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A. WILLIS ROBERTSON, Virginia, Chairman JOHN SPARKMAN, Alabama

WALLACE F. BENNETT, Utah PAUL H. DOUGLAS, Illinois

JOHN G. TOWER, Texas JOSEPH S. CLARK, Pennsylvania

JACOB K. JAVITS, New York
WILLIAM PROXMIRE, Wisconsin

MILWARD L. SIMPSON, Wyoming
HARRISON A. WILLIAMS, JR., New Jersey PETER H. DOMINICK, Colorado
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri
MAURINE B. NEUBERGER, Oregon
THOMAS J. MCINTYRE, New Hampshire

MATTHEW HALE, Chief of Staff
John R. EVANS, Minority Clerk

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CONTENTS

Pago

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WITNESSES

Symington, Stuart, U.S. Senator from the State of Missouri; accompanied
by James J. Gehrig, legislative assistant; William H. Darden, profes-
sional staff member, Armed Services Committee; and J. Fred Buzhardt,
legislative assistant to Senator Thurmond.--

LETTERS AND DATA SUBMITTED FOR THE RECORD

American Mining Congress: Letter from J. Allen Overton, Jr., executive

vice president, to Senator Bennett, with enclosure entitled “Con-

gressional Control Over Stockpile Disposals”,

Bennett, Wallace F., U.S. Senator from the State of Utah:

Letter from J. Allen Overton, Jr., executive vice president, American

Mining Congress, with an enclosure entitled “Congressional Control

Over Stockpile Disposals”.

Memorandum comparing S. 2272 and the Defense Production Act--

Defense Production Act of 1950, as amended..

Declaration of policy ---

Title I.--Priorities and allocations.

Title II.-Authority to requisition and condemn.

Title III.-Expansion of productive capacity and supply-

Title IV.-Price and wage stabilization---

Title V.-Settlement of labor disputes---

Title VI.-Control of consumer and real estate credit.

Title VII.-General provisions.

Douglas, Paul H., U.S. Senator from the State of Illinois: Letter to

Senator Robertson dated July 31, 1964--

Federal stockpile inventories, May 1964:

Introduction..

Summary of cost value of stockpile inventories by major category,

table-

Table 1. Strategic and critical materials inventories (all grades), May

1964 (showing by commodity net changes during the month in terms

of cost value and quantity, and excesses over stockpile objectives in

terms of quantity as of the end of the month).

Table 2. Agricultural commodities inventories, May 1964 (showing by

commodity net changes during the month in terms of cost value and

quantity)--

Table 3. Civil defense supplies and equipment inventories, May 1964

(showing by item net changes during the month in terms of cost

value).

Table 4. Machine tools inventories, May 1964 (showing by item net

changes during the month in terms of cost value and quantity)----

Table 5. Helium inventories, May 1964 (showing by item net changes

during the month in terms of cost value and quantity)--

Appendix:

A. Program descriptions and statutory citations..

B. New stockpile objectives: Excerpts from Office of Emergency

Planning policy statements.

General Services Administration, report on borrowing authority, December

1963, excerpts:

Table 2. Long-range forecast of maximum cash requirements...

Table 5. Status of gross transactions and probable ultimate net cost.--

Table 7. Status of procurement transactions by agency and program..

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34

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Hale, Matthew, chief of staff, Senate Committee on Banking and Cur-

rency: Letter to Senator Douglas dated July 28, 1964.--

Joint Committee on Defense Production:

Correspondence between Chairman Paul Brown, and Leo Hoegh,

Director, Office of Civil and Defense Mobilization, Executive Office

of the President, May 1959---

Executive sessions and organizational meetings.

List of committee publications, excerpts from 13th annual report.-

Memorandum on H.R. 8406 (Public Law 87–296), renaming of the Office of

Civil and Defense Mobilization as the Office of Emergency Planning--

Robertson, A. Willis, U.S. Senator from the State of Virginia:

Correspondence between Senator Robertson and Senator Russell,

chairman of the Armed Services Committee.--

Letter from the Office of the Director of Civilian Defense Mobilization

dated December 10, 1958.--
Letter to Senator Douglas dated August 4, 1964.-
Letter to Senator Mansfield dated July 17, 1964.
Letter to Senator Symington dated July 20, 1964.
Memorandum from Matthew Hale, chief of staff, Senate Committee

on Banking and Currency, dated July 10, 1964.

Press release dated January 8, 1963..

Stockpile inventories, table..

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DEFENSE PRODUCTION ACT INVENTORIES

FRIDAY, JULY 24, 1964

U.S. SENATE,
COMMITTEE ON BANKING AND CURRENCY,

Washington, D.C. The committee met in executive session at 10:15 a.m., in room 5302, New Senate Office Building, Senator A. Willis Robertson (chairman of the committee) presiding.

Present: Senators Robertson, Sparkman, Douglas, Clark, Proxmire, Williams, Muskie, Neuberger, McIntyre, Bennett, and Simpson.

The CHAIRMAN. The committee will please come to order.

We are pleased and honored to have with us our distinguished colleague from Missouri, Senator Symington, who has had a long connection with our military program. He was at one time the Secretary of the Air Force. He was head of our Surplus Property Board, Chairman of the National Security Resources Board, and for many years now he has been a high-ranking member on the Armed Services Committee and an ex officio member of the Appropriations Committee dealing with military affairs. Senator Symington will recall

a hearing we had back in 1950 when he was strongly advocating the Defense Production Act, so we could have authority to buy materials and to increase the productive capacity and supply of materials. At that time he was Chairman of the National Security Resources Board. I think Senator Symington's position at that time is quite pertinent to this discussion.

I felt the proposed Defense Production Act was mighty broad authority. I thought the administrators could do a lot of things without proper congressional control, and I was a little uneasy about giving blanket authority to pile up all sorts of materials, at such prices as they saw fit, and entering into long contracts.

Senator Symington, testifying as Chairman of the National Securities Resources Board at this committee's hearing on July 24, 1950, made this comment:

Mr. SYMINGTON. I think Senator Robertson's point was quite pertinent to this discussion. The question is whether in operating this act there is going to be integrity in the way it is handled. I think these questions are all technical questions and questions of integrity, as you put them up. I think at this stage it is much more advisable to risk possible details of maladministration and get the powers out and support the troops than it is to question the details.

Of course, we were right in the midst of a mighty tough war. Senator BENNETT. In 1950 we were starting in the Korean war. The CHAIRMAN. That is right.

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