This Day In 1970's History: Thursday January 2, 1975
- Administration officials said that just about all of President Ford's principal economic advisers, including Secretary of the Treasury William Simon, who had supported restrictive fiscal policies, have reached virtual unanimity on the need for a tax cut as an antirecession measure. The President appears to be moving toward such a decision, they said. [New York Times]
- Gold prices plunged because of lack of interest by American investors and speculators. The afternoon price in London was $175 an ounce, off $11.50 from Tuesday, and prices also declined sharply in American markets and bullion sales by brokerage houses and banks were few and far between. On the nation's commodity exchanges, prices for futures contracts dropped by $7 to $9 an ounce. [New York Times]
- John Hoffar, the foreman of the jury in the Watergate cover-up case that decided the fate of former associates of former President Richard Nixon, shyly answered questions in an interview in his Washington home. The jury was congenial, he said, there were no dominating personalities, no significant disagreements. "We tried not to let our personal feelings get in the way and to decide it on the facts," he said. [New York Times]
- Former President Richard Nixon was described by an associate as "deeply anguished" by the plight of four of his former White House and political aides who were convicted in the Watergate cover-up trial. The associate, who did not want to be identified by name, said that Mr. Nixon had been advised by a lawyer against making any specific comment, because the four defendants "have stated their intention to file appeals." [New York Times]
- A long-awaited Vatican statement on ways to improve Roman Catholic-Jewish relations was made public. The guidelines, as they are called, were prepared by the church's Commission on Relations with Judaism to carry out the "Declaration on the Jews" issued in 1965 by the Second Vatican Council. [New York Times]
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