Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-02-25
PARTIAL TEXT
BY the Associated Press

CtsCDtNb 20 " PNf tsNs SC~b
OF President Kennedy'S dd-
dress to the American Bank
erS Association today:
One hundred years ago today
in the darkest days of domes-
tic crisis this Nation has ever
known-the national banking
system was born. 1t was a far
sighted act, laying the basis for
a sound and prosperous system
of private credit which has
served this nation well. More
than so years would pass before
the Federal Reserve System was
created; and more than 10 years
would pass before deposit in
surance and other safeguards
would guarantee us against fl
nanciaf disaster. But despite
these subsequent additions, the
foundations laid 100 years ago
were remarkably strong for a
relatively new and developing
country.
Today many Americans tend
to think of developing or under
developed countries in terms
only of far-away foreign ma
tions. But in 1868, even meas
ured by 1868 dollars, our own
per capita income was less than
a dollar a day, approximately
the same as Chile's is today.
Nearly so per cent of our labor
force was engaged in agricul-
ture, roughly comparable to the
Philippines today. -.
Growth Is Answer
What has happened in 100
years can best be summed up
in two words: Economic growth.
No nation in the history of
the world has ever experienced
a century Of economic growth
comparable to that of the
United States. In 100 years
the growth Of our free enter
prise economy, aided by free
political and educational in
stitutions, has brought to our
citizens an unprecedented
standard of living. 1t has
brought to our Nation an I'M
paralleled position - as the
worlds foremost banker, mer-
chant, manufacturer and con-
sumner. 1t has demonstrated
the power of freedom for all
to see, and sustained the cause
of freedom through hot wars
and cold, in this land and
abroad.
And yet we have heard in
recent times that economic |
is too abstract a con-
cept-that it is too academic
for politicians and voters i
that it is too theoretical a i
basis for proposals to the Con-
gress. I do not see anything
or academic about |
economic growth. 1t means
IL million additional
jobs every year for the men
and women pouring into our
labor market, half of them be-
low the age of rs. 1t means
preventing the periodic recess
sionS which have hit this Ma
ton three times in the last 10
years. 1t means ending the
persisting slack which has kept |
our unemployment at a rate OF
5 per cent or above for 81
out of the last SO months. . u
Concrete Figures
There is nothing theoretical !
about that. There is nothing
academic about pushing our
economy to grow at the rate of
per cent instead of 3 per cent
might total over the
next 10 years, in today's prices,
$500 billion more in our output
of goods and services, $40
billion more in profits, $2l0
billion more in wages, $4,000
more in income for every family
and $50 billion more in Federal
revenues to meet our defense
and domestic needs to balance
the budget and reduce the debt.
Those are the concrete. not
abstract, figures that greater
growth represents. That is why
I am pleased that the American
Bankers Association has de-
voted this conference to that
subject. And that is why the
most urgent piece Of business
before the Congress this year
is Federal tax revision
I do not believe that any
thoughtful American could look
at the impartial facts about
this Nations economy over that
period and not conclude that
we needed TO step up our
growth. But it will not be
stepped up by political slogans
or homely analogies. 1t will not
be stepped up by canceling de-
Tense contracts or lowering the
debt ceiling. In my opinion, 1t
will be stepped up only by
tightening the repressive weight
of wartime tax rates. which
put a damper on private pur-
chasing power and profits.
The tax program I have put
forward to meet this need is
now under attack from both
the left and the right. / do not
say that 1t is a perfect pro-
gram. which cannot be
changed by the Congress, which
will satisfy the desires of all
groups. or which will achieve
all the growth we need as fast
as we wish to achieve 1t. But