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Show JUNE 21, 1952 7 TIIE JOURNAL ed establishment of the P. S. S. in approval of the Bennett bill, (2) 1910 have changed so that the sys- P, S. S. depositors will be notified What They're Doing in Washington tems objectives are now adequate- to withdraw their deposits within JUNE WASHINGTON, bill to abolish the ly met by commercial savings institutions in all communities throughout the United States. 10 A Pos- tal Savings System was introduced in the Senate Tuesday by Sen. Wallace F. Bennett (R., Utah). The Utahn said that the great demand and need for economy in government cant be accomplished by percentage reductions alone, and added that he believed a large share of the Post Office Departments $K, 500, OOO expenditures could be saved by the move. It is necessary that all non-essent- ial government programs be eliminated, Senator Bennett said. Under present conditions the Postal Savings System is a program. Sen. Bennett, a member of the Senate Post Office and Civil Service Committee, said that the Comp-- ti oiler General recently reported that Congress should give consideration to the question as to whether under present conditions there is need for a Postal Savings System. The Senator pointed out, too, that conditions which prompt non-essenti- al In 1910 the prevailing interest rate paid by private and commercial savings institutions was substantially higher than the legal rate of 2 e per annum established for the Postal Savings System, Sen. Bennett recalled. By 1952, however, these rates are about the same and it is clear that P. S. S. depositors could readily find reliable institutions which would pay return comparable to that which a they now receive from Postal Sav- ings. He said that the natural hesitancy of some people to invest in savings institutions had been largely overcome in recent years by establishment of the Federal Deposit Insurance Corp. and the Federal Savings and Loan Insurance Corp. which guarantee savings up to three years from the closing date, (.i) accounts of depositors may be forwarded to one or more central locations to which postmasters would forward for payment all withdrawal demands of depositors and (4) after five years from closing date, the powers and functions of the Board of Trustees would be transferred to the Secretary of the Treasury to liquidate the system officially, This process will provide an oiderly method of liquidating the system, Sen. Bennett concluded, and would give depositors a reasonable time to reinvest their assets while providing a time cushion so that government securities and obligations owned by the P. S. S. would not be placed upon the market in one block. 9 Making gay, colorful flowers and nylon clock-ing- s corsages from is latest hobby sweeping nation. re-dy- ed Cost of making the g flowers ta long-lastin- trifling.y Graduates First use color re- mover on nylon. Then tintex hose in floral color desired. Next, make petals by LAYTON Hubert H. Layton, son The bill would halt the P S S in of Mr. and Mrs. Basil O. Layton four steps designed to protect the recently graduated from the Unidepositor and the government from of Utah with a bachelor loss: (1) The Board of Trustees versity of the P. S. S. will establish a of science degree in business man:losing date withi none year after agement. At the time of his graduation, he also received a com-misiin the U. S. Air Force From Gl To Successful Trucker Reserve Organization. Mr. and Mrs. Basil 0. Layton attended the gradAllui ffft ' ''' 3': " '?. t V '' ss '''? j, $ jV vf, , ; uation exercises. '1 VW stretching square of nylon over a strand Five or of copper screen-wirmore petals are assembled to CV ', V- - ' yrt . , r- . ", wire and stem covered with green floral tape. When John Ballantyne, of Pueblo, Colorado, returned to civilian status in 1945, he held the Air Medal. Bronze Oak Leaf Cluster, Purple Heart, the Bronze Arrowhead and a firm desire to get into the trucking business for himself. To this end, he saved every dime from his army pay spare check and when his discharge came the savings enabled him to tractor. purchase a second-han- d Within three years he Jiad added two more tractors and then sold one of the tractors to purchase a used Fruehauf livestock trailer to enter into the business of hauling cattle. This made him a truck operator and he named his organization the Bal- - LAYTON Layton Third Ward annual outing will be held Wednesday June 25th at the Layton Public School grounds begining at 6 p.m. V'--, V, " " f, r vXl.W.V.WXW-.k''- , . . . Xy.V.wSX-.