Indianapolis Times, Indianapolis, Marion County, 11 November 1937 — Page 20

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x 4 i i, sind IN ria 5 ps 5 Ten ¥ eh ena om Bt J & ag TEE al = es 2 - Fa an i y TF : » 1 ion 1 : Colonial ext of Morgenthau Speech Pledging Reduction in Government Spending olonia Savings and Lean Association NEW YORK, Nov. 11 (U. in the public debt during the last; to keep a tight rein on the regular)at home; and no agricultural pro-! For example, it would mean consid- | timated that the Federal Govern-|and second, that the collection of ?S' South: Iiinvis: 5. P.).—The text of ibe | four years, the credit of the Fea- | operating expenses of the Federal gram can long endure which makes | eration of such things as weaken- | ment next year will receive more (Turn to Page 21) ST ————— .).—The text of Secretary |eral Government has remained ab- | Government, including the national | excessive demands upon the Federal | ing our national defense, and slow- | than one billion dollars net or in- | ——— Rie __TRY A WANT AD IN THE TIMES of the Treasury Morgenthau'’s |solutely unimpaired, Fai One guts defense Spd jmesest 0” he lie Treasuy. o is pala io Sons. ms up or abandoning flood control, | vestment in Government securities . : ling even the darkest days of the de- | debt, I do not eve ers. e farmer himse oes not|soil erosion prevention, and relief |for the un speech before the Academy of | accion did the Treasury experience | find large savings in this field. | want subsidies, but rather such fair| for the oa the unemployed. | and the Bein ins a @ y Political Science here last [the slightest difficulty in borrowing | Further, our expenditures under the | prices and such balanced production | Such a course, I believe, would not | though this investment will "not night follows: all the funds that were required. | Social Security Act will increase | of crops as will make subsidies un-| have the approval of either the |change the total amont of the pub- ' - . ; Moreover, the rates of interest on | next year. necessary for his decent economic| American people or their elected [lic debt, it will with a balanced : . ". Welcome he | oppor A ou Sg have been Jove. for status. representatives in Congress. budget result in the transfer to rs |gomparable securities, than at any “Balancing the budget i “ of the Academy of Political Science | Sther time in the history of the SAVINGS ARE SEEN I a eh | ac ioreover, it would Clearly be ion donee of Cre hal : n | y > 3 : Th re Ca be pen Bhd lecuntry. foterese of gchar puts of our popu- | unemployed, and disruptive to many | ligations now held by private inves- Special for Saturday Federal budget. | «On the other hand, by focusing tion of the Le e £0 opera sections of private industry, if we tors. NOVEMBER 13 “Nineteen years ago tomorrow, we | CONDITIONS DIFFER attention on the several classes of | (ther sections of Re A IE as of | were to cut Government expendi-| “Even during the decade of the signed the Armistice ending the nditures that have been main- - p C. tures in the coming fiscal year by | Twenties, when the Treasury was re- = World War. That war Was enor- | expe ficits Only with the solid backing of | much more than the amount I have | ceiving large payments of interest mously costly in human values, and| “But the underlying conditions ly responsible for our past defic the public can we hope to achieve | indicated. and principal on war debts, and it was enormously costly in ma- that made deliberate deficit spend- |-—namely public highways, public | economies totaling $700,000,000 in “We are definitely, in a transition from the sale of surplus war mateterial values. In the two years be- ing the wisest kind of policy during | works, unemployment relief, and the four fields that I have cited. period between unbalanced and bal- | rials, the maximum reduction made | sas mms i tween the middle of 1917 and ihe the depression have been altered |agriculture—it is apparent that “There may be some persons who | anced Federal budgets; but I firm- | in any single year in the public debt | SR : | A delicious gold . middle of 1019. the Federal Gov- during the progress of recovery. great savings can be made. would counsel a more drastic re- |ly believe that there is just as much | held by private investors was about layer cake, made ernment sustained a net deficit of | Thus, when we borrowed during the | “Let me give you an idea of the | duction of expenditures or a pro-| danger to our economy as a whole $1,300,000.000. The rate at which it with light brown 22 billion dollars. | depression to finance our deficit | possibilities for savings in these gram of far heavier taxation in or-|in moving too rapidly in this direé- | IS safe to reduce the public debt sugar and flavor. “During the last four years, this | spending, a large part of the funds | fields. der to make certain a more sub-| tion as there would be in not mov- | in private hands depends upon the ed with vanilla. country has been engaged