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Show Adams Scores Federal Policy Of Shackling Trade, Industry Banker Declares Pump Priming Futile While Business Is Penalized Special to The Telegram NEW YORK CITY, Dec 3 Defending creation of surpluses by industry and business, Orval W. Adams of Salt Lake City, president presi-dent of tha American Bankers' association, last night charged the! government with "smashing the pump while priming it." Mr. Adams, ' addressing the annual an-nual forum dinner of the New York chapter, American Institute of Banking, aald that "no amount at financial pump-priming ' will bring about recovery as long as the government continues to threaten snd harass business and industry." Objecting to the capital gains lax. high income levies and the undistributed profits tax, Mr. Adams Ad-ams said thesa tend ta restrict the ability of the country to protect he unemployed by making impossible impos-sible the accumulation of surpluses in good times. "Just when did the fundamental law of business and economics so change as to make it undesirable and unnecessary to create surpluses?" sur-pluses?" he asked. Twenty-seven billions of corpo- ICenttnueo' on Pat Two! iColuaaa Nisi ADAMS SCORES TAX SHACKLES (Continued from rM On I j rate surpluses were expended dur-jing dur-jing the depression. A great part. I no doubt, to keep men employed at a time when the men were not : really needed. During the same j I period, the government spent 11 ! i billions for relief. "With the government debt $34,-000.000,000, $34,-000.000,000, an all-time high, and corporate surpluses greatly reduced and a penalty tax provided by law to discourage the creation of fu-1 ture surpluses, what about the next depression ? The very thought) (should make every Informed citizen ; 'sick at heart." j j Mr. Adams charged that expec-i I tant beneficiaries of social secur-! jity have been told the funds they' and their employes contribute are held in trust, when actually the, contributions are treated as ordi-j nary revenue and spent. I He called for the record to be I straightened in regard to aociai ae-J curity taxes. "Can justification be found. he i asked, "for using the contributions! of labor and industry, collected for I the benefit of wage earners, to balance bal-ance the budget by pointing to a 1 law which permits such action? "Does not justification require! also that the intended beneficiaries 1 1 be made to understand that their j, trustee is apending their money M and putting iLs I. O. U. in the box?" j Mr. Adams prescribed as a cure , for the ills he listed a more active 1 participation by bankers in govern- j ment. , "We must give to the cause of I government our time, our effort and j our means," he asserted. , |