Monetary Policy and the Management of the Public Debt, HEARINGS BEFORE THE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT OF THE JOINT COMMITTEE ON THE ECONOMIC REPORT SECOND SESSION PURSUANT TO Section 5 (A) of Public Law 304 (79th Congress) 97308 MARCH 10, 11, 12, 13, 14, 17, 18, 19, 20, 21, 24, 25, 26, 27, Printed for the use of the Joint Committee on the Economic Report UNITED STATES WASHINGTON: 1952 JOINT COMMITTEE ON THE ECONOMIC REPORT WRIGHT PATMAN, Texas JOHN SPARKMAN, Alabama CONTENTS Statement of: Page Appleby, Paul, dean of the Maxwell School of Citizenship and Public 573 Bell, James Washington, chairman, Department of Economics, 911 Cook, H. Earl, member Board of Directors, Federal Deposit Insurance Corporation, accompanied by E. H. Cramer and L. L. Robertson, of the Federal Deposit Insurance Corporation__-- Economists' National Committee on Monetary Policy, New York, a Fennelly, John F., Investment Bankers Association of America, ac- companied by Robert Craft, vice president, Guaranty Trust Co. Folsom, Marion B., Chairman, Board of Trustees, Committee for Eco- 940 291 324 Harris, Seymour E., professor of economics, Harvard University. Hemingway, W. L., American Bankers Association__ Keyserling, Leon H., chairman, Council of Economic Advisers_ 926 143, 154, 185, 269 Lanston, Aubrey G., president, accompanied by Leroy M. Piser, vice president in charge of research, Aubrey G. Lanston & Co., Inc‒‒‒‒ Martin, William McC., Jr., Chairman, Board of Governors of the Pollock, Dr. James K., professor of political science and chairman of Powell, Oliver S., Chairman, National Committee, Voluntary Credit Restraint Program, and member of the Board of Governors, of the Federal Reserve System, accompanied by George B. Vest, Robert C. Masters, Charles H. Schmidt, and Harold L. Cheadle__ Preston, Howard H., professor of money and banking, University of 584 928 Robinson, Leland Rex, professor of political economy, New York Uni- 932 Shanks, Carrol M., president of Prudential Insurance Co. of America, 442 7, 45 Sproul, Allan, president, Federal Reserve Bank of New York.. Trant, James B., dean, College of Commerce, and professor of money and banking, Louisiana State University (submitted) - Wiggins, A. L. M., chairman, board of directors, Atlantic Coast Line 506 296 219, 235 How should our monetary and debt management policy be determined?_ Stein, Harold, staff director, Committee on Public Administra- 757 Viner, Jacob, professor of economics, Princeton University___ 754 752 Chamber of Commerce of the United States (submitted) _. Newsom, Herschel D., master, the National Grange_ Shishkin, Boris, economist, American Federation of Labor__ 597 The role of the banking system in a dynamic economy- Fleming, Robert V., president and chairman of the board, 598 Reierson, Roy L., vice president, Bankers Trust Co., New 633, 637 Tapp, Jesse W., executive vice president, Bank of America, 626 Woodward, Donald B., second vice president, the Mutual Life What Should Our Monetary and Debt Management Policy Be?. Ellis, Howard S., professor of economics, University of Cali- 602 685 686 Friedman, Milton, professor of economics, University of Chi- 688 Mikesell, Raymond F., professor of economics, University of 711 Samuelson, Paul, professor of economics, Massachusetts In- 691 Whittlesey, C. R., professor of finance and economics, Uni- 698 Supplementary statements: Bryan, Malcolm, president, Federal Reserve Bank of Atlanta----- 432 743 Keyserling, Leon H., chairman, Council of Economic Advisers.... 276 746 Additional information furnished for the record-Continued Correspondence on debt management and monetary policy between the Federal Reserve System and the Treasury, and the Federal Re- serve System and the President, during the period from the outbreak in Korea (June 25, 1950) to the Treasury-Federal Reserve accord Correspondence with the Comptroller General concerning govern- Dormant account balances in national banks at close of business on 986 Editorial in the New York Jourial of Commerce concerning the testi- mony of Prof. Seymour Harris, Professor Harris' answer thereto, Federal Reserve System preparation of answers to questionnaire_. Financial responsibilities of member banks on account of membership Lending, Inc., Fifth District Commercial Banking Voluntary Credit 614 Letter from Library of Congress, to Joint Committee, relative to Fed- eral Agencies having independent sources of income-- Letter from Preston Delano, to Congressman Patman, relative to affili- Letter received from Allan Sproul on the independence of the Federal Letter to Congressman Patman from Carrol M. Shanks, regarding removal of Secretary of Treasury from the Federal Reserve Board__ Letter to Congressman Patman, from National Association of Manu- Letter to Senator Maybank, from Walter P. Reuther, CIO, relative to panel discussion on mortgage financing conducted by Senate Banking and Currency Committee, on February 6, 1952_. Memorandum from the President, regarding the need for credit re- Monetary Management, by E. A. Goldenweiser, excerpt from__. 796 398 Remarks of Allan Sproul, president, Federal Reserve Bank of New York, at Seventy-fifth Annual Convention of American Bankers Association, San Francisco, Calif., November 2, 1949_--- Remarks of Allan Sproul, president, Federal Reserve Bank of New York, before Forty-fifth Annual Meeting of Life Insurance Asso- ciation of America, New York City, December 12, 1951. Report of the four member committee (Chas. E. Wilson, chairman), 128 106 3 70 |