 It's time for the Lawn Jean Chronoscope, a television journal of the important issues of the hour, brought to you every Monday, Wednesday and Friday. A presentation of the Lawn Jean Wittner Watch Company, maker of Lawn Jean, the world's most honored watch, and Wittner, distinguished companion to the world-honored Lawn Jean. Good evening, this is Frank Knight. May I introduce our co-editors for this edition of the Lawn Jean Chronoscope? Mr. William Bradford Huey, author and analyst, and Dr. William H. Peterson, writer and economist. Our distinguished guest for this evening is the Honorable Homer E. Capehart, United States Senator from Indiana. Senator Capehart, it's a great pleasure to have you with us tonight, sir, on the Chronoscope. Thank you, sir. And now, sir, how do you feel about Stalin's death? Do you think that the free world stands to gain anything from this, from his passing? I'm fearful not. No, I do not think so. I think the condition, the situation there will be just as it has been understood. Well, sir, the news tonight is that our own government is hoping to exploit this uncertainty in Russia at the moment. Are you in favor of our government? Well, I'm in favor of our government doing anything that they can do that is necessary to win the Cold War and win the Korean War. And I have absolutely no objections to anything that they do. I think they ought to do it. I think it's our responsibility, the people to do it. Our viewers recall that you have taken a rather firm stand even back in the McCarthy controversy in favor of more aggressive action on our part. In the Far East. Now, sir, do you still favor aggressive action? Do you still favor doing whatever is necessary to win that war? I certainly do. It seems to me that if we're unable to win the Korean War, that we certainly are going to show weakness and come near having a big war with Russia We're unable to win a little war and if we show weakness at the moment, I think we're less likely to have a big war with Russia if we win the Korean War and show strength. Senator, what do you think of MacArthur's policy? Would you say that history has vindicated MacArthur? Well, I think it has because the Korean War will soon be three years old and we haven't won it. We haven't made any progress. And Lord knows that we've got to someday win it. Well, General Van Fleet has been testifying in Washington this week. Do you interpret his testimony to mean that he holds very much the same views that General MacArthur held? I think they're exactly the same views that MacArthur has had all along. And as a student of this situation, you feel that we have to take the moves that are necessary in order to achieve a military victory in Korea. Well, I know only one way to win and that's to win and that's to use every conceivable advantage of everything that we have and use every bit of our material. Well, Senator, you of course are chairman of the very important Banking and Currency Committee and as such, that makes you a sort of guardian of the country's economy. Now, I believe that you've been criticized in some circles because some of your critics say that you're hedging on this matter of controls. You're getting rid of control, as I understand it, but you want some standby laws left there. Now, how do you defend your position there, sir? There's no relationship whatsoever between a continuation of controls at the moment which are not needed and what I'm advocating. I'm advocating a standby control law which in case of a big emergency would permit the President of the United States to immediately freeze all prices, wages and rents for a period of 60 to 90 days. Do I understand that you are opposed to price, wage and rent controls? Well, I'm opposed to them at the moment, but only because they're not needed. I'm not opposed to price, wage and rent controls. For example, if during a big emergency, during a big war, our government is taking anywhere from 40 to 50% of our national products for war use, leaving only 50 to 60% for civilian use because under those circumstances, you certainly must ration the goods and you certainly must have price control. And I'm only thinking in terms of a big emergency where our government would be taking, say, anywhere from 40 to 50% of our goods. And under those circumstances, I think we must have price, wage and rent control and rice. All controls will go off on April 30th. All controls will go off on April 30th? And you're in favor of that going on? I certainly am. I voted against a continuation of controls last July and had the Congress followed my vote, we would have gotten rid of controls as far as back as last July. And this standby legislation, which I believe some businesses are saying you're holding a sword over their heads, that you simply want to use in the event of emergency. That's all and only in an event of emergency and then only for a period of 60 to 90 days until such time as the Congress can decide whether they ought to be continued. And in the wisdom of the Congress, during that period, they might well decide that they were not needed and I might come to that conclusion myself. Well, sir, now moving on to the other big question, you come from a big farm state, Indiana. How do you feel, sir, about this decline in farm prices? Are you for low farm prices or high ones? Well, I'm certainly for high farm prices. That is, I'm for a prosperous farmer purely on the grounds that the farm income or the nice little income is always seven times the farm income. And if you permit the farm income to decline, then your nice little income will decline in proportion, which means less jobs in the city and less business for our business concerns in America. What about this New Zealand beef, which we consumers have been enjoying, some nice tasty steak and so on? How do you feel about New Zealand and foreign foods coming into our country? I have no objections to their coming in unless the production in the United States is such that under the law our government is subsidizing our farmers, then I certainly am opposed to it. I'd much prefer to buy the beef from New Zealand or the eggs and cheese or butter from other countries and give it to them or give it