Newspaper Page Text
VOL. XXXIX. No. 4.
'THE TAX MENAGE
A GROWING CRISIS
By FRANCIS H. SISSON
President American Bankers Association
|AJO danger, economic or social, more
seriously menaces our life, happl
ness and prosperity than the rising tide
of taxes which
•3 threaten to enguli
as. This Is not sim
ply a problem of
the depression, it
has been develop
ingformanyyears,
growing more se
rlous all the time.
•
, depression
The
merely brought it
to a climax. Un
less drastic steps
/ are takeu to re
F. H, SISSON verse this trend
the problem will
not end with the depression, it will
continue to weigh down and retaid
progress for an indefinite period.
In city, county, state and nation the
orgy of spending has run on. It la estl
mated that In the United States the
total cost of all government Is nearly
five times what It was before the
World War. Many localities have been
brought to the verge of bankruptcy by
their expenditures, while many have
saddled their citizens with a debt bur
den that will darken their lives and
hamper their progress for years to
come.
The total cost ot Federal, state and
local government In the United States
ia estimated at forty-six million dollars
a day. Based on national Income In
1830, this represents about one-fifth the
total Income ot our people, or about
fllO tor every Individual In the na
tion. Total taxes In 1931 are
mated to have taken more than 22 per
cent of the national Income. It la occa
•ion for sarioua thought on the part of
everyone when one day’* Income out of
every four or five mutt be contributed
to the maintenance of governmnt ma
chinery.
Raductiona Possible
United States Government expendi
tures were reduced one hundred and
forty million dollars daring the first
quarter of the current fiscal year. The
recent action of bankers in calling a
halt to unnecessary expenditures of
New York City as prerequisite to loans
will reduce the cost ot government in
the country’s metropolis, which is sec
ond in its expenditures to only the
Federal Government. No state in the
Union, in fact, no other government
on this hemisphere, spends half as
much as this one city. These savings
In Federal and municipal costs are only
the beginning of a movement needed
throughout the country. If we are to
be led out of depression Into pros
perity.
Unless the people can be made to
realize that money for governmental
expenditure can come only from their
own pockets as taxpayers, casting de
pressing effects on both Individual ef
fort and general business, there te an
Imminent threat that we may be forced
to meet economic difficulties similar to
those that have so seriously handi
capped other countries. The question
ia not primarily one ot merely paring
government salaries or shaving budg
ets, but rather ot curtailing govern
ment activities for which we cannot
afford to pay.
The idea that money for these mount
ing extravagances can be raised by fol
lowing the slogan “Soak the Rich” is
utterly fallacious, for such a policy
Avill simply exterminate “the rich” and
eliminate sources of rever ue. It is also
important to realize that corporate
business in this country is in no posi
tion to withstand the effects of Indefl
nlte advances in tax rates. Current
earning reports reveal that fact be
yond shadow of doubt. The tax base
must be broadened, and It therefore
seems likely that Congress will be
called upon to reconelder the sales tax,
at least as a temporary measure to help
meet a critical condition in the nation's
finance.
•M4f
You Figure If Out
Colleges should teach their student*
to “think without thinking,” believes
Dr. Edgar Odell Lovett, president of
the Rice Institute at Houston. Texas.
He explains. “By thinking without
thinking 1 mean, that towers of per
ceiving, remembering and reasoning
should be so trained to the will that
those powers come promptly Into play
with the efficiency and precision of a
smooth-running machine.”
His Poetry Popular
A *ixte«n-year-old shoeiuaker-poet
has recovered bis Job at Frosinoue,
Italy, with liberty to write verse on
the inside of women’s footwear. The
hoy bad been discharged when his era
ployers learned that women's shoes
were going to the market with bits of
sentimental poetry Inscribed on the
inner leather. Customers convinced
the employers that the poetry was
making the footgear more popular.
GIBSON RECORD
Published to Furnish the People ot Glascock County a Weekly Newspaper ifnd as a Medium for the Advancement of the Public Good of the County.
GIBSON, GA, WEDNESDAY, DECEMBER 7, 1932.
Little Pen-o-grams
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A mighty proud hunch of bluejackets are those aboard the scout cruiser Detroit, and equally proud Is Capt. Na
than \V. Post, their skipper. Their ship has Just been awarded two of tlie highest trophies in the navy. One la
the battle efficiency pennant, known to navy men as the mast ball. The other Is the gunnery trophy for ships of
her class. In addition to these two honors the Detroit also holds the anti-aircraft trophy presented by the Daughters
of the American Revolution.
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SUBSCRIPTION $1.00 PER YEAR
Deposit ‘Guarantee’
Fails of Purpose
LOS ANGELES.—While the Idea ot
the guarantee ot bank deposits by
some legally enforced plan seems to
appeal to many people who give It
casual thought, the fact Is that it
has not only failed In every Instance
In the eight states where the experi
ment was tried, but actually produced
unsound banking and increased the
number of failures, it was declared by
the recent convention of the American
Baukera Association held here.
“Guaranty ot bank deposits carries
an Idea that naturally appeals to peo
ple in general on casual consideration,''
the declaration said. "However, in
principle it Is unsound and in practice
it is unworkable. It has been tried in
eight States and It has not only failed
in every case, hut it has resulted in
Increasing the number of bank fail
ures. Taxing properly managed banks
to make up losses ot failed banks is
not only unfair and unreasonable, but
it weakens the whole hanking struc
ture. Again, guaranty of deposits
places the Incompetent and reckless
banker on an equal footing with the
able and conservative banker, which
encourages bad banking al the ex
pense of sound hanking, VVe are there
tore opposed to the passage of any
law carrying a guaranty of bank de
posits and believe that It is against the
Interest ot the people of the Gutted
3tatea to develop any such system."
