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thereon, at or in the vicinity of Auburn Avenue, Cincinnati, Ohio, as he deems necessary for the establishment of the William Howard Taft National Historic Site. This acquisition may be by donation or purchase with donated or appropriated funds.

Section 2 directs the Secretary to administer, develop, preserve, and maintain the site in accordance with the provisions of the act of August 25, 1916 (16 U.S.C. 1 et seq.), and the act of August 21, 1935 (6 U.S.C. 461 et seq.).

Section 3 authorizes the appropriation of a sum not to exceed $250,000 for land acquisition and development in connection with the site.

William Howard Taft was born September 15, 1857. Educated at Yale and Cincinnati Law School, he practiced law briefly before entering public life. He held a variety of Federal posts from 1890 to 1913, the last which was the Presidency. He was appointed Chief Justice of the U.S. Supreme Court in 1921 and served in that capacity until a few weeks before his death on March 8, 1930. In this respect Taft was uniquely distinguished. He is the only man in history who held both the Presidency and the Chief Justiceship.

The William Howard Taft House in Cincinnati, Ohio, is a registered national historic landmark. It was the birthplace of the future President, and his home for 25 years. The property is owned by the William Howard Taft Memorial Association, of which Mr. Charles P. Taft, son of the late President, is president. In April 1968 the Secretary's Advisory Board on National Parks, Historic Sites, Buildings, and Monuments, recommended that the home be made a national historic site and administered as part of the national park system. The National Park Service has prepared a master plan for a William Howard Taft National Historic Site, encompassing the 0.5-acre Taft House and an adjacent 0.28-acre parcel for visitor parking. The Taft Memorial Association has offered to donate the Taft House and funds sufficient to enable the Government to purchase and demolish the existing building on the adjacent parcel. Restoration of the home and development of the grounds and parking will be the responsibility of the Government, augmented by whatever funds the association can raise and donate for the purpose. Our estimate of the cost of restoration and development is $318,000; estimated operating costs are $62,600 per year after the first 2 years.

Our current estimate of the cost of developing this area exceeds the monetary limitation set forth in section 3 of the bill by $68,000. In order that this legislation might accurately reflect these development costs, and to clearly authorize annual operating appropriations, we recommend that section 3 be amended to read as follows:

"SEC. 3. There are hereby authorized to be appropriated to the Secretary of the Interior such sums as may be necessary to carry out the purposes of this Act, not to exceed $318,000 thereof for restoration and development."

The Bureau of the Budget has advised that there is no objection to the presentation of this report and enactment as recommended herein would be in accord with the President's program.

Sincerely yours,

WALTER J. HICKEL,
Secretary of the Interior.

S. Rept. 91-396

After serving as President, Taft was named Chief Justice of the U.S. Supreme Court by President Harding in 1921, thus becoming the only man in our Nation's history to have held both the Presidency and Chief Justiceship.

The Taft home on Auburn Avenue was acquired by the Taft Memorial Association in 1968. The president of the association is Charles P. Taft, a son of the former President. The property now consists of the house and one-half acre of ground. The house is two stories with basement; the original portion is of brick on stone foundation walls, and the 1851 addition is entirely brick with the basement exposed.

If authorized, the Park Service is to restore the house as it was when William Howard Taft lived there and to interpret his early life and environment.

COST

The Taft Memorial Association, the owner of the house, has agreed to donate it to the Park Service.

In addition they have agreed to purchase or provide the funds for purchase of an adjoining 0.28-acre tract to be used for parking.

The Department estimates the operating costs for the facility will be $62,600 per year after the first 2 years.

AMENDMENTS

Page 1, lines 6 and 7, strike out the words "or appropriated". Strike out all of section 3 and substitute the following:

SEC. 3. There are hereby authorized to be appropriated not to exceed $318,000 to provide for the restoration and development of the William Howard Taft National Historic Site.

It is not intended that this amendment will have any effect on the authority of the Secretary to request appropriations for annual operation and maintenance of the site.

The Committee on Interior and Insular Affairs recommends enactment of S. 560.

DEPARTMENTAL REPORTS

The favorable reports of the Department of the Interior and the Bureau of the Budget are set forth as follows:

U.S. DEPARTMENT OF THE INTERIOR,
OFFICE OF THE SECRETARY,
Washington, D.C., July 18, 1969.

Hon. HENRY M. JACKSEN,

Chairman, Committee on Interior and Insular Affairs,

U.S. Senate, Washington, D.C.

DEAR MR. CHAIRMAN: Your committee has requested the views of this Department on S. 560, a bill to provide for the establishment of the William Howard Taft National Historic Site.

We recommend that the bill be enacted with an amendment. The bill authorizes the Secretary of the Interior to acquire such lands and interests therein, together with buildings and improvements

S. Rept. 91-396

91ST CONGRESS 1st Session

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SENATE

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REPORT No. 91-397

EXTENDING FOR 3 MONTHS THE AUTHORITY TO LIMIT THE RATES OF INTEREST OR DIVIDENDS PAYABLE ON TIME AND SAVINGS

DEPOSITS AND ACCOUNTS

SEPTEMBER 10, 1969.-Ordered to be printed

Mr. PROXMIRE, from the Committee on Banking and Currency, submitted the following

REPORT

[To accompany S.J. Res. 149]

The Committee on Banking and Currency, having considered the same, reports favorably a committee joint resolution to extend for 3 months the authority to limit the rates of interest or dividends payable on time and savings deposits and accounts, and recommends that the joint resolution do pass.

GENERAL STATEMENT

This resolution will extend for an additional 3 months until December 22, 1969, flexible authority to regulate the rate of interest on savings deposits paid by financial institutions. The legislation was first enacted on September 21, 1966 (Public Law 89-597; 80 Stat. 823), to curb excessive competition for deposits between financial institutions. Unrestrained bidding for deposits caused substantial reductions in savings inflows into thrift institutions which are the main suppliers of mortgage credit. Because of the resulting shortage in funds, thrift institutions were forced to cut back their mortgage lending, thus contributing to the rapid decline in the level of housing starts.

All financial agencies of the Government agree that the authority for flexible rate controls on savings deposits should be continued for at least another year. The committee has recommended a 3-month extension in order to have additional time to consider several related issues dealing with the administration of the act and with the implementation of monetary policy. The committee agrees with the need for extending the flexible rate control authority over a longer period and intends to report such an extension later in the year.

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Mr. TALMADGE, from the Committee on Finance,
submitted the following

REPORT

[To accompany S. 1479]

The Committee on Finance, to which was referred the bill (S. 1479) to amend chapter 19 of title 38, United States Code, in order to increase from $10,000 to $15,000 the amount of servicemen's group life insurance for members of the uniformed services, having considered the same, reports favorably thereon without amendment and recommends that the bill do pass.

SUMMARY OF THE BILL

Under present law, active duty servicemen are insured for $10,000 under the servicemen's group life insurance program unless they choose either not to be insured or to be insured for $5,000. Servicemen pay premiums based on comparable civilian mortality rates; the premium for $10,000 in servicemen's group life insurance is currently $2 per month. The Federal Government pays that portion of the cost of the insurance due to the extra hazard of active duty.

S. 1479 would increase the amount of the servicemen's group life insurance from $10,000 to $15,000.

BACKGROUND

Between 1956 and 1965 persons in active military service were not insured under Federal legislation unless they still retained Government life insurance obtained prior to April 25, 1951. With the intensification of hostilities in Vietnam, Congress enacted legislation in September 1965 providing group life insurance to servicemen on active duty. Coverage extends to all personnel on active duty (including reservists), provided they are ordered to active duty for a period of 30 days or more.

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