Bulletin of the Indianapolis Chamber of Commerce, May 1932, Vol. 48, No. 5, page 1 |
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THE 1ND1ANABOL1S CHAMBER, OF COMMENCE MAY, 1932 Reduction Mo Resolution Urges Action To Lower Federal Expenditures Borinstein Declares Drastic Action Needed A plan of concerted action by Indianapolis federal taxpayers to bring about substantial reductions in federal expenditures as the first and most necessary step toward balancing the federal budget was formulated at a meeting of taxpayers called by Louis J. Borinstein, president of the Indianapolis Chamber of Commerce, in the Chamber of Commerce on Friday, May 13. In addition steps were begun to send a delegation of Indiana taxpayers to Washington to meet with the Indiana congressmen and urge expenditure reductions. The meeting was one of a series of such meetings held in large cities throughout the country, as part of a nation-wide movement begun several weeks ago by large city chambers of commerce. A resolution was adopted by the taxpayers and ordered sent to Indiana members of congress, and in addition all those present agreed to let their congressmen know individually concerning their sentiments. President Borinstein invited the Indiana State Chamber of Commerce and state trade organizations to select members of a delegation to accompany him to Washington to discuss the need of reducing expenditures face to face with the members of congress. The resolution adopted was as follows: "The most important step toward economic recovery is that of reducing the cost of government. During the decade following the war, national income increased about 150 per cent while the cost of government increased about 500 per cent. Now the national income has decreased to a pre-war basis, but governmental expenditures this year will reach their highest total. "Expenditures of the federal government exclusive of debt charges increased 32 per cent in the four years ending with the close of the present fiscal year. In that period industrial production declined 32 per cent, the cost of living 20 per cent, and the average weekly earnings in manufacturing industries 29.6 per cent. "In the face of this situation, we are threatened with economic disaster unless the federal government and all other branches of government promptly inaugurate most rigorous economy, involving reductions in very large amounts, to bring the cost of government within the ability of the country to pay. Be it therefore, "Resolved, That the members of congress from Indiana, including all our congressmen and our two senators, be respectfully urged to endeavor to the utmost to bring about the enactment of legislation at this session of congress to adequately reduce the expenditures of the federal government." Mr. Borinstein, explaining the purpose of the movement, said: "Almost universally, the citizens of our country are awakening to the TO INDIANAPOLIS TAXPAYERS At this critical juncture in the movement for reduction of the cost of government every interested taxpayer should communicate with his members of congress and individually urge them to do their utmost to reduce federal expenditures adequately. It is suggested that you communicate with Senators James E. Watson and Arthur R. Robinson, and Representatives Louis Ludlow and William H. Larrabee. fact that governmental expenditures must be readjusted sharply downward. We have come to the time when we must definitely commit ourselves to retrenchment of a most drastic and even unpleasant kind, or else accept the economic ruin which will certainly follow the furthes adherence to present fiscal policies. "With due allowance, there is sufficient accuracy in the estimates recently made that the national income this year will be perhaps only thirty billion dollars, much less than half the income of three or four years ago, whereas, the total cost of all government is this year more than thirteen billions, or the largest amount we have yet been called on to spend for government. "We are, in other words, taking from 45 to 50 per cent of this year's national income to pay the expenses of government. This presents an impossible state of affairs, impossible in that it is not at all possible for the national income to be turned over so largely to governmental use; that such large a proportion as has been levied will simply not be, cannot be, paid. "There is therefore no alternative to the necessity of sharply reducing governmental expenditures. While these facts apply equally to every phase of government, we have met here today to consider one very large and important division of government, and to make known to our representatives in that government the earnest beliefs which we hold. "The federal government is moving toward enactment of new appropriations and revenue legislation. Faced with a deficit so big that it means spending $50,000,000 every week more than the government receives, it has become at last apparent that the first step toward balancing the federal budget must be the reduction of expenditures, before enacting new or