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Show Nvinior credit 1 1 , " of con- nn ti Hllla lo,,"y- '.., Zl?XAtt- sinners, louviin- , , 11111 ton-?iU) ton-?iU) i n .V ,ut ,HS,.tt6 of -il be in11 hOU"nSS v,o of our ,m h:mVoiW'11' ,imi -Co P;KSi onnutional debt following indi- Tho government began in 17fi7 with tt $75.000 000 debf Taken over 'iti the states, Incurred by tlv evolutionary war. We haveeen few v.,, 7 Smce' ivin& a down V'3 l lnt,lcate the "P d "of ollr. debt: 1870, $3 436,-"' 436,-"' f. $61.00 per capita; 1880 ,091,000,000 or $41.60 per cap! !Vn ?0 .OOO.OOO $16.60; 1910, $1,146,000 000, $11.85; 1920 t-Voo War)' $24,299,000,000 $228.00; 1930, 16,967,000 000, or non nn Pr ctlPita: 1940, $42,967,-' $42,967,-' 5325.23; 1950, $257,357 -000,000, $1696.00; and 1953, $274,-000,000,000 $274,-000,000,000 $1750.00. With each new birth could be issued a debt certificate of $1750 or to each family a debt pprtifi. financial flata Given pi.st ton .v.'iis world o.m-L o.m-L ViUisod u Kivo "way : (,no lumdiv.l fifty billion j i,muI-U-;is and direct '"to Siive ninl strengthen i"',1.1o- mid over-run nut ions. f irivo sot u Christ inn proce-t proce-t iii wo-"'1'1 lisU,1'. by rolmblil-sovoiiil rolmblil-sovoiiil nations, who wore ''' im'iV'I 11 W!ir- l"vnmny ii'ui 'vnvm r''r,,i,v,s "u b,,st ox- s oiuot liini:' novor done be-!V"V be-!V"V 'in "liistorv- Ve are still be-JSJnJinf be-JSJnJinf mU ntioiw to keep ,,',, from 'vmg swallowed up. i'hK tsikos lar.co sums of money. oaivtul survey of our V. S. .,((s lias not boon made since Iri Vaitial and inooinpleto sur-.'.yj sur-.'.yj haw boon made. One of the )V't of those was published in !vt li'W- l,-v 1110 l""tllo,'!,l Kosorve t'om. This survey lists our total S asset ts at $725 billion and have l.,. e uter economists $ 50 0 ne, Thiii is !lbOUt ta, Hv T ;,PMa r 10'000 Per e, m V"8 SU,n' ol' s'"w-oi s'"w-oi asset ts and durable goods A wu"yth,ll'h-in mUUral ueie the pioneering has hnon iheOp;o"lWh0,,e "- -'-howof i t m 1 ti P0wer mlinery tops, all go to prove U. S is ar iron, broke as some people eeo out'lVr "8 If 1 ktep out of war, we shall be able to pay our individual and our ?ed-iral ?ed-iral (..obt and lead the world back to future prosperity. It is true the U. S. has some real problems to solve an1 sme . ;'luls t0 chang before we ca enx and fmd living conditions most pleasant. If we could in crease our savings faster than our debts, the dollar would start to gain in value. The dollar has been ping down fGr more than thirteen thir-teen years. In 1932 the dollar was worth $1.10, in 1939 it was worth full value, but by 1952 it had fallen fal-len to 52c. Many feel the bottom has been reached and next year, 1J54. wall start up "again. If people started to pay cash for consumer goods and a large down payment t50:f of more) Gn durable goods depressions would become only past memories. cate of $7500 to be paid with interest in-terest in the form Df taxes over the years to come. In the early nineteen thirties the government expenses began to exceed income, leaving a deficit to pyramid, which is still continuing to the present time. When Pres. F. D. Roosevelt took of fee in 1932 the federal debt was $19 billion. When Pres. Truman to(1k over in 1945, the debt had reached $201 billion, and when Pres. Eisenhower took over the debt was almost $200 billion The first thirty-one U. S. Presidents Presi-dents in a period of 154 years including in-cluding Pres. Roosevelt spent $248 billion dollars. Pres. Truman in a period Gf six years, spent and gave away for security reasons, $260 billion dollars. We can expect high taxes many years in the future. fu-ture. In George Washingtons time the annual per capita tax was $1.02; in Andrew Jackson's it was $2.42; Abraham Lincoln, $6.05; Wood-row Wood-row Wilson, $28.58; Herbert Hoov er, $23.28; P. D. Ro0sevelt, $101.44 and at present including state taxes, is $475.00. Corporations at present pay 57c out of each dollar earned to the government. Individuals pay about 33c if state and hidden taxes are included. Taxes vary according accord-ing to income and exemptions allowed. al-lowed. The following many of us are still seeking these days, is less ot do, more time to do it in, and more pay f0r getting it done." ' "Work something- that when we have it, we wish we didn't, when we don't have it, we wish we did, and the whole object of it is to be able to afford not to do any Some day." ' Kight now consumer credit has been stretched near to the limit, S350 per family but as only about half of our families use it therefore there-fore it means $700 for the families who use it. In 0rder to shorten the period of inflation the government and each family must use credit sparingly and only when absolutely absolute-ly necessary. The saving and spending habits of the individuals and the government will do most to mark the upward trends for the future, assuming we can keep out of war. Let us next examine how the Federal government spent its 50 to 75 billion in taxes together with some nine billion of borrowed money. Following is a spending budget that fits very close to our fiscal year 1953 closing on June 30th past. Denfense and military services, 51.29r; international relations, 10.