Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-10

I the close OF It's 44th annual
i here, the Association urged
crat Of Nevada, as Senate bill
I2342.
The bankers appealed to the
President, the Senate and
House District Committees, and
all members of Congress to re-
consider the present annual
contribution of the Federal
Government and support the
formula proposed by Senator
Bible.
"The District government is
faced with chronic budgetary
difficulties because SO per cent
of its land belongs to the Fed
eral Government or other tax
exempt owners, and because the
Federal Government has failed
to give consistent financial sup
port adequate to provide mu-
nicipal services and facilities at
a level commensurate with the
Importance of Washington to
the Nation and the world" the
resolution said.
The bankers urged the Met
ropolitan Washington Area
Transit Commission, the Ma
tional Capital Transportation
Agency. and the District High
way Department to consider
private and mass transporta-
ton for the future as compile
mentary to each other and that
all concerned with transit
planning join in finding a
proper balance between the two
transportation forms. Contro-
versy over their relative merits
will endanger the future of
Washington, it added.
Looks to Congress
Confidence in the Kennedy |
administration has been SER
iously, if not irreparably dam
aged, but its Inconsistencies
and requests for more power,
Representative Matthias, jr., Re-
publican of Maryland, told the
bankers in an address at the
final session. 1t will be up to
Congress to bring order out
of the chaos of administration
policy" he said.
In the area of economic pol
icy in which the administration
has expressed greatest concern.
foreign trade, the President is
pushing proposals which are
diametrally opposed he de-
Emphasizing that he
recognized the importance of
expanding foreign trade, the
speaker said, the Presidents
trade bill for freer trade is
more apt to reduce than in
crease the favorable balance
between exports and imports.
I'VE will have a balance of
payments problem and an out
flow of gold so long as we have
an administration policy Of ar
officially low interest rates,
which in effect finance our
deficit" he added.
I'VE live in an International
monetary world, and as long as
the faucet is left on in the
United States, water will run
out to seek its level on an
international scale. Abundant
cash in the United States and
better opportunities for invest
ment abroad will inevitably
cause dollars to travel.
"The administrations ap-
proach to the balance Of pay
ments problem is not unlike the
happy inventor who plans to
use a thermometer to control
the weather"
Opposes Tax Plan
Mr.. Matthias denounced the
administrations proposal to tax
investments abroad and said its
net effect would be to reduce
and limit United States partic-
ipation in development of for
eign markets. 1t cannot be
justified on the basis that it will
contribute to a favorable BAL
ance of payments because the
opposite is true, he declared.
Administration policy decla-
rations and legislative requests
consistently seek additional
control mechanisms to be placed
in the hands Of the Executive,
Mr.. Matthias declared.
There is concern over this
extension Of the power Of the
Executive and this concern is
well-founded. Recent actions of
the President respecting steel
cannot be characterized as
persuasive either as to intent
or effect.
There is more to the Presi-