increased taxes. The recovery of business is so dependent upon the taking of this first step, since it will be hindered by any increase in this proportion of income taken for government, that there must be no failure in the movement for drastic economies. "Several weeks ago, we participated with the Chicago Association of Commerce and other large city commercial organizations in a joint move to awaken our national leaders to the seriousness of our plight and to reveal to them the great sincerity of our belief that reduction of the cost of government is the first and most necessary step. (Continue! on Page 8) World Watches Speedway Race Fast Cars Promise Day of Thrills The grand spectacle of automobile racing, the big show which carries the name of Indianapolis to every corner of the globe, is ready again for its twentieth annual running on Decoration May, May 30th, at the Indianapolis Motor Speedway, the world's greatest race course. Bigger and better than ever, despite the unsettled trend of the times, it has all of the factors this year to make it the fastest and most interesting automobile race in history. A record breaking total of 72 cars, despite an increase in the entry fee and the requirement of faster qualifying time, have applied for the opportunity of repeating and the qualifying runs over a ten mile course starting Saturday, May 21, promise to rival the race itself in interest. For only forty starters are allowed under AAA regulations. The entry fee was increased this year from $100 to $200 and cars must do at least 100 miles an hour for consideration. The first bona fide factory entries since the early days of the Hoosier race with three manufacturers racing under their own banner; the resulting competition between the semi-stock jobs and the special cars which are doing their utmost to increase their power and speed and the gathering at the track of a group of daring youngsters who have been burning up the smaller dirt tracks of the country during the past year are the elements upon which experts predict record- breaking time and thrills. Studebaker, important in the early days of the Decoration Day classic, leads the factory competition with a five-car entry, the largest manufacturer's bid since before the world war. They have groomed their new jobs carefully and established an early camp at the track in preparation for the competition. George Hunt, noted race car engineer, is in charge of the camp with Tony Gulotta in the No. 1 car as team captain. Gulotta assumed the lead of the race with less than 100 miles to go last year after Billy Arnold, 1930 winner had crashed, but followed Arnold through the wall with victory in sight. Buddy Marr, who tested a Hudson motor in his Marr Special driven by Chester Miller into tenth place last year is back with two spanking new Hudson cars. They are declared to be the most beautiful cars ever put on the track, blue in colors, identical in design and construction and built low along continental lines. Russell Snowberger, who pioneered in the return of the semi- stock cars to the 500-mile race with a rebuilt Studebaker motor which came under the new restrictions two years ago when the piston displacement requirements were raised to 366 cubic inches, has a new Hupmobile-powered car, a Hup Comet, in the contest. (Continued on Page 3) Felix M. McWhirter McWhirter Urges EconomyProgram Named Vice-President of National Chamber Basic adjustments, which "we as a people must make in the policies, practices and habits of state and local finance if we are to avoid a recurrence of our present difficulties," were set forth in a stirring appeal to chambers of commerce and voluntary associations participating in the nation's effort to solve its complex tax problems, by Felix M. McWhirter, former president of the Indianapolis Chamber of Commerce, in an address before the annual convention of the Chamber of the United States, at San Francisco. Eight specific proposals were made by Mr. McWhirter. "We should," he said: "Be less hasty in creating new public activities; "Weed out the activities of government those for which the need has passed: "Liquidate a considerable part of existing public indebtedness in order to reduce annual charges for debt service; "Remodel the structure of local government, adapting it more nearly to the necessities of today, and cutting out the duplications of organization, functions and services which grew up in response to the needs of a horse-and-buggy era; "Proceed with greater caution in pursuing tax relief schemes, insisting upon the perfection of airtight control of expenditures which will assure dollar-for-dollar application of the proceeds of any new tax to the relief of existing taxes; "Rely less upon the magic of mandatory state laws to assure sound finance and adequate local services and more upon our ability as citizens to make decisions suited to our community needs and resources; "Encourage upstanding public officials to use their best judgment (Continued on Page 2) Study Problems Of Local Taxes Cuts In Government Costs Necessary First