-8rr 10.-8rr ; interest on cur national debt, 6.3; veterans, 4.2; improving Rational resources 3.2; social security, welfare and health, 2.7; trans, and communication, 1.6 ; agriculture, 1.5; commerce and labor, 1.1; education and housing, hous-ing, 1.3; running the fed. govt., 1.5; miscellaneous 4.6; for a total of 100 per cent. Space will nGt permit to give details de-tails on taxes collected and spent, each year by the Government. Suffice Suf-fice to say since 1941 the government govern-ment each year, except 1948, has spent several billions of dollars more than it collected as the table idea on our major tax: Thirty per cent of our families pay no income taxes; 7 pay $1 to $99 per year; 9 pay $100 -to $199; 25 pay $200 to $499; 19 pay $500 to $999; 10 pay $1000 and over. Our Money System In order tD exchange concen-iently concen-iently our large annual production and services of more than $200 billion bil-lion the fed. government keeps in circulation $30 billion or more in money. (See Sunday Tribune for exact figure.) This-money is in three forms: hard mQney, paper money, and check-book money. A hundred years ago when some of the banks were on the wild-cat order, we used 23 of the money in circulation the hard type; 35 currency and 42 check-book money. TDday with bank quaran-tees, quaran-tees, we use about 1 hard money, 5 curerncy and 94 check-book money. Our currency has greater power to expand by the aid of the federal reserve system. (Fd. reserve is a bank for the banks.) Our check-book credits expand and contract as( loans are made and paid off. The larger banks generally gener-ally keep about '3 Df their deposits de-posits in the form of cash, another an-other in the form of loansfkl.. other i3 in government bonds nad liquid paper that supposedly could be turned into cash on short n0tice and the ohter 13 in the form of loans that would take three to six months to convert into cash. All banks have to meet state and national reserves and liquid paper requirements. Gold is still ' Considered the one commodity with the least change in value. Many from the older school would like to have the privilege priv-ilege of redeeming their currency on demand in gold. At present the government holds in storage some $23 billion of gold, but not in circulation. cir-culation. We are no longer on the "gold standard." We have dropped drop-ped the word gold, but still maintain main-tain a good market for a managed currency. Twelve and one half billion of gold is stored at Fort Knox, six billion at the mint in Denver, and the other five billion is probably at the mints in San Francisco and Philadelpha. All currency is engraved in Washington, Washing-ton, D. C. The immediate outlook for prosperity pros-perity is good- We have had thir" teen good years beginning with 1940. Few of the sgns which precede pre-cede a depression appear on the surface. Farm prices are off a little, a few mortgages are being forclosed and employment may be starting on a down curve, at least for the winter season. The per capita income in the U. S. for 1953 was $1639. The highest standard in the wDrld. A look at some other countries should make us fully appreciate our heritage. China before the war $25 per year. South Korea $26 a year. Pakistan $56. Indea with 250 million people, $51 per year. Africa, $41. Japan $100 per year. America is truly a great country offering the greatest amount of freed0m of any nation in the world. In America, people still have their individuality and self determination. Brain washng, as in Russia, is unknown here. The more the workers produce individually and collectively, the more there will be to divide up at the end of the year, and teh lower the prices will be. It takes at least $6000 invested in some business to put a man at productive work. On a farm it takes near $25 000. The interest paid f0r savings must remain suf-ficently suf-ficently high to induce some one to save this money. The American free enterprise system does not meet the "socialist dream." What |