NEED FOR ADEQUATE FUNDS

It is a frequent practice of agencies seeking appropriations to deplore the insufficiency of funds. With equal frequency this apprehension has little foundation in fact. I want to make it plain, therefore, that I am completely sincere in what I say..

Our record of last year shows that we are conscientiously endeavoring to save. The record speaks for us.

Should we get enough money to prepare for all of the things that are coming, and should they not come, or all the money not be needed, we will not use it. Nobody, then would lose. We have not, do not, and will not spend money simply because it is available. So, gentlemen, I am suggesting the feasibility of permitting us sufficient financial latitude-conditioned in any way the Congress sees fit-to meet a contingency which grows more likely day to day.

To send us out to do a real job for small business in the face of billions in cut-backs, thousands of terminations, disposal of a million surplus property items, and countless other basic reconversion problems-to send us out to face these things without adequate appropriation support is, I say, like sending a soldier on the field of battle without cartridges.

Gentlemen, money is expendable and replaceable; a ruined economic structure is not easily or cheaply repaired.

CONTRIBUTION OF SMALLER WAR PLANTS CORPORATION TO WAR PROGRAM

The Smaller War Plants Corporation is proud of its record of achievement and the steady progress it has made. The work of the Corporation has kept tens of thousands of small plants in operation, making a great and inestimable contribution to the war production program. It is a regrettable truth that there is no way of evaluating from a monetary standpoint the achievements of the Government program. Our achievements in the Corporation will never be effectively demonstrated by the cold stark figures of a statistical tabulation. The real accomplishments are found in the smoke coming out of the numberless stacks of small manufacturing plants; from the happy faces of the owners, managers, and employees helping their com munity and their country by investments and their labors in smal institutions. The record is found in the public confidence which our program has engendered.

UNITED STATES GIVES ATTENTION TO FREE ENTERPRISE

Somewhere in the decadence of every great nation will be dis covered a responsibility by the Government in favoring large veste interests either through acts of omission or commission. And as th world faces the most complex economic period in history, we find tha the only nation, which by its democratic processes of government ha decreed equality for small business, is the United States of America This decree is the charter of Smaller War Plants Corporation.

The charter or law was written by the Congress itself and it is th will of the Congress of the United States.

We do not say that the terms "small business" and "free enterprise' are synonymous. But we do say that the elimination of small business or the impairment of the right of small business for equal competitive opportunity is a repudiation of the free enterprise system.

FULL EMPLOYMENT AND FULL PRODUCTION NEEDS

As a citizen and as a former small businessman, as a friend of hundreds of other small businessmen, and not as the Chairman of Smaller War Plants Corporation, I say that the creation of this Corporation is noble testimony to the democratic principles of a democratic nation. We may discuss and argue the safeguards and the remedies pertinent to these problems arising out of the war and in the period after the war. Reams of paper will be devoted to the presentaon of scientific dogma as to how these problems might be attacked. Statesmen will make speeches. Newspapers will write editorials. But I say to you gentlemen that the solution to this Nation's onomic destiny and the solution to the economic destiny of the world ay be expressed in four words: Full production and full employment. You ask: Where does little business come in? The answer is that by far the greater percentage of employment opportunities and protion facilities in this country are found in small business interests. I say, and I hope without exaggeration, that in some respects the tinies of the movement represented by the Smaller War Plants Corporation are the destinies of the Nation and of the world.

On the night of the tragic death of President Roosevelt he had completed a speech to be delivered within a few days. He concluded with these words:

The only limit to our realization of tomorrow will be our doubts of today. Let te move forward with strong and active faith.

Let that be our creed; no doubts and move forward with faith. We are thankful that we have the great privilege of a freely elected Congress to put the beliefs of a Nation into constructive action to guard constitutional liberties and provide equality of protection and oppor

tunity.

I suggest that the precepts of our Government may be applied with equal effect to the destinies of small business. Look what the Amerian people are purchasing. With appropriations of a few million Gars, they are purchasing insurance against an economic collapse which would cost hundreds of billions. For an appropriation of a

millions, they are providing themselves with facilities by means of which small businesses may maintain pay rolls and maintain prodation and support communities valued in hundreds of billions. I

Can any more important justification for the support of the Ser War Plants Corporation be advanced?

Mr CANNON. We have with us as a member of this delegation our former colleague, Mr. Arnold, of Illinois. I notice that the chairman Fat that he has recently been made a member of the board. We ad to have him with us today, as we always are.

Mr MAVERICK. He is a good, conscientious worker, and he is able. He knows his job. At this point Mr. Chairman, I will insert a sumary of contract placements as you requested at the beginning of the Caring

NEED FOR ADEQUATE FUNDS

It is a frequent practice of agencies seeking appropriations to deplore the insufficiency of funds. With equal frequency this apprehension has little foundation in fact. I want to make it plain, therefore, that I am completely sincere in what I say..

Our record of last year shows that we are conscientiously endeavoring to save. The record speaks for us.

