Economically, Arkansas is classed as a poor state. It has had its opportunities to rise, and it has made progress. I believe that some of the opportunities that have come and gone, after being rebuffed, will come again. Frequently when industries have knocked at our door, they have been denied admission to our state because of the excessive demands or conflicting interest of the power monopoly. When new opportunities for development arise, they, too, can be blocked for Arkansas and our people if monopoly continues to head the reception committee.

Our per capita income is far below the national average. However, Arkansas' potential for economic growth is as great as that of any state in the union. Perhaps it is greater. Perhaps it is greater because our people want to move forward, want to move forward so very badly. We are conscious of our greatness as a people. We are conscious of the vastness of the resources God has given us to work with and build upon. We want better educational opportunities for our children. We want jobs for our young people, want those jobs in Arkansas.

Sometimes I am saddened when I think of the obstacles that block our economic advance. I am resentful when I contemplate the great shadow that hovers over us shutting off the sun that would permit a natural growth and which withers a sprouting economic opportunity. This shadow is difficult to lift. This shadow is hoisted over us from Wall Street, or more properly, No. 2 Rector Street, a block off Wall Street. Its shades snuff out light from Clay County clear down to Miller County. They snuff out growth.

This Committee is interested in objective facts. Among the important mineral resources that we have in Arkansas are bauxite, oil, gas and coal. We have 95% of the bauxite deposits in North America. We produce ½ of the barite that is produced in the United States. We have 1/3 of the largest reserve of manganese in the nation. In lesser amounts we produce high grade clays and gypsum. Arkansas is the only place in the world that an abrasive grade of novaculite is produced.
Did you gentlemen know that 95% of the bauxite deposits in North America are in Arkansas? Think of that. Think of the significance in terms of aluminum supply to all of America if there should be WAR. Think of this, too, our water resources of the Arkansas, the White and the Ouachita Rivers and their tributaries. These give us the greatest power potential of almost any state in the union, and greater than any state between the Alleghenies and the Rockies.

The development of our natural resources and the raising of the economic standards of the people of our areas will always depend principally upon several things. One of these is the production of an abundant supply of cheap electricity. Others include the development of our water resources for navigation, for flood control, for soil conservation and irrigation and for recreational purposes.
The principal block to the economic development of Arkansas has been the opposition of the private power interest - - and I mean successful opposition, too, to the building of dams and other power generating facilities for the production of low cost power which Arkansas MUST HAVE.

More than any other single basic requirement, we must have an abundance of low cost power available if Arkansas is to move forward. We must have that power in Arkansas, not in Des Moines or Knoxville or Tacoma, if we are to convert our rich natural resources into the finished product for American consumers back there, within the borders of our own state where it needs to be converted for us, in Arkansas, to reap the maximum benefits. I do not mean that in every case there must be a "raw materials to finished product" conversion in Arkansas. I want to see a Maryville, Tennessee, factory continue to convert some Arkansas bauxite to sheet aluminum. Some of it, but not all of it. I want to see a Pittsburgh, Pennsylvania, factory continue to move the conversion process along another step. Let them do some of it - - not all of it. Remember the bauxite is ours, is Arkansas'. Let us carry some of our precious raw materials through all the way. Let us have the jobs for Arkansas and her young people that a fair share of the final factory processing steps would give us.
I don't mean to say that no progress has been made for the benefit of Arkansas in the development of our water resources - - of our natural power from running water. Norfork and Bull Shoals Dams have contributed greatly. The surface, however, has only been scratched. The great potentials of the Arkansas and White Rivers haven't passed the planning stage. The Arkansas River, for example, is the only stream in the United States of its size that has remained undeveloped. The only two major dams in Arkansas, Bull Shoals and Norfork, were both constructed over the violent opposition of the private power interests. The development of the Arkansas River has been obstructed by the same power interests that opposed any dam or generating plant that they, themselves, cannot exploit.

