Evening star., 1939-12-07
u. 5. Must Stay Out
Of War, Says Weir,
Citing Statistics
'Pump-Priming' Failure,
Report Of Manufacturer
Committee Asserts
By the Associated Press.


NEW YORK. Dec. Ernest T
Weir, chairman of National Steel
Corp, today asserted: America
must choose peace"
He told delegates to the annual
convention of the National Associa-
tion of Manufacturers that private
enterprise knows" only peace gives
genuine prosperity"
What business got out Of the
last war;" said Mr.. Weir, was dis
location Of the entire economic
system, Furnishing taxation and q
crushing burden Of Government
debt.
Business knows that another war
would also bring even worse conse-
quences.
The steel man said American
corporations earned $4,000, 900 900 in
1917 and 1918 as a result of the
World War, but that in "the war
produced depression" corporation
losses were $4,000 100000 The war
also, he said, increased the Federal
debt 81 times in three years, from
81 ,2O0, ,000, 900 in 1916 to $25 500, ,oO0,- :
600 in 1919
Pump Printing" Called Failure.
The associations Government
Finance Committee told the dele
gates that Federal ump-priming"
projects have proved no remedy for
our economic ills"
There Is limit to the portion of
industrial production which can be
taken through taxation for govern
mental purposes without causing q
loss Of jobs in private industry and
general lowering of living stand
ards" the committee said.
In the light of the cold facts, the
only conclusion which can be
reached is that the pump printing
activities of the Government stand
condemned by lack of success. The
past decade is story of retarded
industrial expansion, discouraged
enterprise and widespread unem-
ployment.
Never before in the history of the
Nation have depressed economic
conditions prevailed for so long a
span Of years"
Mortgage on Future.
The committee caluculated that
the Federal Government now spends
more in two years than it did from
its beginning in 1889 to the present
century, total of Ill years.
"The present huge Government
debt" the report said, lis mortgage
on the future of the Nation. It rep
resents claim on future genera
tions in the form of deferred taxes
Sound Government finances
are themselves q most necessary
prerequisite to the ability of this
Nation to meet any emergency"
Walter D. Fuller of Philadelphia,
president of the Curtis Publishing
Co., said in an address prepared for
delivery to the Congress of American
Industry that Government finances
must be adjusted and restrictions
eased before conditions improve.
Formula Offered.
'The final solution to the twin
problem of jobs and taxation" Mr..
Fuller said, 'rests with businessmen,
but artificial obstacles which prevent
that solution must be removed"
Before private industry can pro-
vide the necessary jobs, Mr.. Fuller
argued, there must be LESS, rather
than more restrictions, readjustment
Of taxation. avoidance of further
burdens of public debt, means Of re-
storing customer confidence and q
change from the gold policy, which
already has permitted foreigners to
make amazing profits at our ex-
pense."
John H. Van Deventer. editor Of
Iron Age, said in another address
prepared for the congress that fear
Of growing political power" was pri-
marily responsible for the inability
of electrical and mechanical power"
to develop rapidly enough to provide
n ~