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The great reduction of the currency which the banks have been constrained to make in order to continue specie payments, and the vitiated character of it where such reductions have not been attempted, instead of placing within the reach of these establishments the pecuniary aid necessary to avail themselves of the advantages resulting from the reduction in the prices of the raw materials and of labor, have compelled the banks to withdraw from them a portion of the capital heretofore advanced to them.
Not only was this so, but even if this entire class of businesses was made public and run at cost, the cheapening in the cost of living to the community thus effected would presently be swallowed up by reductions of wages and prices, resulting from the remorseless operation of the competitive profit system.
It asserts this right of direct control over and over again. The President may go into the treasury, among the auditors and comptrollers, and direct them how to settle every man's account; what abatements to make from one, what additions to another. He may go into the custom-house, among collectors and appraisers, and may control estimates, reductions, and appraisements.
The same conclusion holds true in the opposite case wherein the profits in most all or all of the enterprises engaged in a particular industry are considerably below what is conceived as a fair profits return for industry as a whole. Cases will arise in which it may be to the interest of the wage earners in particular industries to accept wage reductions, because the industry is doing poorly.
The introduction of steel has reduced the weight by about one-tenth; but it will be the alteration of form to the locomotive, tubulous, or some other type, combined with some method of forced draught, to which we must look for such reductions in weight of material and water as will be of any great commercial value.
The ore continues to pass through successive reductions until a pood of it contains no more than three-fourths a zolotink of silver; less than that proportion will not pay expenses. I was told that the annual cost of working the mines equaled the value of the silver produced. The gold contained in the silver is the only item of profit to the crown.
This latter figure shows the reductions in departmental estimates for the coming year made possible by the operation of the Budget system that the Congress has provided. But it is evidently not enough to have care in making appropriations without any restraint upon expenditure. The Congress has provided that check by establishing the office of Comptroller General.
It decreased the total tax load by more than one-sixth, an amount substantially in excess of the reductions proposed by the Secretary of the Treasury to congressional tax committees in October 1945. These proposed reductions were designed to encourage reconversion and peacetime business expansion.
New spending authority has been held below expenditures, reducing government obligations accumulated over the years. Last year we had a large tax cut and, for the first time in seventy-five years a basic revision of Federal tax laws. It is now clear that defense and other essential government costs must remain at a level precluding further tax reductions this year.
"Undoubtedly it did so operate in countries where from the long operation of the profit system surplus capital had accumulated so as to compete under great pressure for investment; but under such circumstances reductions in prices, even though they might come from sacrifices of profits, usually came too late to increase the consumption of the people." "How too late?"
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