We have just come from another hearing, of the Wagner Labor Board. Now, if you keep piling these things upon industry, where are the reserves going to come from to protect these things? You are going to stop the very recovery necessary to produce this reserve.
The imposition on industry at this time of the tax burden contemplated by this measure would render business recovery absolutely hopeless. Manufacturing industry is now engaged in a desperate struggle in an effort to continue operations and provide jobs. Most industries have been operating at a loss for several years. Industry is not prepared at this time to accept the added burden as contemplated by this bill.
The national securities act of 1934, as proposed, would interfere in a vital way with the essential supply of capital to business.
The Securities Act of 1933 created a serious obstacle to recovery, through its drastic regulation of the issuance of new securities by private enterprise. The Banking Act of 1933 created an additional impediment through the provisions of Section 16 prohibiting the national banks from participating in underwriting securities after June 16, 1934.
Taken together with the Securities Act of 1933 (the 1934 Act) will effectively bar the flow of capital into American business.
No rule of thumb method ... can be devised which will fit all securities in all situations....It would produce even greater injury than the Federal Securities Act in retarding or preventing the follow of securities into new and refunding issues, which are indispensable if employment is to be maintained and increased and the huge burden on the Treasury is to be relieved.
It would help me by driving 85 per cent of my competitors out of business, if I could manage to keep out of Atlanta or Leavenworth myself.
If this bill should become law, we will be forced to cancel immediately every line of advertising.
The disastrous provisions of this bill could wreck the industry of pharmacy.
The enactment of this legislation will mean a complete readjustment, if indeed the business of manufacturing and selling packaged medicines can be continued at all. This is very doubtful.
