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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
Aug 16, 1971
Page
1
President Nixon announces a largely voluntary 90 day wage price freeze and a devaluation-set exchange rate shift, aimed at cutting unemployment and inflation while defending the dollar. He abandons gold selling policy and imposes a 10 percent import surcharge with certain exemptions.
Area business leaders and union officials in Herrin, Carbondale, Marion and nearby towns voiced mixed reactions to President Nixon's 90 day wage and price freeze. Some saw stabilization benefits while others warned of potential contract delays and cost impacts on local firms and workers.
Jimmye S. Hillman of the American Agricultural Economics Association says agriculture will feel little immediate effect from Nixon's wage price freeze since it is exempt from controls. Vernon Ruttan adds long term gains in export ease as a result of the policies. U.S. exports exceed seven billion dollars in agricultural commodities annually.
Tonight will be fair and cooler with lows in the 60s. Tuesday brings mostly sunny skies and increasing humidity with highs around 83 to 88. For more details a map page 14.
Rep. Wilbur Mills heads the Ways and Means Committee and endorsed President Nixon’s wage price rent freeze and investment tax credits. Senators Mansfield Byrd McGovern Javits lauded the plan as bold, necessary, and overdue, with broad congressional support and calls for swift action.
Questions and answers outline the 90 day wage price freeze starting Sunday. The ceiling remains the August 14 1971 level for prices rents wages and salaries. All commodities and services are covered except raw agricultural products.
A park guide, Paul Fellows, 29, lost his left hand and injured his right in a misfired 18th century cannon at Fort de Chartes, four miles west of Prairie du Rocher during a Sunday festival. The cannon had been fired once and was being prepared for a second shot. no other injuries were reported. Fellows had worked as a guide for 18 months. Ste. Genevieve, Missouri lies across the Mississippi River from the fort.
The dollar faces heavy pressure overseas as major European markets shut while the Nixon administration suspends gold settlement. Exporters worry about a 10 percent surcharge on dutiable goods not under quotas, and American tourists abroad struggle to buy foreign exchange amid market closures. In Japan the central bank supports the dollar at 357.37 yen as others close. France Belgium Luxembourg observe a bank holiday.
The noon Dow Jones average rose 24.31 points to 880.33 as trading runs at a record pace. GM and other blue chips were delayed by piling orders while NYSE volume hit a two hour record of 14.6 million shares. Brokers greeted the bell with a roar as Chrysler Ford U S Steel and Du Pont openings were delayed.
President Nixon’s move to suspend full dollar gold convertibility, impose a 10 percent import surcharge, and push a 90 day price wage rent freeze draws praise for boldness and doubts on workability. Economists foresee lower import prices lifting exports but fear slower job creation without congressional support.
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