THE ECONOMY: For the Ultimate Good

In a week of dramatic political developments, George M. Humphrey's first major speech as Secretary of the Treasury got only the No. 2 headlines. But the words he spoke at the Associated Press's annual luncheon in New York this week were the clearest expression to date of the Administration's economic policy.

Humphrey began with a blunt opening sentence: "There is no reason to fear peace." Some U.S. citizens, he said, have been talking as if the curtailing of war production would mean economic disaster. Said he: "There is no reason for a depression unless we fail ourselves to do the things...

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