-- . . VW.-. lantyne Trucking Company. Now, seven years after his start, with plenty of downs along with the ups during this period, his fleet consists of six Fruehauf livestock trailers, a pick-u- p truck and, last but not least, using his experience in the Air Force, he has added a plane which materially aids in keeping in touch with shippers at scattered points in Colorado and neighboring states. GRADUATION DAY FjOR The outing for all ward members will feature games, a pro-gi- m and lunch. Ed Stromberg and Jeanell Evans are Royal Robins in charge of games, program under the direcLunch tion of Wayne Winegar. is in charge of Mrs. Mattie Firth; advertising by Haven J. Barlow. Property chairman is Wilford Whitesides. DIONNE QUINTUPLETS COMPARISON OF TAXES AND PROPERTY VALUE The total assessed valuation of Utah In 1951 reported by the State Tax Commission was $903 million. Utahs share of Federal, state, and local taxes for the four years 1948, 1949, 1950, and 1951 amounted to $1,043 million, or $140 million more than the States assessed valuation for 1951. Total taxes in 1951 of the assessed valuaequaled tion for the entire State. Utah laws provide that property in Utah should be assessed at 40 of its reasonable fair cash value. However, a survey made in 1951 indicated that property is actually assessed more nearly at 20 of current market value. If it is assumed that assessed values equal approximately 20 of the actual value of property, the entire accumulated taxable wealth of Utah would pay the taxes imposed by Federal, state, and local governments in Utah for about 15 years at 1951 rates. one-thir- d SHIFT IN TAXES formerly performed mainly or entirely by local governments, such as welfare activities and road building and maintenance. A concurrent significant trend has been the increase in Federal grants-in-ai- d to state and local governments and state grants to local governments. During fiscal 1951, the state of Utah received Federal grants-in-ai- d totaling $13.9 million, an increase of 177 over fiscal 1940 and 9,600 (97 times) over fiscal 1930. In 1951, Federal grants represented 17.8 of the total Utah state revenue. These data include only Federal grants channeled through the state treasurer reported by the State Finance Commission, and exclude all Federal payemnts for projects carried out directly by the Feaeral Government in Utah. The increased centralization of governmental functions and the rapid rise in Federal and state subventions are two reasons for the relatively smaller increases in local and state taxes compared with the much greater increase in Federal taxes. Of course, the major factor for the relatively greater increasei in Federal taxes is the tremendous expansion of Federal expenditures in recent years for war, defense, and foreign aid, as well as increases in domestic outlays. Federal taxes in 1929 accounted for about 27 of the total tax burden in Utah. In 1940, Federal taxes represented 32 of the total tax burden. By 1951, Federal taxes had risen to 68 of all taxes paid by Utahns. . At first glance, it would appear that responsibility for the increasing proportion of wealth and income required for taxes lies with the Federal Covemment. However this underemphasizes the fact that in recent years, there has been a decided tendency to shift the responsibility for financing certain functions to the higher leveh of government' The state and Federal governments have assumed a major role in many functions non-defen- OF RATES OF CHANGE COMPARISON INCOME index WEARING WHITE CAPS AND GOWNS, n THE TAX BURDEN IN RELATION TO UTAHS ECONOMY V Ward Outing To Be June 25 se IN ECONOMIC PRODUCTION. PAYMENTS. AND TOTAL TAXES stole of Ufoh 1929-195- index 1 the Dionne quintuplets pose with their parents, Mr. and Mrs. OUva girls-M- arle, Cecile, Annette, fcnilie, and Dionne, in their home In Callander, Ont Tha the reach Yvonne had just graduated from Villa Notre Dame, a private convent school. When theyact of 21, under the marriage Ontario, girls will come into a fortune of more than one million dollars. However, Features Inc.) Syndicate, 1952, consent King (Copyright, they can now marry without parental j form flower. With waxed crotchet cotton for center, petals are tied at base with t . I e. on Seven Years ! old 1929 v 801 833 833 Prepared ty VIM WUNMnOM B37 809 841 B43 845 847 849 85 |