Should we get enough money to prepare for all of the things that are coming, and should they not come, or all the money not be needed, we will not use it. Nobody, then would lose. We have not, do not, and will not spend money simply because it is available. So, gentlemen, I am suggesting the feasibility of permitting us sufficient financial latitude-conditioned in any way the Congress sees fit-to meet a contingency which grows more likely day to day.

To send us out to do a real job for small business in the face of billions in cut-backs, thousands of terminations, disposal of a million surplus property items, and countless other basic reconversion problems to send us out to face these things without adequate appropriation support is, I say, like sending a soldier on the field of battle without cartridges.

Gentlemen, money is expendable and replaceable; a ruined economic structure is not easily or cheaply repaired.

CONTRIBUTION OF SMALLER WAR PLANTS CORPORATION TO WAR PROGRAM

The Smaller War Plants Corporation is proud of its record of achievement and the steady progress it has made. The work of the Corporation has kept tens of thousands of small plants in operation, making a great and inestimable contribution to the war production program. It is a regrettable truth that there is no way of evaluating from a monetary standpoint the achievements of the Government program. Our achievements in the Corporation will never be effec tively demonstrated by the cold stark figures of a statistical tabulation The real accomplishments are found in the smoke coming out of the numberless stacks of small manufacturing plants; from the happy faces of the owners, managers, and employees helping their com munity and their country by investments and their labors in smal institutions. The record is found in the public confidence which ou program has engendered.

UNITED STATES GIVES ATTENTION TO FREE ENTERPRISE

Somewhere in the decadence of every great nation will be dis covered a responsibility by the Government in favoring large veste interests either through acts of omission or commission. And as th world faces the most complex economic period in history, we find the the only nation, which by its democratic processes of government h decreed equality for small business, is the United States of America This decree is the charter of Smaller War Plants Corporation.

The charter or law was written by the Congress itself and it is th will of the Congress of the United States.

We do not say that the terms "small business" and "free enterprise" are synonymous. But we do say that the elimination of small business or the impairment of the right of small business for equal competitive opportunity is a repudiation of the free enterprise system.

FULL EMPLOYMENT AND FULL PRODUCTION NEEDS

As a citizen and as a former small businessman, as a friend of hundreds of other small businessmen, and not as the Chairman of Smaller War Plants Corporation, I say that the creation of this Corporation is noble testimony to the democratic principles of a demoratic nation. We may discuss and argue the safeguards and the remedies pertinent to these problems arising out of the war and in the Deriod after the war. Reams of paper will be devoted to the presentaon of scientific dogma as to how these problems might be attacked. Statesmen will make speeches. Newspapers will write editorials.

But I say to you gentlemen that the solution to this Nation's conomic destiny and the solution to the economic destiny of the world. may be expressed in four words: Full production and full employment. You ask: Where does little business come in? The answer is that y far the greater percentage of employment opportunities and production facilities in this country are found in small business interests. I say, and I hope without exaggeration, that in some respects the destinies of the movement represented by the Smaller War Plants. Corporation are the destinies of the Nation and of the world.

On the night of the tragic death of President Roosevelt he had completed a speech to be delivered within a few days. He concluded with ise words:

The only limit to our realization of tomorrow will be our doubts of today. Let move forward with strong and active faith.

Let that be our creed; no doubts and move forward with faith. We :are thankful that we have the great privilege of a freely elected Conss to put the beliefs of a Nation into constructive action-to guard rostitutional liberties and provide equality of protection and oppor| buruity.

I suggest that the precepts of our Government may be applied with equal effect to the destinies of small business. Look what the Amerian people are purchasing. With appropriations of a few million. ars, they are purchasing insurance against an economic collapse ich would cost hundreds of billions. For an appropriation of a

millions, they are providing themselves with facilities by means of which small businesses may maintain pay rolls and maintain prodon and support communities valued in hundreds of billions. I

Can any more important justification for the support of the Sailer War Plants Corporation be advanced?

Mr CANNON. We have with us as a member of this delegation our former colleague, Mr. Arnold, of Illinois. I notice that the chairman.

that he has recently been made a member of the board. We glad to have him with us today, as we always are.

Mr MAVERICK. He is a good, conscientious worker, and he is able. He knows his job. At this point Mr. Chairman, I will insert a sumry of contract placements as you requested at the beginning of the bearing.

This summary does not include a great volume of production through subcontracts obtained for small plants by Smaller War Plants Corporation, which is in addition to the prime contract placements given, but on which figures are not available.

RECEIPTS AND EXPENDITURES

Mr. CANNON. Mr. Maverick, we will be glad if you will supplement your excellent statement by including in the record a statement of the receipts and expenditures of the Corporation. You might classify them by major categories so as to give us a complete idea of the present worth of the Corporation.

Mr. MAVERICK. Very well, sir. (Insert information requested.)

VOLUME OF OUTSTANDING LOANS AND RATE OF INTEREST

Mr. CANNON. What is the volume of your outstanding loans as of the latest available date?

Mr. DENIT. The volume of outstanding loans as of March 31, 1945 is $40,156,000.97.

Mr. CANNON. What is the largest single loan that you have ever made?