Perhaps the best example of the electric monopoly's tactics of obstruction occurred in their successful opposition to the building of the steam generating plant at Ozark, Arkansas, by a group of REA Cooperatives. As soon as the REA co-ops applied to the government for a long term loan to construct this facility, private power interests moved in with all of their might and influence to block the loan. I strongly favored the construction of this facility for the following reasons: (1) The steam generating plant at Ozark would provide badly needed power for this section of the country. (2) The stream generating plant would utilize coal which is present in western Arkansas in sufficient quantities to operate such a plant. This coal cannot be economically utilized except by some nearby facility. Transportation costs prohibit and prevent this coal being utilized in the far-off industrial areas of the United States. With no steam generating plant our coal mines in Arkansas are now shut down and our miners have no work. (3) The operation of the steam generating plant at Ozark would provide work for our people both in its construction phases and in its operation.
I am attaching a copy of a letter from Mr. Thomas B. Fitzhugh, State Counsel for the Arkansas REA Cooperatives. This letter was dated December 20, 1948, and was received by me shortly before I assumed office as governor. It states clearly the cooperatives' reasons for desiring the construction of the steam generating plant at Ozark. (Exhibit 1).

For the above reasons I made every effort to secure the approval of the loan by Mr. Wickard, the REA Administrator. The power interests, on the other hand, brought every bit of pressure they could muster to bear upon Mr. Wickard to deny the loan. They brought every conceivable pressure on me to cause me to cease my intercession in behalf of the Arkansas REA Cooperatives. I even went so far as to take the matter to President Truman. I am attaching copies of correspondence which I had with Mr. Wickard and with the White House regarding this matter. (Exhibit 2). In spite of all the pressure brought to bear upon him, Mr. Wickard granted the loan on November 25, 1950. I am attaching Mr. Wickard's wire notifying me of his approval of building the 30,000 KW steam plant at Ozark and 544 miles of transmission lines. (Exhibit 3).

After this loan was granted, it was necessary for the Arkansas Public Service Commission to grant a Certificate of Convenience and Necessity before construction of the plant could begin. In Arkansas the Public Service Commission is composed of three members appointed by the governor. All members of the Commission who were to pass upon this Certificate of Convenience and Necessity were my appointees. Naturally, I tried to pick men who shared my philosophy of government and who felt as I did about Arkansas' power potential being developed for the benefit of the people of Arkansas whether or not Rector Street liked it. I felt sure that these men would grant the petition of the rural electric co-ops; however, I had no idea the pressure that would be exerted upon them and the pressure that would be exerted upon me to try to get me to use my influence with them to force a denial of the co-ops' application.

Incidentally, this Commission had never refused to grant permits to the power company to build steam generating plants - - and never had the rural electric co-ops intervened to block their construction.

The tremendous pressure exerted upon these men passed all bounds of propriety. Mr. Moses, [President of Arkansas Power & Light,] [Additional information supplied.] Himself, came to me on several occasions using all of his charm and magnetism to induce me to stop the project. When he, himself, failed, he brought to my office his entire board, composed of men of highly influential standing in the political and civic life of Arkansas. In a session which lasted several hours, this board used every possible argument, and when I turned a deaf ear to their pleas, I knew from that day on I was to have the total opposition of this powerful utility.

On January 13, 1951, my second-term legislature convened. Shortly after the session opened, a final effort was made to induce me to stop the Ozark Steam Generating Plant. I was advised that if I would oppose the Ozark plant I would receive the support of the Arkansas Power & Light Company for a third term; that I would also receive financial backing and that with such support I would be assured of victory. On the other hand, I was told if I supported the Ozark plant, the power interest would use every means at their command to destroy me politically in the State of Arkansas; that opposition to me would be organized in the Legislature where the power company had strong support.

I felt the Ozark Steam Generating Plant was to the interest of the State of Arkansas and I did not intend to recede from my position.

I am giving you this factual account of the tactics of the electric monopoly in Arkansas because I feel you gentlemen need to know how it works. Naturally, I am reluctant to discuss such matters in public. I would not do so were it not for my conviction that only by learning of concrete examples of oppression can the American people be apprised of the fact that in the 30 years since the days of Sam Insull and Howard Hopson, the power monopoly has learned nothing.

In Arkansas, at least, it operates in the old way. If you happen to be in an elective office and dare to recognize that there is a people's side in any conflict with this power monopoly, you are to be crushed if possible.

