Evening star., 1938-06-21

WA VSo 4iOAi cAAC AaAAdA
An act authorizing the construction
Of Bonneville Dam.
Water Pollution Act to study, re-
lieve and prevent pollution Of inland
waterways Of the United States.
An act to control the traffic in fire.
arms for the suppression and control
of crime.
Marijuana Bill Forward Step.
An act providing a five-year pro-
gram for fish culture. to restore and
conserve our great fishery resources.
The people of the country have
been alarmed at the spread of the use
Of drug known as marijuana. Even
children have been taught the use Of
it. 1t Is terrible drug and its ef-
feet upon people has been appalling.
This Congress passed a bill to sup
press the use of this drug.
An act was passed placing States
that were late in enacting unemploy-
ment compensation laws on a parity
with other States in so far as credits
against Federal security tax work
were concerned.
An act was passed completely re-
vising and undermining the Bank
ruptcy Act.
One Of the most far-reaching acts
that has been passed by any Congress
in generation is the Flood Control
Act of 1898, establishing a five-year
program to prevent erosion and, by
the building of dams in the tributaries
of our main streams. prevent flood
damage below them. 1t also provides
for the generation of power where 1t
Is feasible and economical to pro-
duce it.
A measure was passed preventing
tax evasion and avoidance by use Of
"unincorported pocketbooks"
In addition to this array Of accom-
plishments of this one session Of
Congress. we passed the Revenue Act
of 1898. That tax legislation either
eliminated or greatly modified the
provision of the tax laws about which
business had complained. The undis-
tributed profits tax law is 50 revised
that it frees at least 88 per cent Of
the corporations of the country from
the payment of any undistributed
profits tax at all and materially
reduces the tax paid on the other IL
per cent of corporations. The capital
gains tax, on capital assets held more
than 18 months, has been cut radi-
cally. These changes were advocated
by business and We have been assured
that such changes would encourage
private capital to resume spending
We trust and believe that they meant
what they said and that they can and
will 60 forward.
Confidence Being Created.
This law, in the opinion of the best
thinkers m Congress and among our
more ,forward-looking businessmen,
will create confidence and encourage
legitimate business to go forward hand
in hand with the Government in our
efforts at recovery.
Another piece of legislation, major
in Importance, is the enactment of
what Is commonly known as the wages
and hours bill, for the prevention of
the exploitation of child labor, sweat
shops and wages so low that a decent
standard of living cannot be main
tanned under them.
In the interest of business, the
Congress made available through the
Reconstruction Finance Corp. for
loans to business an additional
81 SOC, ,00o, 900.
Complaint has been registered
throughout the country for many years
with reference to monopoly and
monopolistic trends in some types OF
business. When monopoly legisla-
ton was first suggested. many thought
that the President would recommend
immediate action and Congress would
rush to the passage of far-reaching
and drastic laws against trusts and
monopolies without adequate investi-
CATION and knowledge. To show that
the President and the Congress want
to be absolutely fair and act after
knowledge of the true facts is de-
veloped, a resolution was passed call
ing for the appointment of three SEN
ators and three members of the House
to act with the executive DEPART
ments of the Government to make a
complete and exhaustive survey of
the whole situation before any at
tempt is made to pass laws. It will
be remembered that the Sherman
antitrust law was passed in 1890 and
the only far-reaching revision Of it
was made under the Clayton Act in
1914. In order that revision may be
made, If any is found necessary, this
committee is going out to develop the
facts and report those facts to Con-
gress for whatever action the Con-
gress desires to take. I think no one
in business or out can complain of
an investigation such as this or say
that Congress Is rushing in to try to
pass legislation upon this subject
without sufficient investigation and
knowledge.
Now, want to talk to you for q
few minutes just as man to man. You
hear complaint going up from many
quarters about the spending of Fed
eral money. Neither the President
nor any member Of Congress-either
House or Senate-desires to spend
one unnecessary penny of the peoples
money. When the buying power of
the people can be re-established;
when business can absorb unemploy-
ment, the Government is anxious that
Federal spending cease, but until that
time comes. we cannot let people
starve. We can but spend money on
necessary projects that will provide
work for people who want to work.
Wanted Buying Power Sustained.
Last fall when it was suggested that
We could probably stop spending, the
more thoughtful businessmen Of our
country ware alarmed. They knew