The Waterbury Democrat., 1934-10-29

, lures were less than 25 per cent oi all governmental costs as com.
 pared with 30 per cent in 1929 and about 45 per cent at present Through huge federal spending we
 are rapidly extending government influence and control over all phases of economic, activities. It is
 estimated that various governmen-
 tai divisions employ about one sixth of all workers, including
 those on rdelief projects. and ac- count for one-sixth of the nations payroll. '.
 The bulk of public expenditures
 must eventually be paid from
 taxes. Approximately 50 per cent
 of the aggregate tax revenue in this country is collected from gen. eral and special property taxes. Assessed valuations remain at the
 boom level and tax rates in many cases have ben increased but pro- perty values in all parts of the country have declined to substan- tially lower levels, as much as 50 per cent and more in some sections so that the ratio of taxes of the actual value of the property has been greatly increased. With real estate values sharply down and rentals lower these heavy govern mental chharges not only discour- age the purchase of old property but also serve as a definite check to new building. The amount of taxes collected from motor vehicle owners in 1888 was over $1.137.- 900, ,000, or nearly six times as much as in 1919. Taxes paid by the Class I railroads of the country last year were nearly 30 per cent of net operating revenue, In every industry md field of activity there has been a tremendous increase in the tax burden. the cumulative ef- feet of which now weighs heavily upon private enterprise. z"
 "Burdensome taxes and huge public debts are of concern to everyone, from the day laborer to the capitalist. Taxes of all kinds are passed on to the consumer through the food, he eats, the clothes he wears, as well as through all other necessities and especially luxuries. As the largest contribution to tax revenue is from property, the home owner carries a large part of the burden and if a tenant he pays taxes indirectly through rent. No one escapes. Our tax burden in relation to income in 1888 was only slightly less than that of Great Britain, France and Germany, according to estimates made by reliable authorities.
 There has been considerable discussion as to how large a debt the nation can support. In the fin- al analysis this is determined large ly by national income, present and prospective, as this is the source from which the bulk of tax rev. enue must come. Compared with other countries of the world it is true we arc better situated. We have abundant resources. most ef- -ficient communication and trans portation facilities, highly skilled labor. huge credit reserves. and a domestic market capable Of absorb ing all but a small part of our pro- duction. After five years of depres- sion there Is great potential de- mand for all classes of goods that go to make up the American standards of living. The material makings of prosperity are here. but lic ASCcSSaIy spark Ol CoAAucASC is lacking. No sustained business improvement can be expected until confidence in monetary policies is restored by definite program working toward a balanced budget and stable currency. Our history affords ample proof of this. It was the agitation for the non-resump- tion of gold payments in the 70's and the demand for the remonitiz- alton of silver in the sos that was chiefly responsible for the business stagnation and the general feeling Of uncertainty that characterized those periods. When these issues were definitely settled in favor of sound money. confidence was. re- stored almost overnight, business revival soon began and ushered in a prolonged period of good times. Now as then the forces of recovery can be set in motion under the leadership of private enterprise providing there are prospects for reasonable profits and basis for confidence in the future"