Show BANKERS WOULD END DOUBLE TAX SYSTEM Meet Meet- Reiterates Stand for Balancing of National and State Budgets HOUSTON Nov 17 UP iP The American Bankers' Bankers ass association today today today to to- day adopted a resolution urging limited chartering of banks elimination elimination elimination nation of overlapping taxation by state and federal governments and reaffirmed its stand on the dual system of banking branch banking banking banking bank bank- ing and the autonomy of the laws of separate states with respect to banking The resolution presented to the convention by A. A L. L Lathrop of Los Angeles chairman of the resolutions resolutions resolutions I committee was adopted unan unan- II The mild resolution failed to mention mention mention men men- tion specifically any of the impending impending impending impend impend- ing bills bilis in the next congress a subject many observers had expected expect expect- expect I ed to be discussed at the closing general session of the convention A resolution regarding the national national national na na- na- na budget stated simply We reiterate the position of this association associationS that a ret return retura rn to a a. balanced balanced bal hal budget should be the thee prime objective of a sound public fiscal policy This applies to national state and municipal governments On the subject of taxation the resolution said it is of vital tance that taxes shall not be punitive punitive punitive puni puni- tive discriminatory or and urged that they be devised and administered that they may be betaken betaken betaken taken out of the national income with the smallest possible injury to the sources of that income Therefore we reiterate the recommendation recommendation recommendation rec rec- that overlapping and duplicate taxation by local state and federal governments be eliminated eliminated and that the administration of the several taxing laws be so standardized that taxpayers may know their tax liabilities with a reasonable degree of certainty Included in the federal legislation legislation legislation legisla legisla- tion the association had been expected expected expected ex ex- ex- ex to discuss was the Barkley bill pertaining to the duties of corporate corporate cor con trustees under indentures and the matter of bringing the federal federal federal fed fed- eral reserve member banks under the provisions of the social security security security ity laws Meanwhile Dr Karl T. T Compton president Massachusetts Institute Institute In In- of Technology of Cambridge Mass and the Rt Rev James E. E Freeman Epis Episcopal op l bishop of Washington D. D C. C laid their views Continued on oi Page Two Column Five I BANKERS FROWN ON DUAL TAXES Continued from Page One on economic problems before the convention Dr Compton said general unemployment unemployment unemployment is of more concern to the nation than technological unemployment unemployment unemployment ment adding Science has been criticized because because be be- cause caus of certain evils which have attended its applications in human affairs but the record of benefits so soar far ar exceeds the record of damage that hat I would not focus primary attention attention at- at on the latter unemployment Obviously general is a inevitable if the population in increases increases increases in- in creases faster relatively than new jobs multiply But science has a definite definite def- def nite answer give science a better opportunity to create new products which people will be willing to pay and work for or let applied science so cheapen the manufacture of products which many people would like ike to possess but which are now too expensive for large scale pur pur- chases This is a long term program program program pro pro- gram but all past experiences prove that hat this plan Is sure and success success- ful Questions Philosophy Bishop Freeman questioned that the United States has a philosophy of life sufficient to sustain her in ina a world confused and distracted by conflicting theories of government govern govern- ment Nothing could be more tragic than that we of this free land should be intrigued and beguiled by doctrines doctrines doctrines doc doc- trines and systems wholly alien to our ideals the bishop said We are too lenient in dealing with those within our borders who are propagating alien and un- un American doctrines making their traitorous appeal especially to the youth doctrines that unchecked and must ultimately produce a situation wholly destructive destructive tive rive of all that we hold of American principles and American lions |