| OCR Text |
Show Pate 4 Friday, December 18, 1958 THE AMERICAN STATESMAN ditures of American business, of travel abroad, and to pay for the $12,944,000,000 of goods we im- Impact of Foreign Aid Program Report by Walter Hamischfeger Chairman, Citizens Foreign Aid Committee (Continued from page 1 col. 5) bear the Foreign Aid burden and must end their discrimination against imports of American goods. 2. A "Buy American policy has been adopted in the administration of the Development Loan Fund. 3. The Director of the Budget, Maurice Stans, disclosed that Gov eminent spending was gaining a momentum threatening to wreck our economy, with our present public debt and future commitments now reaching "the almost incredible total of about $750 billion" three-fourtof $1 trillion apart annual from operating expenses. hs 3 ments are merely resorting to name calling rather than giving honest answers to questions the foreign aid problem presents. Gov. Upheaval I, personally, have seen Europe on various occasions since before World War I. In fact, my business interests have taken me throughout the world. As one of the first civilians to visit Europe after World War IIt under Army orders to submit a report to the United States Senate, I, personally, saw the results of unsound fiscal policies resulting in inflation, government upheaval and misery. Year Program Boom The Citizens Foreign Aid Committee, of which I have the honor to be national chairman, is dedicated to a program of arousing the American people to the peril of continued Foreign Aid. As the only national organization devoted exclusively to opposing this program, we made numerous appearances before Senate and House Committees earlier this year. Formed as recently as last March, our Committee is conducting an action campaign for the end of the Foreign Aid program in three years. The Committee Our Committee speaks from a wealth of experience. Various of our members have devoted a lifetime to successful foreign trade and men foreign business activities like Sterling Morton of Morton Salt Company, General Robert E. Wood, Colonel Willard of Rockwell of Rockwell Manufacturing Company, former Ambassador James Kemper of Kemper Insurance Companies, the late Henning Prentis of Armstrong Cork, Howard Pew of the Sun Oil Company, former Ambassador Spruille Braden and others. We have four distinguished West Pointers with the rank of General on our Committee. Those who would label such men as isolationists with extensive overseas trade interests and invest- Sears-Roebuc- k, LEE on TV EVERY SATURDAY 4:45 P. M. KUTV Channel 2 Hear what your government is doing to you . . . Rather than for you. ance before the Foreign Affairs Committee of the House of Representatives, the Administration made public a sixty-fiv- e page report prepared by the Departments of Government which are involved in foreign aid. It purported to be an answer in detail to our First Report Unfortnunately, many of the facts referred to in the alleged answer were so worded as to become distorted. We proceeded to rebut the Administrations answer item by item in our Second Report In tire meantime, our research personnel developed information for the use of the various members of our Committee who were regularly appearing before Congressional Committees. For the first time since the inception of foreign aid, a group of citizens outwardly and steadfastly opposed our foreign aid policy before Congress. The total testimony given by members of our Committee before Congressional Committees covered seven and one-ha-lf hours. I returned only last week from another extensive trip in various parts of Western Europe. I can add my voice to that of countless other businessmen, journalists and others to the fact that Western Europe not only has recovered but it is experiencing a tremendous boom in many places. Our Committee urAdvertising gently and insistently wants to know why American taxpayer monIn addition to this activity, memey is continuing to flood Western bers of our Committee conveyed Europe, to name only one area. our messages in speeches from the Atlantic to the Pacific to the Gulf 100 Years of Mexico. Leading newspapers, esUpon formation last March, our pecially in Washington, D.C., have Committee recognized certain basic carried our ads. facts. We recognized that since Alert 1932 when President Roosevelt we have graducalled in the gold me to refer Time will not ally given up our economic free- in detail to thepermit contents of our doms. Meanwhile, both parties were various which are available reports so far along with spending habits to am here to I you upon request dothat started with the on to in somewhat of a pass you mestic depression relief projects concentrated form the alarming and grew to enormous global and have prompted our Comfatts that endless progiveaway seemingly grams all supported by the Amer- mittee at great personal sacrifice ican taxpayer. No less a Govern- of its members to alert our fellow ment spokesman than General Americans to the serious conseour present foreign aid Draper was quoted as saying that quences of Uncle Sam might have to continue program. the Foreign Aid program for 100 Impairment years. so-call- ed Principles At the outset, our Committee outlined a set of fundamental principles that we felt were sound and to the interest of our country as conceived under our Constitution. As soon as we had developed our initial report, which was approved by every member of the Committee, it