Electricity From Jordan
There Is no river so universally fa
uiillar as the Jordan, It is a petty
river, barely 100 miles In length, but
It has always been of the deepest sig
nificance In the history of both .Tnda
’wn and Christianity. Scientists say
that the course of the River Jordan
has been changed by nature many
times during the ages. Today man Una
•et himself to change the river bed
once again and to harness the wul.ei*
of the Jordan for his utilitarian pur*
pose. The waters of the sacred river
are now used to provide electricity for
th* people of Palestine and Tritnsjor
daida.—Palestine Letter In the Man
Chester Guardian.
Amateur Gold Panning
The geological survey says (hat
there is little opportunity at present
for an inexperienced person to moke it
living by panning gold. Placer oper
ations are now conducted on a laiger
scale and require a considerable
amount of capital. Although It might
be possible for an experienced
pector to discover paying placer
ground, provided he has ample capital
to sustain him for considerable time,
it is extremely unlikely that anyone
without experience could hope for suc
cess. Gold placers of greuter or less
extent have been developed in nearly
all regions In which veins currying
free gold have been rained.
Jewelry in History
Jewelry haa been worn fur at least
100,000 years, according to discoveries
of the archeologists. The paleolithic
man, although he knew nothing of
metals, or even of tilling the soil, actu
ally mined decorative stones and pre
sented them to the female of the spe
cles. The Jewelry of a mere 74,000
years ago included fourteen varieties
of semi-precious and decorative stones,
soma of which have persisted in the
fashions to our own day.
COIT MEMORIAL
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The Colt memorial nt San Fraud*
co. In the memory of Lilly Colt, will
be a thing of beauty and will rise to
an elevation of 200 fuet from the j
creat of historic Telegraph hllL I
There will be a powerful search light
to act a* a beacon to' the seafarer.
FORD CAR DELIVERIES
REPORTED BY MR. HOPSON
Mr. E. D. Hopson, president
of the Warren County Motpr
Co., stated last week that for
the fourth consecutive month
since volume deliveries of the
new Ford V-8 began, Ford led
all competitors in September vu
sales of passenger oars, com
mercial cars and trucks.
In these four months, Ford
passenger car sales were 39.93
per cent greater than those of its
nearest competitor, while Ford
commercial sales were 27.40 per
cent in excess of sales of that
competitor.
Ford’s total of passenger car
sales for the four-month period
was 150,831 units which com
pared with 107,788 for its near
est competitor, while Ford com
mercial car and truck sales to
talled 25,632 units as against
20,120 for that competitor.
For the year to date, despite
the fact that Ford was virtually
out of the market for five of the
nine months, Ford sales of all
units, both passenger and com
menciai totalled 203,5^0, as
against 340,627 for its nearest
competitor
In September, Ford sales of all
units totalled 32,440, or 33.5 per
cent of all makes as compared
with 26,965, or 27.8 per cent, for
its nearest competitor. Total
sales of all makes were 96,943.
Ford passenger car sales in
this month totalled 26,432 units,
or 32.3 per cent for all makes, as
against 21,659 or 26.4 per cent of
all makes, for its nearest com
petitor. Ford commercial car
sales were 2,305 units, or 50 per
cent of all makes, as against
1,861 units, or 40.4 per cent, for
its nearest competitor, while
Ford truck sales were 3,703
units, or 35.5 per cent, as against
3,445 units, or 33.0 per cent for
its nearest competitor.
ARMOUR FERTILIZER WORK#
TO MOVE TO ATLANTA
Atlanta, Ga., November 22
Special—Announcement has been
made here by President John g.
Sanford of Armour Fertilizer
Works, that the general offices
of the Armour Fertilizer Works
will be moved from Chicago to
Atlanta, Georgia, between now
and the 1st of the year.
The Armour Fertilizer Works
is one of the largest fertilizer
manufacturing concerns in the
United States, operating from
New England down the Atlantic
Coast through the Middle West
into Texas.
This Company has twenty-five
manufacturing plants located at
various points in the United
States, Cuba and Porto Rico.
Most of the Armour Fertilizer
Works executives are Southern
men, and they iare very happy
over the Company's decision to
move South. All of them, with
their families, will be brought
to Atlanta, and clerical and
stenographic help will be re
cruited locally as required.
SWIFT AND COMPANY
BUYS 1,000 CHEVROLET'S
Detroit, Mich., Nov. 21.—An
of how great American
business organizations are main
taming their service at a high
standard of efficiency despite
general business conditions is
shown in the purchase by Swift
and Company of more than 1,000
new Chevrolet Six cars and
for the twelve months
period ending October 1st.
These ChevroletS, delivery of
were made throughout the
are being used in every
in the union at the various
Swift branches and subsidiary
companies to expedite delivery
of the company’s numerous food
products.
At present there are approxi-
2,500 Chevrolets in the
equipment of Swift and
Company. ’ This ranks them as
„„„ „ .r ._____. argeS t rat . .
°P® ® r9 ,.°j
Chevrolet fleets lti . the United
States.
_ _
Buy Georgia farm products.