steps toward reducing the cost of local government have been taken by the board of school commissioners for the Indianapolis school city. Prior to promulgating the budget of the school city for the fiscal year starting July 1, the school commissioners in a formal statement announced the budget would be cut $500,000 below the current budget total of $7,389,251. This reduction, they announced, will include a 5 per cent reduction in the compensation of all school employes earning more than a minimum of $1,200 per year. A preliminary survey of the fiscal situation in Indianapolis several weeks ago indicated that reductions in the three major budgets of the city, school city and county would have to approximate $1,500,000 merely to avoid an increase in the tax rate, to say nothing of possible reduction of the rate. Developments since this estimate were made have indicated that it is, if anything, too conservative. Poor relief expenditures are continuing at a much greater rate than in 1931, April expenditures being approximately double the expenditures of April, 1931, while the expenditures of the first three months of 1932 were only about 35 per cent ahead of the same months of 1931. This indicates a much larger proportionate increase throughout the summer months, than was apparent in the winter months, and that there will be no such decline in expenditures during the summer months as occurred last year. Early reports from the county treasurer indicate a larger increase in delinquency in the spring installment of taxes than some had anticipated. A further complication has arisen in the difficulty of selling the tax anticipation notes of local units of government, even including such notes for poor relief. Governmental payments for many purposes, including personal service and supplies, would have to be delayed several months if it becomes impossible to make temporary loans in the second tax-paying period of the year. BEAD THESE Page 2 Torrence Plan Page 3 Air View of Eace Homeless Men Page i Editorials Resolutions Page 5 Business Beview Page G Coca-Cola Plant With Art Page 7 Storer Luncheon Foreman Training
Object Description
Rating | |
Title | Bulletin of the Indianapolis Chamber of Commerce, May 1932, Vol. 48, No. 5 |
Publisher | Indianapolis Chamber of Commerce |
Date | 1932-05; 1932 |
Time period | 1930s (1930-1939) |
Subject |
Indianapolis Chamber of Commerce--Periodicals Indianapolis (Ind.)--Economic conditions--Periodicals Indianapolis Speedway Race Homelessness Baseball players |
Collection | Indianapolis Chamber of Commerce Collection |
Rights | http://rightsstatements.org/vocab/InC/1.0/ |
Copyright information | Copyright is held by the Indianapolis Chamber of Commerce. |
Physical repository | Indianapolis Special Collections Room, Indianapolis Public Library |
Digital publisher | Indianapolis Marion County Public Library |
Date digitized | 2012 |
Description
Title | Bulletin of the Indianapolis Chamber of Commerce, May 1932, Vol. 48, No. 5, page 1 |
Topics |
Events |
Full Text | THE 1ND1ANABOL1S CHAMBER, OF COMMENCE MAY, 1932 Reduction Mo Resolution Urges Action To Lower Federal Expenditures Borinstein Declares Drastic Action Needed A plan of concerted action by Indianapolis federal taxpayers to bring about substantial reductions in federal expenditures as the first and most necessary step toward balancing the federal budget was formulated at a meeting of taxpayers called by Louis J. Borinstein, president of the Indianapolis Chamber of Commerce, in the Chamber of Commerce on Friday, May 13. In addition steps were begun to send a delegation of Indiana taxpayers to Washington to meet with the Indiana congressmen and urge expenditure reductions. The meeting was one of a series of such meetings held in large cities throughout the country, as part of a nation-wide movement begun several weeks ago by large city chambers of commerce. A resolution was adopted by the taxpayers and ordered sent to Indiana members of congress, and in addition all those present agreed to let their congressmen know individually concerning their sentiments. President Borinstein invited the Indiana State Chamber of Commerce and state trade organizations to select members of a delegation to accompany him to Washington to discuss the need of reducing expenditures face to face with the members of congress. The resolution adopted was as follows: "The most important step toward economic recovery is that of reducing the cost of government. During the decade following the war, national income increased about 150 per cent while the cost of government increased about 500 per cent. Now the national income has decreased to a pre-war basis, but governmental expenditures this year will reach their highest total. "Expenditures of the federal government exclusive of debt charges increased 32 per cent in the four years ending with the close of the present fiscal year. In that period industrial production declined 32 per cent, the cost of living 20 per cent, and the average weekly earnings in manufacturing industries 29.6 per cent. "In the face of