I did not know what form the power company's opposition to me would take but I did not remain in the dark for long. Within a few days after the conference with his intermediary, on February 6, 1951, Senator Ellis Fagan, probably the most influential single member of the Arkansas Senate and the admitted leader of the utility forces there, delivered a radio address which was a vicious all-out attack on every phase of my administration. Incidentally, Senator Fagan owns Fagan Electric Company of Little Rock, which does all of the Arkansas Power & Light Company's electric work on a negotiated basis and from whom AP&L purchases millions of dollars' worth of electrical supplies without competitive bids. Immediately every type of spite bill imaginable was dropped into the legislative hopper by utility representatives in the Arkansas Legislature. The edict had been issued for my political execution! The worst of these measures was the Highway Audit Bill which became Act 102 of 1951. This bill was introduced February 10, 1951, passed the Senate February 12th and the House a few days thereafter. [Not normal procedure] [Additional information supplied.] This bill was quite unusual in that it named in the bill itself the five members of the Commission who were to undertake an audit of the Highway Department. The chairman was Mr. R. H. Dickenhorst of Morrilton, a member of the Board of Directors of the Arkansas Power & Light Company. Another member was Mr. Vern Tindall, [major stockholder in AP&L] [Additional information supplied.] who at the present time is managing the campaign of Pratt Remmel, the Republican candidate for Governor of Arkansas. Mr. Remmel is a son-in-law of Harvey Couch, Sr., founder of AP&L.
The Highway Audit Commission remained more or less dormant for a period of almost a year but early in 1952 it scheduled a series of public hearings designed to expose alleged waste, graft and corruption in my Highway Department. It was significant that 1952 was election year and it was well known that I would seek a third term as Governor of Arkansas. [Also, Ike Murry, Attorney General, one of my opponents, was attorney for the Highway Audit Commission.] [Additional information supplied.]

The hearings were conducted in a highly sensational and biased manner. Mr. Dickenhorst was their guiding genius and it was obvious in a short time that their one design was to smear me and my administration and to prevent the reelection of a man who dared to fight for the full development of Arkansas' power resources.

After these hearings were ended, the March 1952 Grand Jury of Pulaski County was impaneled and the results of the Highway Audit Commission's findings were submitted to it. This Grand Jury, according to reports in the press, was a "Blue Ribbon" Grand Jury and was carefully chosen from the higher echelons of Little Rock's business community for the purpose of sifting the findings of the Highway Audit Commission and returning indictments against anyone found to have violated the law. After considering all testimony deduced at the hearings and after considerable expense (the sum of $125,000 had been appropriated to carry on this work) the Grand Jury found no violation of the law and so reported to [Gus Fulk] [Additional information supplied.] the trial judge. This report precipitated an unusual outburst from four members of the Grand Jury who resigned in open court stating that they were opposed to the majority of the Grand Jury findings. The connections of two of these four individuals are interesting. One Mr. S. J. Beauchamp was a business partner of Mr. C. Hamilton Moses, President of the Board of Directors of AP&L. Another was Mr. Harold Young, member of the Board of Directors of AP&L. These two were spokesmen for the minority dissenters on the Grand Jury. Of course, the statements of these men received wide play in the press and the Judge [Gus Fulk] [Additional information supplied.] of the Circuit Court was subjected to a great deal of pressure to issue an order that the investigation be reopened and again considered by the Grand Jury at the next term of Circuit Court.

In the summer of 1952 I was candidate for reelection in the Democratic Primary. Needless to say, the Arkansas Power & Light Company exerted every effort to secure my defeat. They used all of the tremendous finances and political power they could muster to secure my defeat, and of course, they used the findings of the Highway Audit Commission, which they dominated.
Some of the examples of the pressure that they brought to bear on people that they could reach are as follows: (1) Employees were instructed to move all-out in the campaign against me. It was well known that if any employee advocated my candidacy, it meant his immediate discharge from AP&L. Employees were instructed to go to the polls on election day with all members of their families and then report to the local office when they had voted and they were warned that the company would know how they voted and that they had better vote right. (2) Individual businessmen doing business with the company were warned that if they supported me, that would mean no business from the AP&L. For example, in one city, the AP&L gave all of its car repair work to one automobile firm. When the owner of this firm supported my candidacy, business was immediately taken away from him and he has had no business from them since that day. If time would permit, I could cite other examples. (3) One lawyer friend of mine was called by Mr. Moses, himself, and told that he had heard this lawyer was supporting me. Mr. Moses told him if he continued to support me, his AP&L retainer would be immediately withdrawn.
Mr. Moses spent days on end on the telephone calling his hundreds of friends and employees in the State of Arkansas telling them that my defeat was imperative, that the interest of their "little company" required it.

