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June 11, 19U5 The Honorable Fred M. Vinson, Director, Office of Her Mobilisation and Reconversion, The White House, Waahington, D. C. Dear Predi I appreciated having the opportunity to talk with you at luncheon on Thuraday with regard to the Wagner-Spenoe Bill, among other thinga. In accordance with your suggeetion, I am enclosing for your information and for the ataff'a study that I earnestly hope you oan hare wade the following material} 1* A copy of S. 511 (the Wagner-Spenoe Bill), together with a copy of my letter of January 19 to Senator Wagner, to mhiah I call particular attention because it quotes from the Beport to Congreaa on January 1, 19U5* made by your predeoeeeor as Director of the Office of War Mobilisation and Reconversion, specifically endoraing the Wagner-Spence Bill* 2« Copies of the still uncompleted hearings held on this measure by the Banking and Currency Conmittee of the Senate on August 2b end ¿5, 19tti and by the Houae Committee on August 23, 19Ui. Aa the Committees have not closed the hearings, they have not printed the testimony and theae page-proof oopiea are the only ones I have been able to obtain. Accordingly, I would greatly appreciate it if, when you have no further need for them, you would have them returned to me* 3. An exchange of letters, dated March 5» March lU, end March 15, 19U5 with Governor Gardner, Chairman of the Advisory Board of the Office of Har Mobilisation and Heconvereion. Let me call attention particularly to ay letter of Maroh lU in response to Governor Gardner*a request. This letter sums up the oase for the Wagner-Spenoe Bill aa I aee it and for the fundamental principle at a take. 1*. An exoerpt from President Booaevelt'a Annual Meaaage to Congreaa on January 6, 19U5* which endorses Government postwar aid, particularly to new email enterprises through the guarantee principle. The Honorable Fred M. Vinson - (2) June 11, 19U5 5. Copy of ray statement before Rep resent at i Ye Pataaan's Select Committee on Snail Business on June 1, 19U5- The narked portions of pages 5» et seq., discuss specifically the Wagner-Spence Bill. (Copies of the hearing are not yet available.) Hhile the foregoing looks like a rather formidable array of inforaatlon, it is selected from a voluminous file that at least indicates the effort I have made to get action on this line. the Senate and House Committees in August of 19UU did not get beyond my testimony in the hearings, chiefly, I believe, because it mas not only late summer but, of course, the national election was impending and the campaigns of all House members and of some members of the Senate Committee were demanding their attention. May I call attention also to a number of letters that appear in the text of the Senate hearings, on galley page 9&XE; one being an endorsement of the bill by the Secretary of War, another by the Director of Contract Settlement, and a third by Mr. Baruch. The socalled Baruch-Hancock a»port had similarly urged this measure. Subsequent to the hearings, the bill mas reintroduced in both Senate and house with several amendments that it seemed wise to make since they met a number of objections without impairing the principle or validity of the bill. Governor Gardner's Advisory Board, on which business, agriculture and labor are represented, without exception expressed approval of this bill. Mr. Byrnes volunteered to aid in any way he could to get the measure through Congress. Z recently went over this subject thoroughly with Mr* Krug of the War Production Board, sfto told me he would be glad to support the bill and thought it very desirable to help in financing reconversion and postwar production. However, if "the financial help which the measure provides is to be of any real use, the measure should be passed at the earliest possible date. Therefore, I hope that you can have your staff give the matter as prompt consideration as possible. If you oonolude, as I be* 11 eve and trust you will, that the bill should be enacted, it would undoubtedly be of the greatest help in getting action for you to communicate personally with Chairmen Wagner and Spenoe, asking them to push for enaotment. I hope you will not think this a presumptuous suggestion on ay part. Ihe Honorable Fred M. Vinson - (3) June 11, 19^5 There is no reason that I can conoeife -why it should not pass without serious controversy or delay. The only opposition of any oonsequenoe, so far as I can discover, coraeo from a few of the big city banks, especially in Kew Toxic — about the sens group that tried to sabotage the Bretton Woods Agreements* However, the Federal Advisory Council, a statutory body consisting of leading bankers fro» every Federal Reserve district, and headed by Ned Brown of Chicago, endorses the bill with only one dissenting member. Finally, let ne say again how rauch I appreciate your interest. I hope it will lead to enaoxoaant of the bill before the suneier recess* With kindest personal regards. Sincerely yours, M. S. Eocles, Chairman. Enclosures 5 P.S. Since writing the above, I note that there is a wove afoot to have Congress adjourn fro» July 10 until September, so that unless the bill is acted on p xwptly in the House so it can get to the Senate for action as soon as Bretton Woods is out of «is way. it would all have to go over until the fall. ^ M.S.S. ET :b
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