this situation, we are threatened with economic disaster unless the federal government and all other branches of government promptly inaugurate most rigorous economy, involving reductions in very large amounts, to bring the cost of government within the ability of the country to pay. Be it therefore, "Resolved, That the members of congress from Indiana, including all our congressmen and our two senators, be respectfully urged to endeavor to the utmost to bring about the enactment of legislation at this session of congress to adequately reduce the expenditures of the federal government." Mr. Borinstein, explaining the purpose of the movement, said: "Almost universally, the citizens of our country are awakening to the TO INDIANAPOLIS TAXPAYERS At this critical juncture in the movement for reduction of the cost of government every interested taxpayer should communicate with his members of congress and individually urge them to do their utmost to reduce federal expenditures adequately. It is suggested that you communicate with Senators James E. Watson and Arthur R. Robinson, and Representatives Louis Ludlow and William H. Larrabee. fact that governmental expenditures must be readjusted sharply downward. We have come to the time when we must definitely commit ourselves to retrenchment of a most drastic and even unpleasant kind, or else accept the economic ruin which will certainly follow the furthes adherence to present fiscal policies. "With due allowance, there is sufficient accuracy in the estimates recently made that the national income this year will be perhaps only thirty billion dollars, much less than half the income of three or four years ago, whereas, the total cost of all government is this year more than thirteen billions, or the largest amount we have yet been called on to spend for government. "We are, in other words, taking from 45 to 50 per cent of this year's national income to pay the expenses of government. This presents an impossible state of affairs, impossible in that it is not at all possible for the national income to be turned over so largely to governmental use; that such large a proportion as has been levied will simply not be, cannot be, paid. "There is therefore no alternative to the necessity of sharply reducing governmental expenditures. While these facts apply equally to every phase of government, we have met here today to consider one very large and important division of government, and to make known to our representatives in that government the earnest beliefs which we hold. "The federal government is moving toward enactment of new appropriations and revenue legislation. Faced with a deficit so big that it means spending $50,000,000 every week more than the government receives, it has become at last apparent that the first step toward balancing the federal budget must be the reduction of expenditures, before enacting new or increased taxes. The recovery of business is so dependent upon the taking of this first step, since it will be hindered by any increase in this proportion of income taken for government, that there must be no failure in the movement for drastic economies. "Several weeks ago, we participated with the Chicago Association of Commerce and other large city commercial organizations in a joint move to awaken our national leaders to the seriousness of our plight and to reveal to them the great sincerity of our belief that reduction of the cost of government is the first and most necessary step. (Continue! on Page 8) World Watches Speedway Race Fast Cars Promise Day of Thrills The grand spectacle of automobile racing, the big show which carries the name of Indianapolis to every corner of the globe, is ready again for its twentieth annual running on Decoration May, May 30th, at the Indianapolis Motor Speedway, the world's greatest race course. Bigger and better than ever, despite the unsettled trend of the times, it has all of the factors this year to make it the fastest and most interesting automobile race in history. A record breaking total of 72 cars, despite an increase in the entry fee and the requirement of faster qualifying time, have applied for the opportunity of repeating and the qualifying runs over a ten mile course starting Saturday, May 21, promise to rival the race itself in interest. For only forty starters are allowed under AAA regulations. The entry fee was increased this year from $100 to $200 and cars must do at least 100 miles an hour for consideration. The first bona fide factory entries since the early days of the Hoosier race with three manufacturers racing under their own banner; the resulting competition between the semi-stock jobs and the special cars which are doing their utmost to increase their power and speed and the gathering at the track of a group of daring youngsters who have been burning up the smaller dirt tracks of the country during the past year are the elements upon which experts predict record- breaking time and thrills. Studebaker, important in the early days of the Decoration Day classic, leads the factory competition with a