consumer, as they
achieved greater productivity.
They have learned to depend
more on- volume than on a high
rate of profit.
Some appeal has been made to
leaders of key industries vol
untarily to curb a growing ap
petite for higher profits. If in
dustry continues to be unrespon
sive, it may well be in for some
government pressure to do what
it ought to have the good sense
to do voluntarily. I know that
labor leaders are giving serious
thought to their role in this situa
tion, and I am sure that in their
negotiations with industry they
will do what is best for the na
tional interest as a whole.
Regardless of what temporary
difficulties we may encounter
in the corrective steps we must
take to deal with inflation, let
us remember that this country
is on the way to an ever-growing
general prosperity. We must not
be deterred or hampered by gim
micks or devices that protect the
few, at the expense of the whole
people, such as hard money.
Our history has shown that
after every crisis we took bold
new steps to build and expand
oui economy within our own
frontiers. And by a broader dis
tribution of our natural wealth
among all our people we attained
general prosperity.
Today the United States, with
all other friendly and coopera
tive nations, can look foreward
to a greater expansion of pros
perity far beyond all our dreams.
All we need to do is to under
take the proper development of
vast area's and virtually unlimit
ed resources in many parts of
the world; to work together in
the common interest of the com
mon man everywhere. The reha
bilitation of Western Europe and
the development of Africa and
the Middle East, with their great
resources, as well as the develop-
Seaton Recommended
Against Tax Writeoff
For Idaho Power Co.
Washington (IP) Interior Sec
retary Fred A. Seaton recom
mended against granting a fast
tax write-off to Idaho Power
Co. a month before the firm was
awarded the special amortiza
tion privilege, it was disclosed
Monday.
At a Senate hearing into the
controversial case, Sen. Estes
Kefauver (D.-Tenn.) confronted
'Defense Mobilizer Gordon Gray
w.th a letter Seaton wrote to
Gray's predecessor, Dr. Arthur
S. Flemming, on March 11.
Kefauver accused Gray of "de
liberately" trying to conceal
the letter.
'Most Inequitable' . .
Seaton expressed the opinion
"it worild be most inequitable"
for the federal government to as
sume any portion of the cost of
two Pacific Northwest dams. The
granting of tax amortization
certificates, he said, "causes'
the federal government to pay
interest on borrowed money to
make up for the fact that the fed
eral government receives less
taxes than it otherwise would
during the tax amortization per
iod." Seaton told Flemming that
Idaho power had "never estab
lished any basis of need for the
financial assistance provided by
accelerated tax amortization."
Idaho Power was granted Fed
eral Power Commission licenses
and tax write off privileges for
construction of the administration-backed
Oxbow and Brown
lee dams on the Snake river on
the Idaho-Oregon line in place of
fhe Democrat-supported "high"
Hells Canyon dam.
Seaton said in his letter that
he was "convinced" that the Ida
ho Power projects "w ere not
planned for the purpose of creat
ing excess capacity in the com
pany's system, which has been
a critical factor in the granting
of tax amortization certificates."
' "Accordingly, I r e c o mmend
that you deny issuance of the ac
celerated tax amortization' cer
tificates required by the Idaho
iCd.," Seaton said.
Kefauver asked Gray to "ex
'plain why you went ahead and
granted these certificates when
the head man of the Interior De
partment recommended against
it."
Gray said he considered Sea
ton's letter a statement of his
"personal" opinion and said it
"did not address itself to the
criteria necessary for the grant
ing of such certificates."
"I was convinced Idaho Power
met all of the criteria required
to qualify for the write-off bene
fits and the certificates were
awarded on that basis," Gray
said.
ment of the practically untouch
ed resources of the Western
Hemisphere, should provide
mankind with opportunities for
advancement for centuries to
come.
Man has progressed as he
mastered and harnessed the
forces of nature, and the great
est of his strides have been made
in the first half of this country.
Man must now learn to live with
the prodigious power of the atom
which he has unlocked and
which he must now master for
peaceful purposes.
Should Prevent War
The future of civilization has
never been more promising. But
seldom has mankind been con
fronted with a greater risk, be
cause there exists today the pos
sibility that some fool adven
turer in possession of nuclear
weapons and bent on conquest
will trigger off another world
war. No one knows how cata
strophic a nuclear war would
be to civilization, but everyone
should do his utmost to prevent
it.
We may, therefore, have to
run some risk of an occasional
radioactive fallout in order to
conduct the experiments neces
sary to maintain our nuclear
strength. I have felt from the
very beginning that the only way
we stand a chance of avoiding a
nuclear war is by being strong
enough to discourage an aggres
sor from being tempter into any
such mad adventure.
Let us keep our sense of pro
portion in the matter of radio
active fallout. Of course, we
are learning to do just that.
Small Sacrifice
But the dangers that might
occur, from the fallout in our
tests involve a small sacrifice
when compared to the infinitely
greater evil of the use of nuclear
bombs in war.
We must not be panicked by
the Russian campaign of fear in
citement either through threats
of the use of the bomb or by
their propaganda of the horrors
of the fallout intended primarily
to cripple the defense efforts of
the West.
When Russia is prepared to
join with the West in a genuine
and foolproof program of con
trol of nuclear energy for peace
ful purposes, then the crushing
burden of armaments will be
lifted from civilization.
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