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JEA S C P wtak} 36x t w Â¥% |A} 1 The matter of the federal budhet and credit warrants a few generalâ€" izations being made, if for no other reason than to assist in our mutual understanding. At presâ€" ent time the public debt approxiâ€" mates $30 billion, and if presâ€" ent tendency continues will reach a much larger figuré. But, you may ask, what does t mean to me as an average individual, with an average home, an Average family and an average income. It It is difficult for the average inâ€" dividual to understand the nical operations of government fi ncing, just as it is difficult sometimes to grasp the full significanc:.t){ ‘the annual report of a corporation| or company. Astronomical sunis, such as the $8 billion odd appropriated by the last session of Congress, are almost beyond comprehension exâ€" cept to those schooled in the field of accountancy and public finance. But, at the same time, it ‘is becomâ€" ing increasingly evident that the people will be called upon to ‘deâ€" termine whether they consi the administration to be <purshing . a sound or unsound economic} policy. with Mr. Douglas, he ‘will have to admit that his statement s repreâ€" sented‘ a sincere personal convicâ€" tion. Mr. Douglas resigned as diâ€" rector of the budget when he found himself in disagreement with the fiâ€" nancial policy of the Roosevelt adâ€" ministration. As i While there have been ‘a great many like statements made from the platform, over the radip and in the public press during the past weeks, those :of Mr. Douglas are viewed with particular im; R They were not pronipted by politiâ€" cal partisanship and were the exâ€" pressions | of someone thoroughly familiar with questions of public fiâ€" nance. Regardless of whether one is in agreement or di ent By Ralph E. Chu j Representative, 10th Cong District Chicago, Ill., Oct. 1 nsiderâ€" able discussion was precipi t;p in official Washington and in political circles generally by the tements made by Lewis W. Dou Presiâ€" dent Roosevelt‘s former of budget, in a speech at P hia last Monday when he charged the Treasury Department with an "inâ€" sidious and deceptive method" of maintaining the federal credit. ‘He warned the country o t colâ€" lapse unless excessive ding is stopped. * i PAGE TEN L LILIN O 1 8 B EL L This Week Washingto 5 Your Na Should be in the N Telenphone Direct Office. Any telephone employee will be to help you place your order. Do it t The next Local Telephone Directory goes to pressg, soon. Have your telephone service inâ€" stalleh at once so that your name, addrc; s ahd telepinone numb%er will appear in this new hQé- tory.éThe first l;lace your friends or bus ‘ingivss assbt;iates will go to get in touch with*.y‘ u”is to tli%is telephone ‘directory. Don‘t fail j; be therJ. Telephofie ‘or stop at our Business v# Then there is the first method, that of increasing taxes. It is inâ€" creasing the revenue by finding new sources or increasing the rate of the prevailing schedules. There are many who assume that becguse they own nothing taxable and have no taxable income that they pay no governmental © taxes â€" whatsoever, loeal state or federal. As a matâ€" ter of fact, taxes are reflected in alâ€" most everything & person may have cccasion to purchase, but we ‘are not always aware of paying them. There is a federal tax on gasoline. Most of us are aware that we pay that, but very few of us realize we pay a tax on cogmetics and phonoâ€" graph records, for example. It is embddied in the price of the artiâ€" cle. Moreover, there is ‘a federal tax on corporations but that can more than likely be paid in the inâ€" creased price of the articles that Many a government has found itâ€" self in exactly that situation with respect to its bonds. When confiâ€" dence is lost in the federal credit it becomes increasingly ‘difficult for the government to refund its obligaâ€" tions. The result is that it must shorten the maturity date, and: inâ€" crease the interest rate, and when that happens on an extensive scale the national credit approaches colâ€" lapse. The third ‘method, that of borâ€" rowing and refundjing, can be elimâ€" inated. â€" If an individual owes anâ€" other a $100 on a note and he reâ€" news that note at maturity or borâ€" rows from & third person to pay the original loan, he is no better off than he was in the beginning. He has simply.}ostponed the\payment of an obligation, and it is quite posâ€" sible that when he goes to get the second loan ?fio pay off the first he will have to pay a higher rate of interest and the ‘date of maturity will be sooner.. That will become particularly ‘true if there should arise doubts as to the bor'rgw.er'a credit standing and his capacity to pay. l row and refund its outstanding obâ€" ligations; fourth, it may pursue a combination of all three; and, fifth, it may repudiate the debt entirely. In the last analysis there isn‘t a great difference between the federâ€" al budgeting than the running of a home, and the matter will become clearer if the above mentioned ways of meeting a federal debt are apâ€" plied to each individual‘s own home. There are five possible ways for the federal government to meet a deficit. First, it may increase taxâ€" es; second, it may decrease expendiâ€" tures; third, it may continue to borâ€" is a pertinent question and is deâ€" serving of some kind of an answer. This wl complicate in this 1i the | gener doubtless respects, j to indica And lastly there is the method of repudiatio ‘inflation,. The presâ€" sure beco; }o great that the