five-car entry, the largest manufacturer's bid since before the world war. They have groomed their new jobs carefully and established an early camp at the track in preparation for the competition. George Hunt, noted race car engineer, is in charge of the camp with Tony Gulotta in the No. 1 car as team captain. Gulotta assumed the lead of the race with less than 100 miles to go last year after Billy Arnold, 1930 winner had crashed, but followed Arnold through the wall with victory in sight. Buddy Marr, who tested a Hudson motor in his Marr Special driven by Chester Miller into tenth place last year is back with two spanking new Hudson cars. They are declared to be the most beautiful cars ever put on the track, blue in colors, identical in design and construction and built low along continental lines. Russell Snowberger, who pioneered in the return of the semi- stock cars to the 500-mile race with a rebuilt Studebaker motor which came under the new restrictions two years ago when the piston displacement requirements were raised to 366 cubic inches, has a new Hupmobile-powered car, a Hup Comet, in the contest. (Continued on Page 3) Felix M. McWhirter McWhirter Urges EconomyProgram Named Vice-President of National Chamber Basic adjustments, which "we as a people must make in the policies, practices and habits of state and local finance if we are to avoid a recurrence of our present difficulties," were set forth in a stirring appeal to chambers of commerce and voluntary associations participating in the nation's effort to solve its complex tax problems, by Felix M. McWhirter, former president of the Indianapolis Chamber of Commerce, in an address before the annual convention of the Chamber of the United States, at San Francisco. Eight specific proposals were made by Mr. McWhirter. "We should," he said: "Be less hasty in creating new public activities; "Weed out the activities of government those for which the need has passed: "Liquidate a considerable part of existing public indebtedness in order to reduce annual charges for debt service; "Remodel the structure of local government, adapting it more nearly to the necessities of today, and cutting out the duplications of organization, functions and services which grew up in response to the needs of a horse-and-buggy era; "Proceed with greater caution in pursuing tax relief schemes, insisting upon the perfection of airtight control of expenditures which will assure dollar-for-dollar application of the proceeds of any new tax to the relief of existing taxes; "Rely less upon the magic of mandatory state laws to assure sound finance and adequate local services and more upon our ability as citizens to make decisions suited to our community needs and resources; "Encourage upstanding public officials to use their best judgment (Continued on Page 2) Study Problems Of Local Taxes Cuts In Government Costs Necessary First steps toward reducing the cost of local government have been taken by the board of school commissioners for the Indianapolis school city. Prior to promulgating the budget of the school city for the fiscal year starting July 1, the school commissioners in a formal statement announced the budget would be cut $500,000 below the current budget total of $7,389,251. This reduction, they announced, will include a 5 per cent reduction in the compensation of all school employes earning more than a minimum of $1,200 per year. A preliminary survey of the fiscal situation in Indianapolis several weeks ago indicated that reductions in the three major budgets of the city, school city and county would have to approximate $1,500,000 merely to avoid an increase in the tax rate, to say nothing of possible reduction of the rate. Developments since this estimate were made have indicated that it is, if anything, too conservative. Poor relief expenditures are continuing at a much greater rate than in 1931, April expenditures being approximately double the expenditures of April, 1931, while the expenditures of the first three months of 1932 were only about 35 per cent ahead of the same months of 1931. This indicates a much larger proportionate increase throughout the summer months, than was apparent in the winter months, and that there will be no such decline in expenditures during the summer months as occurred last year. Early reports from the county treasurer indicate a larger increase in delinquency in the spring installment of taxes than some had anticipated. A further complication has arisen in the difficulty of selling the tax anticipation notes of local units of government, even including such notes for poor relief. Governmental payments for many purposes, including personal service and supplies, would have to be delayed several months if it becomes impossible to make temporary loans in the second tax-paying period of the year. BEAD THESE Page 2 Torrence Plan Page 3 Air View of Eace Homeless Men Page i Editorials Resolutions Page 5 Business Beview Page G Coca-Cola Plant With Art Page 7 Storer Luncheon Foreman Training |
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