The Waterbury Democrat., 1943-01-18
Executive Manager
"Pay- As YOu-GO" Mandate

"Pay-ASs xOUsGO Man0aVc
 "The third mandate from the peo- pie is two fold. First, that the eX- pense of this war be distributed on fair basis. Second, that payments be arranged so that each taxpayer can discharge his obligation arising out of the war on a pay-as-you-go basis. This will be one of the first measures introduced into congress and is virtually certain of adoption"
 The final mandate that should be noted, MT. Heimann says, although 1t does not complete the list, is based on the deep-seated conviction that this war must be the last world war and that the peace must not be lost
 Program For Peace
 "There are healthy differences of opinion as to our responsibilities to insure a better world. These differ ences range all the way from the Utopian statement of some who ex- pect this nation to accept the guardianship responsibilities for all peoples to the opposite extreme of those who would close our boundar- les and ignore our valid interest in world affairs.
 somewhere between these two views we will find a worthwhile sol- ution to the problem. That solution, contemplating generous America, will be based on the use of American resources in such fashion that they will enable the people who enjoy kSaA ,,ea nF ONaSif Nts Srao toV.iol HAa- sources to learn to help themselves.
 ''In this solution the earning fac- tor of the people of the world is a vital part, since only on an earn ing basis can the gains be made permanent" .
 Analyzing the contribution of American industry in the victory drive of the United Nations. MT. Heimann declares that the period since Pearl Harbor "stab in the back" witnessed two outstanding developments. "The most dramatic was our quick recovery and our as- sumption of the strategic initiative in the war zones both east and west.
 'Less dramatic, but not bit less significant" he states, twas the rec ord of American private industry in converting fully to the war pro- duction requirements and by itself out-producing, before the year-end, the Axis powers both in quantity and quality of war material.
 Industry Meets Test
 'This record was a decisive victory for private enterprise. Like all other achievements, it must be the pre- Jude to further great effort. It re- quires continued enlightened initia- tive and retention of a sound sense of social and economic values.
 Furthermore, it must recognize the fundamental financial strength necessary for the continuance of such vast contributions to the war effort and. in the postwar era, for the manufacture and distribution of goods as well as provision of full employment.
 Americas business men. having met successfully the wars require nients, must never in these busy days overlook an equally great chal- lenge-one that is potential while the war lasts, but will become ac- tual almost overnight when the war ends. That is the provision of ade- quate funds for sound :reconversion to peacetime activities.
 unlike the conversion to war. for which financial arrangements were made available through various goy- ernmental methods conversion to peace will most likely, and should as much as possible, rely on the more traditional means of providing capital. For that reason serious analysis must be given now to cor. porate financial structures, the e8. tent to which bonded debt obllga- lions exist. and the relative desiy~ ability Of programralng reeouEeFs sion financing via bond or stock flotatioE or by means of bank loans.
 "OuT financial executives and their professional organizations must also work nos. as in the fu- tEre. 70 obtain the fallegf possible recognition on the part of eoFern~ menl ns io these requirements. Ger. 'ei"'s e ~eaii1 e9peag l'laf nEe1ent