Word: nye
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...took up the cry that armament makers incite war for their own economic advantage. Last March FORTUNE pointed up the issue in an article setting forth the primary facts of the world arms trade. Editors found the peace-hungry public liked it and the headlines grew. In Congress Senators Nye and Vandenberg proposed an investigation, got nowhere. Then with one eye cocked on the peace clubs about the land, Senator Nye offered an amendment to the 1934 Revenue Act placing a tax of 95¢ on all incomes in excess of $10.000, effective the day the U. S. next declares...
Senator Pat Harrison as chairman of the Finance Committee did not want the Nye amendment tacked on to the Administration's tax bill. Last April he made a deal with Senator Nye: If the amendment was withdrawn the Administration would let the munitions investigation go through. The bargain was consummated, though the White House never really approved of the Nye inquiry...
Reason for the Administration's distrust of the Nye investigation was that the Government understood well enough the true facts about the U. S. munitions industry. Not only is it small fry compared to the European arms industries, but the men who run it are typical U. S. businessmen who abhor, in typical U. S. fashion, the idea of fomenting war for profit. The big arms makers of Europe may not be above such skullduggery, but up to last week Senator Nye's committee had produced no shred of evidence to prove that U. S. arms makers had stooped...
Cried Senator Nye: "The Departments of our Government are really co-defendants with the munitions industry and the profiteers. Instead of letting those departments now write the remedial legislation let us first have the full knowledge of the part they have played in creating the need for remedy. ... It is amazing to me that efforts would now be made to seem to check and halt the work of our committee...
...Navy Departments do not want U. S. arms makers, on whom their preparedness plans are based, to be tarred, feathered and crippled to make a publicity holiday for Senator Nye. They have sufficient difficulty in getting what they regard as adequate appropriations for themselves. From their standpoint, if foreign governments can be induced to buy U. S. arms, that is a cheap way of supporting the Army's and Navy's own arsenals: du Pont, Remington, Winchester, Colt, et al. In last week's Senate testimony it was brought out that Chief of Staff MacArthur in former years made speeches...