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Show ADAMS URGES SPENDING CUT Broader U. S. Tax Base Is Also Proposed Special to Tha Telegram SAN FRANCISCO, Feb. lS-Or-vsl Adams, Salt Lake City banker, Thursday urged adoption of a federal fed-eral finance policy of curtailed expenditures ex-penditures and broadened tax base. Mr. Adams, who Is vie president presi-dent and manager of the Utah State National bank and former president presi-dent of the American Bankers' association, as-sociation, spoke before th morning morn-ing session of ths American National Na-tional Livestock association. Suiting his theme to the cattlemen' cattle-men' terminology, he pok on "Overgraxing In th Federal Treasury," Treas-ury," in which he called for a re- IContlmwrt on fats Tbresi I Column rivt) ADAMS URGES SPENDING CUT toeatame fraa Past on) duetloa of spending and creation of n tax conscious public through Increased tan rates among the lower-Income brackets. Ha declared tha choke ta ba limited lim-ited to: "Changs tha 'trend af deficit spending through n reduction In government expenditures and a broadening of tha tan baas', or continue con-tinue down the trail te tha last round-up." Tha relief problem, ha aald, must ba handled through local, nonpartisan nonpar-tisan administrators. "Let no man ba naive enough to believe that a change of party control con-trol win solve tha relief problem,'! ha told tha cattlemen, "for the technique of organising tha relief vote haa been ao perfected and Its vote-getting efficiency ao astsb-Ushed astsb-Ushed that tha politicians of ons party will continue to do what the politicians of another party have already aa successfully done, Attacking the taxation theory of "soak the rich ba cited atattatica to ahow that el individuals "with 61 votes, hsd -total Incomes In 1M of I107.S41.000 and paid Income In-come taxes to the federal government govern-ment of ITT.IM.OOO, or Tl per cent of their Income, leaving them aOO.OOO of their Income. "In tha seme year 1.23T.T3T individuals in-dividuals with 1.237,717 votes, and each with an Income of toOOO or less, had total incomes of SA.SOa,-7v,000. SA.SOa,-7v,000. and paid In taxes eaa.282,000, sr 1J per cent of their total Income. In-come. These people paid tll.OOo.OOO lass than tha el people above named and tha government left them with S.M,467,0O0 of their total Income. "If tha federal government la to spend more money, who Is going to pay It tha very rich who have already been looted of their entire income, or tha poor man paying a little more than 1 per centT" Dangeraua Paint Ha said ths excessive reserves In banks, "Increasing almost every week because of deficit financing by sale of government bonds to banks," ara reaching a dangerous point. Te the suggestion for further monetary mone-tary control, he replied: "Let me ask you: la It possible to manage wild money?" He therefore urged that congress refuse the request for further monetary mone-tary control and another that the debt limit be increased beyond the preaont 48.000,000,000. This latter suggestion hs characterized aa "an affront to tha American people." "Healthy and enduring recovery la impossible of accomplishment without the restoration of business confidence," he aald, "That confidence, confi-dence, now crushed, will return only when control of federal apendlng la recaptured. To affect Its recapture, two courageous, atateamanltke, intelligent intelli-gent and patriotic actions ara vitally vital-ly necessary. First, a aisable reduction re-duction In federal expenses; second, sec-ond, an Imposition of taxes over a broad bass. Ons of these recommendations recom-mendations carried out will not by any means suffice. Both must become be-come realities." |