Every lawyer in the State of Arkansas retained by them, and they are many, was activated in behalf of my opposition. One of their directors, Mr. Harold Young, who has been mentioned above in connection with the Grand Jury, managed the campaign for one of my principal opponents. The campaign of another opponent was managed by Mr. Arthur Ormond, who is [employed] [Additional information supplied.] in Mr. Dickenhorst's bank in Morrilton. You will recall that Mr. Dickenhorst, member of the Board of Directors of AP&L, was chairman of the Highway Audit Commission. Another opponent, Mr. [Boyd] [Additional information supplied.] Tackett, was a principal witness of the Power Company before the Arkansas Public Service Commission in opposing the steam generating plant at Ozark and was induced to get into the race by Mr. Moses as he has stated since that time on a number of occasions. My four opponents came from different sections of the state, one from the northeast, one from the northwest, one from the southeast and one from the southwest. What did this mean? By calculated design, favorite sons capable of arousing local political enthusiasm were put into the race to split the vote. It is significant that a member of the Board of Directors or someone close to the Power Company was in the headquarters of each of my opponents.

These three candidates were all eliminated in the preferential primary in which I led the ticket. The present incumbent, Francis Cherry, ran second. Immediately after the preferential primary, the three candidates who had enjoyed closed relation with AP&L moved into Mr. Cherry's headquarters and campaigned actively to deliver their supporters to my opponent. As a result I was defeated in the run-off primary in August.

I would like to point out here that I am not resentful toward anybody concerning my defeat. I am not bitter and I bear no malice. I am making this statement for the sole purpose of showing the extent of the political activities of the power monopolies. These activities apparently conform to a pattern in other areas where those interest are involved.

The AP&L was not content with my political defeat but they were apparently determined to eliminate me permanently from the political scene in Arkansas. When the September 1952 [Second] [Additional information supplied.] Grand Jury was convened the findings of the Highway Audit Commission were submitted to this body. This [Second] [Additional information supplied.] Grand Jury decided to hire a special prosecutor to assist the regularly elected prosecutor in again investigating the Highway Audit Commission findings.

At this time, although unknown to the general public a slush fund was raised from private sources and paid in secret to the special prosecuting attorney. The existence of this fund was unknown to the presiding judge. It was also unknown to the regular prosecuting attorney and [allegedly not revealed to all members] [Additional information supplied.] of the Grand Jury. The existence of this fund was not to be discovered until months later. Among the eight contributors to this fund, which totaled the sum of $3,250.00, was our "old friend," Mr. Harold Young, a member of the Board of Directors of AP&L, who contributed the sum of $500. You will remember that he was a member of the original "Blue Ribbon" Grand Jury [who returned in indictments] [Additional information supplied.]. You will also remember that Mr. Harold Young managed the campaign of Ike Murray, [Attorney General] [Additional information supplied.], one of my opponents in the 1952 election [for Governor] [Additional information supplied.]. Another $500 contributor was Mr. Alfred Kahn, Chairman of the Board of Directors of Union National Bank. The president of this bank is [was] [Additional information supplied.] Mr. Harvey Couch, Jr., member of the Board of Directors of AP&L. This payment was to get indictments against members of my administration. It was highly irregular, improper and illegal. All of this was according to the original plan of attack on me and my administration as a result of my decision in the Ozark Steam Generating Plant and my support of the Rural Electric Cooperative program in Arkansas.

The September Grand Jury and their special prosecuting attorney spent several months AGAIN considering the [First] [Additional information supplied.] Highway Audit Commission Findings. In the meantime the word began to circulate about the slush fund to the special prosecuting attorney. Information regarding the slush fund reached the ears of the presiding Judge [Harvey Robinson] [Additional information supplied.] and on February 11, 1953, he discharged this Grand Jury as a result of its refusal to investigate [this improper procedure.] [Additional information supplied.]
Another [a Third] [Additional information supplied.] Grand Jury was impaneled to AGAIN investigate the Highway Audit Commission's findings. Among the members of this Grand Jury was Mr. Bodie, treasurer of the AP&L and two employees of the Union National Bank of which Mr. Harvey Couch, Jr., is president, and which is the bank of the old Harvey Couch interests who founded the AP&L. The president at this time is Harvey Couch, Jr. After considering all of the Highway Audit Commission's testimony, this Grand Jury returned indictments against two Highway Department employees [and Highway Commissioner A. D. Mason] [Additional information supplied.]. One of these indictments was dismissed by the trial judge on the ground that the facts stated therein constituted no offense against the laws of Arkansas. The second employee was not tried on the indictment but the jury returned a verdict of not guilty in four minutes' time. [Henry Smith was the presiding Judge.] [Additional information supplied.]

