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.
Income and inheritance taxes which are in effect confiscatory destroy themselves by transferring capital in private hands, essential to private enterprise, to unproductive public funds.
[Estates] are valuable only for what they can produce. If seized by the government they can produce nothing, and if such seizures increase in amount beyond a reasonable limit they must prove not only valueless in themselves but must destroy the sources of production which otherwise would continue to finance the government and provide for the people.
In considering a revision of estate taxes, there should be eliminated any question of levying the tax as a means of punishing wealth or as in some way for the social good of our civilization…The theory upon which this country was founded is equality of opportunity. So long as a man uses his abilities within the bounds of the moral sense of the community, monetary success is not a crime, but on the contrary adds to the total wealth of the country and to an increase in the standard of living as a whole.
To the demagogue and the man of small means, who pays heavy indirect taxes where he thinks pays none, this looks like taking money from the millionaire and ‘giving it back to the people.’ To any economist it looks like eating up he seed corn, because in effect is s exactly that.
Invested in reproductive enterprise this capital pays taxes again and again. Squandered by Government departments it is only spent once.
Excited persons rarely accomplish anything…No new laws are needed.
When a man has accumulated a sum of money within the law, that is to say, in the legally correct way, the people no longer have any right to share in the earnings resulting from the accumulation.
It is likely enough that many of these child laborers will grow into capitalists and become "too rich," like their present oppressors.
We are opposed to a bill…that will put our business in the hands of theorists, chemists, sociologists, etc., and the management and control taken away from the men who have devoted their lives to the upbuilding and perfecting of this great American industry.