in an- Was obtained through an expansion; -First, take the item of highway | stantial reduction in the public debt | ing at all. rate at which private funds flow Covered with. other war. This time our enemy of bank credit. To this extent, our expenditures. Prior to the depres- [in the next fiscal year. There are “Relatively f lize |iDto investment channels. It is un- boiled icing with was a great economic disaster. iu spending did not absorb capital sion, the Federal grants to the states | serious objections to either of these| i, vormi SW rons "at im. | Safe to go too fast. butter scotch this war, we fought with jobs and funds that might otherwise have for public highway construction | courses. the striking fac a He po dret. | “Although. we are not contemplat- fudge poured ‘ with dollars to save farmers from gone into private industry, nor did generally ran under 100 million dol- “I have al rindi provement this year in the Hucg i p over the top losng their farms; to save home it absorb by taxation funds that |jars annually. This year the total Believe pi Infieated that I| ary position of the Federal Govern- I oy increase in the total tax . owners from losing their homes; to | might otherwise have gone into pri- | Federal outlay for highways, in-| taxation ia e to increase ment as estimated will amount to bur en, he character of our lax give not only bread but work to the |vate consumption. Even to the ex- |clusive of emergency expenditures, boo eS, Ie Squally com- | more than two billion dollars. In Sl ee is being given earnest con- Cc unemployed; to increase the security | tent that our bonds and notes were are estimated at 253 millions; and, | reduce expenditures te 4 Siig not | others words, the net deficit this | sideration. . of jobs, property values, and busi- | purchased by nonbanking investors, | jn addition, the existing highway |and too drastically oa Suldenty year is estimated at less than $700,ness profits; and to bring order out | the effect was largely to put to Work | programs call for new appropria- | vor a vigorous p y y fa-| 000,000 as compared with more than _ ; of chaos in our economic system. | capital funds that would otherwise |tjons totaling more than 400 millioh | gressive rE sin For pro $2,700,000,000 last year. VERYONE IS AFFECTED “This war, like that other war, | have remained idle. dollars for the next two years. I|penditures i “| “This net improvement of more required a many-sided campaign] “Our industrial recovery of the believe it is now time to return to Fro by ie Sova, e than two billion dollars in a single} pn, pegeral tax syst fi ORDER OF YOUR: FREIMOFER: SALESMAN: OR under intelligent and courageous last year, however, has created | the average annual level of high- | sponsibilities. “| year provides the best answer |. ..cone in the io hy ys om affects leadership—a leadership that was | large new demands for private cap- way expenditures that existed prior those who, in most cases ignorant er von n he Sun YS e in the ) TELEPHONE DR exel 5600 magnificently supplied by President |ital. Our commercial banks Lave to the depression, especially because of the true facts, have publicly |, o Ey Dey Bonn on om Roosevelt. | been again utilizing their credit re- | during the last few years many COULD BE CRIPPLING despaired of our ability to balance |... mit that the tax burden snail » sources for the financing of private [other millions of dollars have been the Federal budget. be distributed as fairl a ible: industry. During the present cal- spent for highways out of relief ap- 3 : “True, much of this year's antici- y as possible; SPENDING NECESSARY endar year, the insured commercial | propriations. ‘Obviously, however, one reaches | pated budgetary improvement comes T — banks of the country have substan- | “Second, there is the field of pub- a point in reducing Government | from increased revenue, but we are ’ “Finally. this war. like that oth tially reduced their holdings of Gov- |lic works, other than highways, on | expenditures at which no further | supplementing this by also seeking 0 NE war. re uired p N ar ro & a ol er ernment securities in order to meet | which we are spending $573,000,000 reductions can be made, unless it is | reductions in expenditures. ' a 8, alge De ing pe actual and prospective demands for | this year. This is a greater sum than | decided to cripple many essential | “In addition to these consideragram T iS prog? a Pls po bn | commercial credit. The obligations |the total that was spent for this Governmental activities—in other | tions, I should like to point out that, | §= ’ . Jers ine i ou mn he Fat that they sold, plus an amount Susi prrpose Jucing the satire He your words, unless it is decided to make (as a result of the Social Security = Sale of Men % Hi i ualit SUITS soldiers” bonus. necessitated net to the securities newly market y | per ween 1926 and 1930, inclu- | drastic changes in national policy. | Act and related State Laws, it is es- | & 9 Y 5 outlays during the four years