was sent to all members of the Executive Department of our Government, to the Congress and thousands of citizens who are leaders in forming public opinion. We also oraganized a public relations program for press conferences and radio. , Report On the occasion of my appear Our studies have disclosed wasteful foreign spending on a global basis. In the course of this spending, under the guise of economic assistance and military aid, there has been a serious impairment of our own economy and a weakening of the defense of America the last bastion of the Free World. One of the most serious adverse effects of foreign aid is the flight of gold the devaluation of the dollar. ported. To balance accounts, therefore, foreigners took, according to the Department of Commerce studies, $3 billion in gold and liquid dollar balances. It is estimated that the loss of gold in the year ahead will be at least $4 billion. Alfred Hayes, President of the Federal Reserve Bank of New York, in his recent speech before the National Foreign Trade Council, warned that no objective observer would argue that we can face with composure anything like a $4 billion adverse balance continuing for an indefinite period. - Gold Reserves The interest and demand for tickets has quickened to the point where those who are interested in attending the Inagural Ball and J. Banquet honoring. Mayor-eleBracken Lee had better pick up their tickets as soon as they possibly can. ct "Make your table reservation now," said Kingsley Clawson, chairman of the ball and chairman of the Citizens for Lee Committee. Without a doubt, as the holiday season approaches table reservations will be at a premium." Reservations for 1,500 people are being made. This festive affair will be held in the Union Building Ballroom on the campus of the University of Utah on Monday, January 4, 1960 at 7:00 p.m. This process of drawing down dollars in gold or using them to accumulate investments in this country bank balances and stock market securities has gone on since the beginning of the Marshal Plan. In the past ten years, over $5 billion of the gold supply has been drawn down, or 20 per cent of the total, and the gold reserves Tickets are $10.00 a plate and are today less than they were at may be purchased at Citizens for the beginning of World War II. Lee headquarters, 345 South State Street, Salt Lake City, Utah. If you would like tickets mailed to you Collapse call DAvis Today, of our total gold stock Dinner music and other enterof less than $20 billion, something tainment will highlight the banquet like $18tf billion is subject to call which will be followed by dancing by foreigners. Anyone who recalls in the beautifully appointed ballthe 1929 panic knows that it does room. not take much to tip the scales of You are urged to make your public confidence and start a run on the bank. The point I would like table reservations now to insure to make is this. The U.S. dollar a table in the main dining room. today supports the whole American economy, now running at twice the 1939 rate with less than the 1939 backing in gold. The U.S. dollar also supports half of the worlds trade and provides half the backing of the Free Worlds currencies. This is too heavy a burden to put on our diminishing stock of gold. Foreign Editor Max Ascoli of the Reporter aid spending is a major contributor to growing inflation another men- says of Khrushchev: "The man from ace facing America today. Infla- Moscow is the master, not the reption initially brings a business resentative, of the peoples under his boom. Everybody is elated, prices rule. He rules over their flesh, and are going up and everybody is relishes the prospect that in the then suddenly, near future they may acquire a making profits collapse, stagnation, misery, hunger, layer of soothing, healthy fat More breadlines, factories idle while the benevolent than his predecessor, he prices continue to rise. Unless this seems to have found out that moral situation is brought under control, cruelty is just as effective as physiit is followed by political chaos and cal cruelty in keeping people well He never stops talkdictatorship. The only solution to behaved the problem is a balanced budget ing about peaceful competition. But and a sound fiscal policy. The be- what do tiie Russians know about ginning of a sound fiscal policy is competition? In the Communist to stop the wasteful, extravagant world it is outlawed, and every and useless spending of foreign aid. decision is made by the apparatus of the party-stat- e. (Continued Next Week) 88. Peaceful Competition? ... all-planni- ful r Subscribers Flight of Gold Last year, we exported merchandise totalling $16,207,000,000. Half of what we ship abroad is giveaway or goes to pay for giveaway. But our exports were, also needed to support the private foreign expen- - Inaugural Ball To Honor Lee 1 4 Special! Trial Subscriptions - Only $2.00 For Four Weeks to Four of Your Friends Fill out Blank below and Mail to: THE AMERICAN STATESMAN State Exchange Building, 345 Statesman for only Name Address $5.00 City ..... Fill out Blank below and Mail to: Name Address THE AMERICAN STATESMAN .City State Exchange Building, 345 South State, Salt Lake City 11, Utah PHASE PRINT Full name Address I Name 1 Address City Zone... City . State State, Salt Lake City II, Utah Enclosed is $2.00. I would like to send four consecutive copies of the American Statesman to: D 52 Issues of the American So. I Name Address City State I |