to some other people throughout the world and save transportation charges. Senator, let's take this little situation. You are a member, I believe, of the tapped wing of the Republican Party. Now, are you going to be uncomfortable with the Republican administration buying all these millions of pounds of butter down there? Please keep this in mind that we Republicans have inherited a lot of things and some of many of them are not good. Now, we inherited this butter situation. We inherited a law that does not expire until 1954 in which we guaranteed to the farmers that we would, the 90% parity. Did you vote for that? You're in favor. Yes, I'm in favor of 90% parity. Yes, indeed. You're in favor of the federal government guaranteeing a full market or a good price to American farmers. Well, I'm in favor of maintaining farm prosperity and doing whatever is necessary to maintain farm prosperity because I know just as certain as I'm sitting here that if you do not do that and if you do not have a prosperous farmer, then you're going to have a depression in this nation and none of us want that. Do you remember that the beginning of the depression, the 32th depression, of course, started with the farmers? Well, now as a practical politician, which way do you think the knife is going to cut? Do you think that opposition is building up to the Republican administration in the farm areas now? Well, I think opposition is building up against the Republican party at the moment, possibly, on those things that we inherited, which the people do not quite understand. In other words, we've got to deal with situations as they exist in Washington and we had nothing to do with their making, and at the moment I don't think the people quite understand that. Now, as soon as we can work out from under many of the evils of the New Deal administration, why then we'll start straightening things out as they should be. Well, one of the things Republicans inherited, starting to get the cave part, was very high taxes. Now, sir, would you be in favor of reducing taxes before we balance the budget? Well, my position, I want to make my position perfectly clear, and that is that I'm in favor of reducing expenditures, balancing the budget, and likewise reducing taxes. And I think all three can be done, should be done, and must be done, and I think the Republican party will do it. At one place, you're willing, however, to spend more money if necessary, as in the Far East. I'm willing to spend whatever money is necessary to win the Korean War and to win the Cold War, but I'm against wasting that money, and I'm fearful that it's going to be a long-drawn out affair. Therefore, I think we should keep our house in order at home by maintaining a sound economy and not discouraging our people too much with taxes high over a period of years. Well, which do you put first in those three desires? I certainly would reduce expenditures and balance the budget, yes. One possible expenditure, Senator Capehart, is further foreign aid. Now, the British are here in Washington, and the West Germans and the French are on the way over. Do you favor continued financial aid to the Europeans? Well, I've always favored aid, and my quarrel has always been with the way they did it. I'm now in favor of helping them and aiding them, providing it is on a good sound business basis, meaning that we get value received. Well, that's a final question, Senator Capehart. Since you are so vitally concerned with the nation's economy, I'm sure that our viewers would appreciate a prediction from you, sir, as to what you think is in the economic future for the country. Do you expect a good year or a bad one? Well, I'm very optimistic about the future. I can see nothing but full employment, high wages, and good business for the businessman and for the farmer. I see nothing that anyone should be fearful of, at least for the next 12 months. Well, I'm sure that our viewers very much appreciate this rather hopeful presentation of yours, and thank you for being with us. The opinions you've heard our speakers express tonight have been entirely their own. The editorial board for this edition of the Long Gene Chronoscope was Mr. William Bradford Huey and Dr. William A. Peterson. Our distinguished guest was the Honorable Homer E. Capehart, United States Senator from Indiana. Have you noticed how much longer the days are getting? Soon it'll be spring and then Easter, and then glorious days ahead. In countless homes, this is the season of planning for great activities. Easter, graduation, an anniversary, a June wedding. And every year, more and more people are giving Long Gene watches as gifts. For Easter, for any important gift occasion, nothing can be worn with greater pride, and nothing that can be worn speaks more eloquently of your affection. When you give a Long Gene, it's very much like giving a watch made to your individual order, for Long Gene watches are made in many hundreds of styles to assure just this exclusiveness. And when you give a Long Gene, you give the world's most honored watch, for among the finest watches in all the world, Long Gene alone has won ten World Fair Grand Prizes, twenty-eight gold medal awards, and so many honors for accuracy. And yet do you know that you may buy and own or proudly give the Long Gene watch for as little as seventy-one fifty. Long Gene, the world's most honored watch, the world's most honored gift, for Easter, for graduation, a wedding, or for an anniversary. Premier product of the Long Gene Witner Watch Company, since 1866, maker of watches of the highest character. We invite you to join us every Monday, Wednesday, and Friday evening at this same time for the Long Gene Chronoscope, the television journal of the important issues of the hour, broadcast on behalf of Long Gene, the world's most honored watch, and Witner, distinguished companion to the world's honored Long Gene. This is Frank Knight, reminding you that Long Gene and Witner watches are sold and serviced from coast to coast by more than four thousand leading jurors who proudly display this emblem, agency for Long Gene Witner watches. This Sunday, Ken Murray proves it's time to smile on the CBS television network.