The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1940-04-11
PAGE SEVEN

menting on the tax he said, II don't
compare my net salary with my
gross. compare it with the $500
a week I made when I started out
as a salesman in a store in Painted
Post. NY"
That is the right spirit. 1t makes
me fidgety to hear well-to-do
people complain over their income
tax. They should be thankful that
they are making enough money to
place them in the income tax brac-
kets. There is no tax so fair as the
one on incomes because the
amount assessed is based on earn
ings and ability to pay. I would be
in favor Of substituting the income
tax for all other forms Of taxation,
save the inheritance tax, which has
for its purpose the breaking up of
overly big estates. Incidentally,
this example shows ours Is a land
81 opportunity. Where else could a
$500 a week clerk rise to become
the Az thousand dollar head OF
large concern?
Idle Money Hits New High !.
The Federal Reserve Board re-
ports that in the week ending
April 3rd there was 5 billion 800
million dollars of idle money in
our national banks, which estab-
fishes a new high record. 7 do not
have available figures showing idle
money in state banks but it is safe
to assume that the sum amounts to
several billion dollars. Idle money
means idle factories, unemployment
and low prices. No one benefits
from such situation. certainly
not the banks. Economists ascribe
the excessively large volume of idle
money to uncertainty as to what
lies ahead of us. In other words,
capital lacks confidence That be-
ing the case the logical thing for us
to do would be to give businesses
of all kinds the green light. This
can only be done through a reduc-
ton in taxes and taxes cannot be
lowered unless we reduce public
spending.
We all realize that these are uu-
usual times that require unusually
large appropriations, but such APP
preparations should be kept down
to actual needs. This is no time for
experimentation economic or social
they must be subordinated to re-
covery if we are to get out Of this
depression.
Farm Leaders Oppose Bill
The Farm Bureau, The Grange,
The National Council of Farmers
Cooperatives, and the American
Livestock Association leaders have
appeared in opposition to the Jones
farm credit bill. saying that it
would eventually lead to Federal
monopoly" of all farm credit facil-
tiles. First the government would
get control of all farm leans, then
business loans, finally loans to
everybody" That would give Wash
ington complete control of the
country financially, politically and
socially. In short, the operation of
such a aw would bring about Soc
ialism and then maybe something
worse.
Crackpots. with their visionary
and impractical schemes, flourish
in times of depression. In such per-
iods everyone is looking for a way
out. Then the dreamer has his inu-
ings. In normal times he would be
laughted out of court with his
crazy ideas but when ailing we are
ready to listen to anyone who has a
remedy to offer, regardless Of who
he may be or what experience he
has had.
T would like to see the Federal
farm loan system restored to local
farmer control. In creating the
bank Congress intended that such
control should rest primarily in
the hands of local associations, but
through a succession of laws the
control has been transferred to
Washington, and not. with very
satisfactory results. This is another
instance when local rule is better
than Washington control.