fedâ€" eral gove nt begins to pay its obligations ! by | "printing â€" press money." A)situation is produced where the [individual has more money but| actually he has less. To simplify the matter, the depreciaâ€" tion in the value of a dollar and an increase im prices may be synonyâ€" mous. us assume that a man‘s income is B100 per month, and that income infréases 100 per cent in, terms of 3‘1: But the important: thing is hpw fmuch the prices have increased. W&le he may receive a greater numbeér of dollar bills, the value of the currency may have deâ€" pre¢tiated, to such an extent that their purghasing power is considâ€" erably less.. Wages always lag beâ€" hind prices and during an inflation period a r:i hardship is placed on. the g¢neral publicâ€" particularly those who| have a fixed income. There i tioned, th tutes. Th of ‘the s That is do if he i that is w governme or to do.. For illugtrative purposes, let us assumeâ€" that postage is one cent and that pinme hundred letters® are mailed in & given year, making the revenue réturn $1.00. Because the postage is intreased to two cents does not always mean that the revâ€" enue return will be $2.00. There is always a possibility that when you reach a point the number of letters mailed will decrease, because of the inc d rate in postage, to such an extent that the amount of reyvenue eited will: be actually less than . \vhen the lower rate was employed. | _ | ; . When l]?itking of incréasing the tax rates, there are a great many other factors to be considered, too numerous to discuss in detail here. ;l;llr burd may become so heavy t there|is a slowing up of proâ€" ductive p ‘and thus a decline in employment and also«in revenue returns ere is an old economic law, known as the law of diminishâ€" ing return, which comes into play: corporation produces. It is, as we say, on to the consumer. Inâ€" direct t is one of the greatâ€" est deceptions to the public. ory l ngs S giad ay ! 0 N E C 0 . ... Wages always lag beâ€" s and during an inflation r:i hardship is placed neral publicâ€" particularly have a fixed income. iole subjedt is much too d to endeavor to discuss nited space, but I trust alizations here proposed, overâ€"simplified in many ill serve in some measure what is involved in the the second method menâ€" t! of decreasing expendiâ€" s involves an ; adjusting mdihg with the income. irt the individual must avoid bankruptey and I believe the national & uld always endeayâ€" 1HE PRESS 108 South Firgt Street Holy Cross Party § Thursday, October 31 The Sewing Spciety of the Holy Cross Church, Ireerfield, wifl hold a public card a@rd bunco party on Thursday eveninig, Oct. 31, at the parish hall. Mrg. Hubert McGuire is chairman of the party.| On Monday norning they were called out again bvhen a truck loadâ€" ed . with ‘linseed pil and a pleasure car collided and |caught fire at the intersection of Waukegan road and Half Day road.|‘The accident re« sulted. in the th of Wesley J. Hiller of Milwaujkee, driver of the truck .Miss Petra Tobias of Elgin and fou j other women and a child, occupants of th¢ automobile, were seriously| injured| | The fire nt was called out last Tuesday ¢evening to the Lazarus Cozocar, home on County Line road, where a large tool house and many farm| implements were destroyed by a fike caused by a few drops.. of ‘gasbline _ accidentally dropped on a lagtern. The firemen used cistern (water to protect the barn from fiying|sparks. Fire Chief . Johnston and his volunteer fir rtment members attended | the i of the state convention hdld |in Waukegan last week. Deerfie] well representâ€" ed. | *n 4 Deerfield V*!'ugnteer' â€"Fire hters Busy present day ns of federal expenditures balancing the budget. & 4 South Trll Street â€" Telephone 555 Highland Park GREENSLADE N Ol'thl Shore Buick and f’« Electrical|Contractor ElectriL Shop 10, Even stronger double Kâ€"T trame ALL THAT‘S BEST OF 936 PON ’{. New, full:length waterâ€"jacketed 4. Smoothest of "6" and "8" oylinder engines with silverâ€"alloy bearings _ and fullâ€"pressure metered lubrication ALL THAT‘S NEW Allâ€"silent Syncroâ€"Mesh transmission ad BUILT w &AST 100,000 MILES! S and EIGHTS With Clifford XeBames. s = ing, and giving info z:fiz at 7:30, and the large choi a fine musical program of Bee mn and Mendelssohn compost » e fourth meeting of the clu®l‘s twentyâ€"ninth season promises to an attractive one. H | | Dr. Harold C. mm#, who rapidly becoming one .of the pular preachers in the co despite his youth, will airplane Sunday from Cleveland, Ohio, Epock before the Chicago 8 vening Club in Orehestra after conducting his own th service in the First Baptist Ch in the morning. * K. Dr. H. C. Phillips | _ . to Address Sunday Evening Club.Oct. k , y 24 J 3 C M. 4. List prices at Prntiac, Michigan, begin at $61 the Six and $730 for the Coubject to a new Transmission is silent in ' l » ‘ T + . l‘,' dodlyflmra‘. And mmvfim.b. The 1936 aks are t to last 100,000 kes are triplewealed hydraulics 18 . \ « ‘M .l # I. :'u,mhrdu-finh- h | ‘| THERES COMFORT j| CONVENIENCE, pnomv. _4 ARLUM € ‘Wednesday, Oct. 30, is the date for (the ‘mgnual LfiNbontyeo:; vention (O%f_ vul " " & merica, Wwhich will be held at the ."".’W'g‘ nie E:t:‘:. _ The at 1 o‘clock, and at 18D o‘clock a d will be served { Evangeliâ€" e evening meeting #ll A at 7:30 o‘clock. â€" ~Convene in Deerfield until you to. WE%WM.MM THURSDAY, OCTOBER 24, 1935 RELIABLE LAUNDRY 2# A DAY â€"_ flw & AnD UP J ROOM HaAs TUB AND\ R BATH OUTSIDE ROOMS DRY CLEANING CO. AT THE KHOTEL â€" > Phone H. P. 2260 615 v/ 4 General Motors Vaime , Inc. AND P. 178