Thus ended the long and highly publicized and expensive Highway Audit investigation in which the Arkansas Power & Light Company's directors and officers played such a major role. All of this could have been prevented, of course, and this great outlay of taxpayers' money saved had I agreed not to support the Ozark Steam Generating Plant.

The end of the Ozark Steam Generating Plant episode is interesting. My Public Service Commission granted the Certificate of Convenience and Necessity; however, the AP&L and other utilities in the state secured an injunction in the courts of Arkansas and prohibited the building of the plant on the grounds of a legal technicality, a deficiency in the original REA Act passed in 1937. The decision of the lower court was upheld by the Supreme Court of Arkansas early in 1953 after I had left office as governor. It would have been a simple matter to pass corrective legislation in the 1953 Legislature and the construction of the Ozark plant could have proceeded immediately. But passage of this corrective legislation was blocked by AP&L. Therefore, AP&L succeeded in its efforts to keep the farmers of Arkansas from generating their own low cost electric power and deprived the State of Arkansas of 30,000 KW of badly needed electricity.

Another example of the power company's efforts to block the building of power production facilities over which they have no control is the case of the Spartan Aircraft Company.

Arkansas, as I previously stated, has 95% of the bauxite in North America. The bauxite is mined in Arkansas but is shipped out of the state for processing. It was my purpose as governor of Arkansas to induce the aluminum industries to establish integrated operations in Arkansas. In other words, I could never see why the bauxite mined in Arkansas could not be processed into aluminum and fabricated into aluminum products in our state. The processing is where the big payrolls are to be found.

It was for this reason that I took a great deal of interest in helping Spartan Aircraft Company obtain an allocation for aluminum production from the federal government. It was a plan of the Spartan Aircraft Company to establish an integrated operation in Arkansas. The bauxite would be mined and processed into sheet aluminum. They also planned to establish a fabricating plant. On October 8, 1951, I wrote a letter to the president requesting that favorable consideration be given the Spartan Aircraft Company for an allocation of aluminum production (Read letter). This letter sums up my attitude on the expansion of the aluminum industry in Arkansas.

The governmental agency having jurisdiction over aluminum production was the Defense Materials Production Administration - - the chairman was Jess Larson. We were encouraged to believe that the Administrator of DMPA would act favorably on Spartan Aircraft's application. This application was approved by the U. S. Department of Justice Antitrust Division and by the Department of Interior. The Antitrust Division was interested in breaking up the monopolies of the big three in the aluminum field and favored a policy of encouraging independents to enter this field. H. Graham Morison, head of the Antitrust Division, made this statement: "While quick production for the defense effort might justify the allocation to one of the "Big Three," the long range program should make provision for production by other concerns." Morison also stated that he believed negotiations should continue with independent companies in an effort to get them into the production of aluminum.

The approval of the Department of Interior was contained in a letter to Jess Larson from R. D. Searles, Under Secretary, and published in the October 14, 1951, issue of the Arkansas Gazette.
The principal cost of aluminum production is electricity. In order to reduce the cost of operations it was the plan of the Spartan Aircraft Company to produce its own power by means of a steam generating plant. The fuel for the steam generating plant was to come from the gas fields owned by this Spartan Company. It was this feature of the Spartan Company's plan of operation that incurred the opposition of the AP&L. This company has consistently shown that it is interested in no additional power production in Arkansas except that which is produced and transmitted and sold by it.
The power company saw an opportunity to accomplish a twofold purpose. First, prevent the building of the Spartan Aircraft Steam Generating Plant and, second, acquire the power from Bull Shoals. They could accomplish this purpose by blocking the allocation of aluminum production to the Spartan Aircraft Company and acquiring it for Reynolds Metals. Bull Shoals was the only power available in this area for the Reynolds Metals and this power would have to be transmitted and purchased from AP&L inasmuch as the power interests had been able to kill appropriations for government construction of transmission lines.