ended the Treasury, yore purchase By a Next Jear, despite she fact outlays during the four years ended | yestors. Any deficit spending under | that there will be available from ap- RE SE, dollars in excess of our receipts Somditipns i go dem ane = 4 ig nnd a Tone Arua - : 4 TO PC OATS y po 5 3 EE | private capital wou ave to be made for this purpose more than H M M. lt | A course, i 5 Sasily possible !9 | financed in large part by capital | $500,000,000, I believe that we can ow oney u tp ies. | Foil relic f ho as Lot ve ate yt | funds that would otherwise be avail- [and should move definitely toward : and there at po ot ny ex- javie for business FER 13 Jower evel or Hale Werle sue CHART 5 ‘ penditure program of such magni- | “The basic need today is to Taster i rd i 1 SHOWS : Overcoats tude this is inevitable. But, con-|the full application of the driving | ird, 1 sincsrely hope that HOW SAVINGS E trasted with the human and mate- | {Orce Oi private capital. We want to | possibl men conditions will make GROW AT = > rial values at stake, such wastes as See capital go into the productive BO 2 co rner Substaiie : Ea may have occurred shrink into in- | channels of private industry. We Nckion n Nid outlays for unem- fe . significance. | want to see private business expand. wah ief and the CCC camps. ; “We deliberately used an unbal- | We believe that much of the re- rine She song a eg anced Federal budget during the |Maining unemployment will disap- WT nore active Drivate bus 0 past four years to meet a great | pear as private capital funds are in- ia A expenditures are al- And » emergency. That policy has suc- creasingly employed in productive Farry Myingbe eed A more than $19.87 ceeded. The emergency that we | enterprises. We believe that one of | $750,000,000 Ow last years. Compound Small Deposit faced in 108 mo Togen ext 108 08 RRL et oon Dividend INSURED Up . - > aware . of | ing these ends at this - | . I Pe Fam that many of | \inue progress toward a balance of || CITES EXPENDITURES Rate! Up to Sports Backs and Regular Back! ’ aware that there still remains a |the Federal budget. $5,000.00 ® Sinal 1 : : imme er - ingle and Double Breasted! considerable volume of unemploy- I turn now to the immediate I turn next to our expenditures ment: that the speculative markets | practical aspects of budget bal- | behalf of agriculture. The 16 Save Any Amount From $1 to $5,000 have recently shown a declining | ancing for the coming fiscal year.) . g ue os evo pv, . > tendency. I am further aware that | What are the controlling figures? | tal of this year’s expenditures, ex- Federal Supervision—Insured SAFETY Every one Of these garments are some persons contend that another| “Our total receipts for this year | clusive of public highways, for the worth a much higher price. Every great spending program is desirable | were estimated in the President's| regular activities of the Department, We operate under Federal Supervision and all accounts one expertly tailored by a famous to ward off the risk of another busi- | budget summation of Oct. 19, at| the soil conservation program, rural are insured up to $5.000 by the Federal Savings and Loan maker, the most popular fabrics and ness depression. | about $6.650,000,000 and our total net | electrification, resettlement, com- Insurance Corporation, Washington, D. C., an instrumen- colors! Sizes for men of all builds! » “I claim no prophetic insight into | expenditures at about $7,345.000,000, | modity loans, and lower interest tality of the Federal Government. the future. But, after giving serious {leaving an estimated net deficit Of [| totes for Fedoral 15nd Bank wer<l] = - . . oo. vereian Sooo NRE SOE $12.95 TOPCOATS, OVERCOATS— and careful consideration to all of 699 millions. rowers, exceeds $900,000,000. Despite Write for folder explaining INSURED Accounts Good selection of these Su Stuer Der o hare | ee magnitude of this sum, you are wanted styles! Special. . $9.94 » reached the firm conviculo a fod |all aware that possible further domestic problems which face us to- | NO REVENUE INCREASE measures involving large additional Men's $2.49 CORDUROY PANTS— day i essentially Se from expenditures are now being dis- Full cut brown cordu- $1 87 $1 10S W years ago. : . i i 1hose Which faced hd OO area or | “To attain an ordinary balancing cussed. Sonly in Laver of 4 16 E roys in sizes 30 to 42... . . their solution, One of these meas. | Of the budget next yeat that is A ry am to maintain the in- = Men's 49% WORK SHIRTS— DEPOSIT ures, but only one, in the present |DRERCE AEE TI RISC, one dependence and the purchasing "Well made of quality wil any juncture is a determined move-| i De ive oF debi re. | power of the farmer. Such a pro- SAVINGS ¢&¢ LOAN ASSOCIATION chambray! Real bargain at 32¢ 5 ANY ment toward a balanced budget. | Direment—.it would be hecessary to | Sram must take into consideration OF INDIANAPOLIS 23 W. OHIO ST : GARMENT oo | accomplish a net improvement of the farmer's opportunities in the $ . Ee

