Article 1 - No Title
Senator Douglas fD., III./), I warned the Treasury yesterday to, Û÷Û÷abate" its easy-money, low inter-j csl rate policy on Government se-! curities. or else face congressional j action that would give the Federal j Reserve Board control over the j Nation's monetary and credit pol-l icy.	j</br></br>Senator Douglas fD., III./), I warned the Treasury yesterday to, Û÷Û÷abate" its easy-money, low inter-j csl rate policy on Government se-! curities. or else face congressional j action that would give the Federal j Reserve Board control over the j Nation's monetary and credit pol-l icy.	j , Douglas delivered Inc first speech in what may be a long debate this session over the Treas-' ury-FRB conflict on credit pol-J icy. He accused the Treasury of i "cracking the whip" ovo* the j FRB, forcing the latter agency,! against its will, to feed ÛÏthe fires ! of inflation."</br></br>Douglas said he hoped the Treasury ^ would heed the "admonition" from the Democratic side of the Senate aisle, and be ÛÏa little less hideboundÛ in its point of view that the FRB must support the Federal bond market at its present levels.</br></br>If the Treasury did not "yield" on the point. Douglas told Senator I Taft iR., Ohio), he would intro-, duce legislation to carry out a i recommendation of a special sub-i committee which he headed in 1949. and which studied the dis-' putc in detail.</br></br>ÛÏIt is the will of Congress that the primary power and responsibility for regulating the supply, availability and cost of credit in general shall be vested in the duly constituted authorities of the Federal Reserve System, and that Treasury actions relative to money, credit and transactions in the Federal debt shall be made consistent with the policies of the Federal Reserve.Û