The power companies moved in with the influence they could bring to bear on Mr. Larson, blocked this application for aluminum production by Spartan Aircraft Company. I have three copies of the Arkansas Gazette that tell this story. The allocation was denied Spartan Aircraft and was made to Reynolds Metals. I have a letter which I wrote to the President of the United States October 16, 1951, immediately following Mr. Larson's decision, which I would like to read: (Read letter).
The AP&L obtained [substantially all] [Additional information supplied.] the entire power production from Bull Shoals which was constructed for preferential customers such as rural electric cooperatives and municipalities. The profit amounts to over a million dollars a year to AP&L. All [Most] [Additional information supplied.] of the financial benefit from this huge dam constructed with the peoples' money is now going to the AP&L, a company that originally opposed the construction of the dame. [It claimed that "it was not needed."] [Additional information supplied.]
Officers of AP&L, Mr. Moses, and Mr. Wilkes of the Southwest Gas & Electric Company, came to Washington and stated before the Congressional Committee that the power from Bull Shoals Dam was not needed.

It is the policy of the AP&L to take over wherever possible, power plants, owned by municipalities. When this allocation for increased aluminum production was granted to Reynolds Metals, an effort was made by a number of cities in Arkansas to get the new plant constructed in their areas. Benton was one of the cities endeavoring to get this new plant. To illustrate how the AP&L operates to take over municipally owned plants, officers of AP&L went to the city council of Benton and told them if the city would sell to AP&L their municipal plant that the AP&L would see that Benton would get the new aluminum industry. I would like to read the following letter to substantial the above statement. (Read letter). When the city refused to sell their municipal plant to AP&L, the Reynolds Metals Plant was built elsewhere.

Another example of these tactics occurred at Forrest City. Forrest City owned its own power plant. AP&L was going to building a new steam generating plant and told the City Council at Forrest City that they would build this plant in Forrest City on condition that they would sell to the AP&L their municipal power system. This transaction took place and the steam generating plant was built in Forrest City.

The power company officials have a lot to say about private enterprise. They spend hundreds of thousands of dollars telling the people that any regulation or restriction upon the private power business is in violation of the principle of free enterprise. Actually, the private power interests are not interested in free enterprise. They are opposed to the accepted system of free enterprise in this country. They believe in monopolies, combines and holding companies, unrestricted and unregulated.

The power company's opposition to the building of the steam generating plant at Ozark, Arkansas, was to prevent competition.

Their opposition to the construction of Bull Shoals Dam in Arkansas was to prevent
competition.

The power company's opposition to the building of the Spartan Aircraft plant in Arkansas was to prevent competition both in the power field and in aluminum production.

The manner in which the Dixon-Yates contract was obtained, without competitive bidding, is further proof that they only pay lip service to the free enterprise principle.

Their intense political opposition to any candidate or public official who opposes them proves that they do not want their power monopoly regulated by the state or federal government.
The power business in Arkansas is a monopoly. Monopoly and colonialism is the same as practiced in Arkansas. We pay one of the highest rates for electricity in the country. The common stockholder, Middle South Utilities, Inc., receives a 13% return on its investment. That is a fairly good return in a business where there is no competition and very little risk. The AP&L's earnings for the past three years are as follows:

1951 $4,059,718.00
1952 $5,087,993.00
1953 $5,684,989.00

They have just recently increased their rates so as to give them an additional return of $3,900,000 per year. This increase in rate, of course, goes to the common stockholder, Middle South Utilities, Inc.

According to TVA rates, the people of Arkansas, in 1950, were overcharged $18,109,915.00, the people of Mississippi, outside the TVA area, were overcharged $17,545,503.00. According to the Ontario rates, in 1950, the people of Arkansas were overcharged $17,070,579.00, and the people of Mississippi, outside the TVA area, were overcharged $17,485,501.00.

I note that an expert, testifying before a Congressional Committee a few days ago, stated that the uranium now available would produce 25 times as much energy as all the coal in the world. No wonder a Wall Street monopoly wants to get control of it.

I would like to point out again that no other state is as endowed as in Arkansas in energy resources. We have coal, oil, gas and unlimited water for hydro power, but the development of these resources, which would advance the standard of living of our people and would contribute to the over-all economic strength of the entire nation has been held back by the private power monopoly - - - - a power monopoly that has exploited our state, our great resources and our people.

This is a fight between the private power monopolies and the people of the United States - - - it is a fight the people cannot afford to lose.

I am glad to see that this Committee of the Congress is not satisfied to sit idly by and see a monopoly seize the power resources of this nation.

If this should happen, the defense of this nation will be critically weakened and the people of this country will be saddled with exorbitant rates throughout the years to come.