Show released by western newspaper volon I 1 FINANCIAL SPREE AND A HANGOVER PAUL T BABSON THE interpreter and prophet of business and governmental trends tells us we will have a system of social zed capitalism in which business labor and government will partial particia part icil pate the government is in business today an economic revolution is going on within our own borders and it is a real revolution even though a bloodless one if babson is right and he probably is it means we are seeing the end of the american system of free competition and are entering upon an era of state capitalism the change comes if it does largely as a result of our dative spree of the late twenties when most of us expected to g get et rich over night because of our marginal speculative stocks and the op on port unity off offered ered either unwise or unscrupulous stock manipulators to to pyramid financial structures res with nothing but a publics gambling craze to support them rather simple legislation might have prevented it or at least stopped it before it reached an alarming stage for one thing a raise in federal reserve rediscount rates to a point where the public could not borrow money with which to gamble would have stopped a large part of it all or legislation such as our present security law would have prevented the foisting of worthless stocks on the public but until we had burned our fingers until our visions of wealth were dissipated any such legislation would have been decidedly unpopular we paid for that financial finan cial spree of the twenties with a long and severe depression now according to babson we are again to pay for it with a loss of the system which has made us great and prosperous we are to exchange it for a system which has wrecked european nations it is a heavy price to pay CANNED BAKED BEANS THEY TELL ME at the grocery that there will be no more canned baked beans for the duration because of a shortage of tin for cans in the happy vacation days following the trails of the canadian northland we had baked beans but they did not come in a can the baking was done by joe friday a competent ojibwa indian joe was a master at baking beans with a gallon bucket on which was abight a tight fitting lid he would put in an inch of boiled beans cover them with a layer of salt pork then more beans and more pork until the bucket was filled A hole in the ground was his oven he lined it with rocks and then filled it with pin pine e needles for a roaring fire until the rock and earth were well heated when the fire had burned down to but a bed of coals joe would put that gallon of pork and beans into the hole shovel over it the hot sand from the side of the fire and the next morning we had pork and beans that were superior to any canned variety the war may stop the canning of beans but it will not stop the operation of joe fridays method and I 1 am glad I 1 remember how it was done government COST IN WAR EFFORT IF YOU LAVE ILAVE I a bank account or carry an insurance policy you are helping indirectly to finance the war federal reserve member banks purchased a total of of government paper within y the past year and now are carrying a total of in loans to the government that of course is done with the money of the banks depositors and is the safest investment the banks can make it would better serve national stability if the bonds were purchased by individuals and for the individual as for the banks government bonds are the safest safest investment that can be made here are a few astronomical figures on the financing of the government and the war for the fiscal year of 1943 it is expected that government expenditures will be something over 70 billion dollars of that amount it is believed the public will buy bonds to the extent of from 12 to 15 billions insurance compan companies ies will absorb about two billions other institutions some three billions the remainder must be met out ol of ta taxes aes or provided by the banks as additional loans to the government or saved by congress in cuts for non war expenditures every dollar saved would help the american peon people to carry the war load |