Show Asks u. u US U.S. S. S To Redraft Economy Econom y W WASHINGTON March 11 UP Chairman UP-Chairman Chairman Joseph C. C D. D Wyo of the federal monopoly committee suggested suggested suggested sug sug- Tuesday that congress call a conference of business la labor labor labor la- la bor farm and consumer leaders similar leaders similar to the constitutional convention of 1787 to 1787 to draft a national economic constitution k sy 1 f p ii l SENATOR Says Sars people must choose that would abolish the economic econom econom- ic uncertainties which seem to threaten even our political system He also proposed national charters charters charters char char- for national business steps to increase the incomes of the lower brackets material reductions reductions reductions in tax rates on returns from new enterprises and more vigorous enforcement of antitrust laws The only remedy to save a democratic democratic democratic demo demo- cratic economy is to be found in making the economy democratic he said in a final statement to his committee The danger to democracy democracy democracy racy does not proceed from the propaganda of those who believe in the authoritarian state but from our own failure to comprehend the causes of economic instability and to proceed immediately to democratic democratic democratic demo demo- cratic remedies The American people must choose between free enterprise and government planning he saId aid and if it is to be the former rather than an powerful all central government government government gov gov- they must reestablish a afree afree afree free enterprise that is free from both private and public Explaining that was wasIll wasill wasill ill with a cold and unable to appear appear appear ap ap- ap- ap pear before the committee Dewey Anderson executive secretary in introduced introduced introduced in- in the statement into the record The committee adjourned after Thurman Arnold assistant attorney general in charge of antitrust antitrust antitrust anti anti- trust prosecutions pointed out it would be discourteous to discuss the statement in absence ab ab- ab- ab sence Point Four Program To maintain our faith in free enterprise and to reverse the trend toward authoritarian government government government gov gov- O fahoney proposed a point four-point program 1 National charters for national business Huge business Huge collective institutions institutions institutions which carry carryon on our modern business must assume more definite definite definite nite responsibility toward all the people of the nation than they now have 2 Effective and thorough enforcement enforcement enforcement en en- of antitrust laws The laws The great crisis which the world now faces in the conflict of democracy and dictatorship should convince all that the time has come to outlaw outlaw outlaw out out- law all monopolistic practices in ina a way that will be effective 3 Encouragement of new busi busi- ness and small enterprise First enterprise First a program of incentive taxation and second the establishment of a system of f privately insured loans 4 A national conference of leaders leaders To To concentrate public thought and action on objectives on which there is general agreement agreement agreement agree agree- ment instead of as now on objectives objectives objectives tives concerning which there is only misunderstanding suspicion and disagreement Two steps he said should be betaken betaken betaken taken immediately to encourage small business continued business continued vigorous vigor vigor- ous enforcement of antitrust laws and a sound and feasible plan for providing venture capital for new business and new industry revealed that the committee had not made a study of tax policies and problems but recommended that a thoroughgoing thoroughgoing thoroughgoing thorough thorough- going one be made at once by bythe bythe bythe the appropriate congressional com com- Of taxes however he said It seems to me to be obvious that the social desirability of new enterprise and new employment is isso isso isso so great that congress can well consider the advisability of material material material mate mate- rial reductions in the rate of taxation taxation taxation taxa taxa- tion on returns which come from investments in new independent businesses of any kind and that these reductions should be made without regard to surtax ture The best source of federal revenue revenue revenue reve reve- nue is not to be found in heavier taxes on those who have the large or even excessive incomes but on op the contrary in increasing the in incomes incomes incomes in- in comes of those who are in the lower brackets said his statement was not intended to be all Inclusive I have ventured merely to point to the alternative which is now squarely presented to the people of the United States States free free private enterprise or government planning planning plan plan- nin ning he said For two generations the concentration concentration concentration con con- of economic power and wealth has proceeded at such a apace apace apace pace that the welfare of the masses in agriculture and industry has been seriously jeopardized Small business has been swallowed up by big business and big business isnow isnow is isnow now confronted with the danger of being swallowed up by govern govern- ment |