SETUP DEMORALIZED |

“Early in 1933, after three years of progressive deterioration, our whole economic mechanism was demoralized. Under these conditions, there was no agency outside of the Federal Government with the re-

in the business history of this countrv. On the whole, this high level of activity has been of a healthy character—not of the character that usual marks an unhealthy boom and precedes a serious depression. The present situation is not characterized by the existence of huge inventories, high interest rates, overextended credit positions, or great | surpluses of housing and capital | equipment. We have not reached the stage of full employment of our | productive resources. On the con- | trary, from all these standpoints, | conditions are favorable for a continued increase in the level of business activity. “This stands in contrast to the unhealthy excesses of 1929. It stands in even sharper contrast to the

sources and the courage to bring | come. : about a business revival. | “But where can cuts totaling 700 = abc on “Today the situation is greatly | millions be made? After a careful min collar! Ching! . gray > changed. We are now nearing the | study of the whole problem, I have HO ! value a s end of one of the most active years|come to the following conclusions: ! : price & /, : Gt ; e Boys' $1.98 Wool AFERE Men's $2.98 Wool

about seven hundred million dollars in our budgetary position, as last estimated. Te be prudent, we should not count on an increase in revenues next vear from the existing tax structure. Nor should we impose additional taxation. Instead, we should plan to bring next year's expenditures within this year's in-

On the one hand, while everything possible is being and will be done

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Simm 146 East WASHING TON ST. I 1 00

THE STORY OF THE WORLD WAR

On Armistice Day, 1918, the Great World War, which had raged from | the summer of 1914, came to an end. Its effects are still visible in the world

This Advertisement by Following Members of of today, and it will continue to affect the lives of our children's

children. THE MARION COUNTY Our Service Bureau at Washington : has a 24-page, ten-thousand word, enclosed to cover return postage

cague condensed history of the Great War, and handling costs:

BUILDING ¢ LOAN ASSOCIATIONS Slane dl -

Arsenal Bldg. & Loan Assn, Atkins Sav. & Loan Assn. Celtic Federal Sav. & Loan Assn. Colonial Sav. & Loan Assn, First Federal Sav. & Loan Assn. Fletcher Ave. Sev. & Loan Assn.

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CORRECTION

In a circular distributed November 2, we advertised “Fur Coats, Made to Sell for $59 to $69” at $44.

Officers of the associations named below will courteously answer any questions you may have regarding the various investment pavment plans they have developed to aid the small investor.

containing a chronology of events and battles, an outline of the participation of American Divisions, facts and figures on the casualties, costs and other historical data.

the aid of these associations.

This was an error and this statement should not have appeared in our adver- |

i tisement. If you want this condensed history

It was not our intention to misinform A any of our customers in connection with this description. We will be glad to refund the purchase price to those who feel that they may have been misled by this statement.

SEARS. ROEBUCK AND CO

Alabama at Vermont St.

Fel TT rE RITE RA UT YY ese sas han i

Indiana Sav. & Investment Co. Insurance Sav. & Loan Assn, Peoples Mutual Sav. & Loan Assn. Reilroadmen’s Federal Sav. & Loan Assn, Shelby St. Federal Sav. & Loan Assn, Union Federal Sav. & Loan Assn.

The Indianapolis Times' Washington Service Bureau, Dept. B-147, 1013 Thirteenth Street, Washington, D. C. Here's a dime: Send my copy of "History of the World War," to: NAME

ST BND: oii B erase ve shinuns on snis sgh lre Fit sis Js + Set CITY «ov se Su smb n stv He Se memihs st x ne + STATE io ie Sin TR

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