| Show Orval Adams Adams' Hits Pump Priming As Small Income Class Burden DEL MONTE Cal May 27 AP Orval AP-Orval Orval Adams president of the American Bankers' Bankers association said today that if pump priming was to be renewed and government spending continued th the thA load mad would fall heavily on people with small incomes Strange as it may see seem it itIs Is is those with small incomes who carry a a. major part of the tax load Adams told the California Bankers' Bankers association convention They may not realize it but it is so The explanation lies in the fact that more than half the tax money collected by the federal government governments Is s derived from Invisible taxes and If f additional money is to be raised through an increase of direct taxes In more than a a fair degree it will have to come from the man with a small income Adams who is executive vice president of the Utah State National National National Na Na- bank at Salt Lake City said he deplored the failure of pump priming to produce recovery As we enter upon the second half of the current year of depression depression depres depres- sion he remarked all of our people people peo peo- pIe may wll be sincerely honestly honestly hon hon- estly concerned with the financial condition of the country For eight years our government has bag been living beyond its For five years l i h has been peen doing so o oin in the name of priming the pump of business back to a condition of prosperity Defends Business At the same time Ume it has been carrying on an attack on business the source of income on an ever- ever widening front acting as if the real purpose were not to prime but to smash the business pump The result is that after five toilsome toilsome toilsome toil toil- some years we are back where we were in 1933 We are back where we were in 1933 except that we have added this additional al debt load to the load already upon our shoulders shoulders shoulders ders and upon the shoulders of generations generations gen gen- to come that we have wasted the surpluses accumulated by industry which might have been and ought to be available for the expansion of industry and that we have impaired the morale of our people deadened their sense of independence in independence independence in- in dependence and lost to a considerable considerable consider consider- I able degree those thoe habits of self reliance re reliance re- re liance and individual initiative I which made this a great nation Asks Question Let me ask you this When five years and sixteen billion dollars 01 of accumulated deficits have gone to try tryout out the experiment of pump priming has not that experiment been given a fair test and and is it not nol time that we were told frankly that it has not succeeded Are we to go on ignoring facts and spending the peoples people's money until the last penny is 19 gone the last las litem item of value in the savings of our people is lost until it takes a weeks week's wages to buy a loaf of bread bread or should not a stop be put to this experiment experiment ex ex- at once Dont we all know that no amount of priming ever started a broken pump Is it not time that a definite objective be decided upon an and either that we resolve to destroy destroy destroy de de- de- de stroy our economic system as it has existed or resolve to rebuild It and permit it to function as it did in Jn the past ast Private industry is the pump to which all this priming has been applied applied applied ap ap- ap- ap plied and it is the pump the administration administration ad- ad ministration has been smashing for five years |
