Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-08


stone in promoting a better
public understanding of the
contributions of banking TO the
economy.
As main speaker Of the
morning. Secretary Of the
Treasury Dillon assured the
bankers that an s11-billion tax
reduction will produce greater
reFenues, not less" and can
6imAlate the economy without
bringing on initiation.
Mr.. Dillon reported gains IN
whiting down both the bal
ance Of payments deficit and
prospective Federal budget def
cts, and he pledged the ad-
ministration to careful and
judicious control" over expen-
ditures.
Recalling that the major tax
reductions Of 1924 and 1854 so
spurred business growth that
the revenue losses were more
than made up within two years.
Mr.. Dillon told ABA's 5000
delegates in his prepared re-
marks:
THE tax bill represents a
major decision to rely upon
greater private spending. rath-
er than greater Government
spending as the prime factor
in our economic growth"
History Recalled
The bankers turned the pages
Of history back to 1863 and
abraham Lincoln" in the per-
son of Ohio's Lieutenant Gov
ernor strobe down the aisle
and on to the rostrum to give
a speech.
Believe It or not, this Mr..
Lincoln's" real name is John
Brown. With his stovepipe hat
ana clothes Of Civil War days.
his resemblance to Mr.. Lincoln
made the illusion startling. AS
the result Of Centennial activ-
tiles, the image Of commercial
banking is clearer today than
ever before, declared Ben H.
Wooten, chairman Of the ABA
Centennial Commission, and
Board chairman of the First
National Bank Of Dallas,
Texas.
I'm looking back 100 years
on activities of our banking
system, we have every cause
to take much pride" Mr.. Woo
ten said. las gratifying as the
backward look may be, we may
not tarry there. There is a
tomorrow-an even greater to-
morrow for banking in the next
100 years, provided we continue
to deserve to be the financial
leaders and servants Of the Ma
ton and the world"
Growth Symposium
The centennial celebration
was inaugurated in Washing
ton with a symposium on eco
nomic growth last February,
he pointed out About 5000
banks contributed $4,000 to
a Centennial fund for central
activities, but State associa-
tions and local banking groups
spent many times this amount
for individual programs.
Books and pamphlets on the
purposes and history of bank
Ing, special sections Of news
papers, radio and TV programs
ard school programs contrib,
uted Importantly to the cele
bration in all so of the States
he SAID
/ Lieut.. Gov. Brown dated hi,
speech as of 1853 and reminded
his audience that banking wa
important to development o
the Far West. There arr
nearly 5000 banks in th'
United States Gas of 1859, HI
told his audience. AS of 1876;
there are more than 14,00(
commercial banks.
Commenting on the Nationa
Bank Act which Mr.. Lincoln
had Just signed, the speakel
said, this law will benefi
every bank now in operation
by stabilizing the currency"
Tax Program Stressed
After "Mr. Lincoln" and his
tory retired, Secretary Dillol
urged the delegates to Civ
their full support to the pro
posed tax reduction bill which
has passed the House bu
awaits an uncertain fate il
the Senate.
Il cannot emphasize to-
strongly how essential the Ia,
program is" The President ha
called his tax proposals tn
most i'm portant domesti
measure in Is years.
Mr.. Dillon reported an i'm
provement in the immediat
budgetary outlook at the Treas
ury.
Including the effects of tn
tax cut as approved by tn
House, we now expect the cur
rent 1864 deficit TO be less tina
the $92 billion forecast las
January before allowance 70
the tax cut-and far less tina
~ EsVk