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No. 85 "The Fallacies And Dangers Of The Townsend Plan" Speech of Dr. Walter E. Spahr, Chairman, Department of Economics, School of Commerce, New York University, Broadcast by the National Broadcasting Company on January 3, 1936. (Note: An audio copy of this speech can be found by searching the SONIC catalog at the Library of Congress).
No. 85 "The Fallacies And Dangers Of The Townsend Plan" Speech of Dr. Walter E. Spahr, Chairman, Department of Economics, School of Commerce, New York University, Broadcast by the National Broadcasting Company on January 3, 1936. (Note: An audio copy of this speech can be found by searching the SONIC catalog at the Library of Congress). American Liberty League. 400dpi TIFF G4 page images Digital Library Services, University of Kentucky Libraries Lexington, Kentucky Am_Lib_Leag_85 These pages may freely searched and displayed. Permission must be received for subsequent distribution in print or electronically. No. 85 "The Fallacies And Dangers Of The Townsend Plan" Speech of Dr. Walter E. Spahr, Chairman, Department of Economics, School of Commerce, New York University, Broadcast by the National Broadcasting Company on January 3, 1936. (Note: An audio copy of this speech can be found by searching the SONIC catalog at the Library of Congress). American Liberty League. American Liberty League. Washington, D.C. 1936. This electronic text file was created by Optical Character Recognition (OCR). No corrections have been made to the OCR-ed text and no editing has been done to the content of the original document. Encoding has been done through an automated process using the recommendations for Level 1 of the TEI in Libraries Guidelines. Digital page images are linked to the text file. AN INVITATION TO JOIN THE AMERICAN LIBERTY LEAGUE We extend to every American citizen who believes in the fundamental principles which gave birth to the Constitution of the United States an invitation to become a member of the American Liberty League. You may indicate your acceptance of this invitation by filling in the necessary information as to your name and address on the enrollment blank below and mailing it to American Liberty League, National Press Building, Washington, D. C. There are no fees or dues. If you are willing and able to give monetary help for the League's support your contribution will be appreciated, as our activities are supported entirely by the voluntary gifts of our members. ENROLLMENT BLANK Date_ I favor the principles and purposes of the American Liberty League and request that I be enrolled as a / reÂ«ulari \ member. \ Contributing J Signatu Name (Mr. Mrs. Miss) County *As a contributing member I desire to give $_ to help support the activities of the League: Cash here- THE FALLACIES AND DANGERS OF THE TOWNSEND PLAN â˜… â˜… â˜… Speech of DR. WALTER E. SPAHR Chairman, Department of Econ School of Commerce, New York University, and Member of the National Advisory Council of the American Liberty League over the Network of the National Broadcasting Company AMERICAN LIBERTY LEAGUE National Headquarters NATIONAL PRESS BUILDING WASHINGTON, D. C. Document No. 85 The Fallacies and Dangers of the Townsend Plan w HEN you have finished with this pamphlet please pass it on to some friend or acquaintance who might be interested, calling his attention to the membership blank on page 24. Every Business Depression Brings Out Its Contemporary "Reformers" and Their Panaceas One of the very worst features of a business depression is found in the wild and dangerous "remedies" and "correctives" and "reforms" which are proposed by misguided, though perhaps well-intentioned, people. It is a matter of fact that every depression brings out its contemporary reformers and their inspired solutions and panaceas, just as gophers are brought from their holes by a flood. Since this depression has been the most severe one in our history, this country has been subjected to an unprecedented number and variety of these economic salesmen with their "cures," patent economic medicines, and home remedies. Anyone who has studied our economic and financial history will recall the great variety of cure-alls, advocated in the past, that have since been regarded with amusement and wonder. It also will be remembered that all sorts of ingenious devices have been used to appeal to people. Finally, it will be noticed that, in all these instances, the exercise of a little common sense, and the coming of a business recovery, have killed off these wild and fantastic movements, and have relegated their leaders to the limbo of forgotten and disillusioned prophets. Today this country is being agitated morning, noon, and night, and from one corner to the other, by "leaders," visionaries, and prophets. The suffering of the people is the stock in trade common to them all. Each "reformer" has developed his own peculiar method of appeal. Some of the devices used are so painfully crude and repelling that the reformer and his program are soon abandoned, while attention is shifted to some newer and more interesting or more intriguing prophet who has more to offer and who has devised more subtle methods of appeal. All around us, and all through the depression, one has been able to see this constant shifting of the followers from one patent economic medicine vendor to another. It Seems Easy for These "Reformers" to Slip up on the Blind Side of the Average American Apparently, the American people have a great weakness for letting some spellbinder or some "honest-appearing," or "obviously-sincere," reformer slip up on their blind side and take advantage of them. In the past we took great pride in our general intelligence. The hard-headedness and canny shrewdness of the Yankee were traits we were glad to advertise. We liked to think that the average American was pretty keen. Today, as one looks out over the land and sees great masses of people following blindly and eagerly after this economic Simple Simon and that quack reformer, one may well wonder what has happened to the vaunted common sense of the average American. It is easy to conclude that the blind side of the typical American has spread considerably. But this explanation is hardly adequate. The real answer to the phenomenon appears to lie in the fact that it is a rather natural reaction of people, who have suffered severely during the depression, and who are weary and worn with their struggles and worries, to hope that perhaps after all one of these vendors of a patent economic medicine may have found the magic formula which will give them rest and peace and security and plenty. Hope seems "to spring eternal" in the human breast, and it is this that provides such a fertile field for the magic remedies of the depression doctors. Probably No Depression"Remedy" Has Ever Exceeded the Townsend Plan in Attractiveness Were one to search the records of all our depressions for the patent economic remedy which promised the most and secured the greatest number of adherents, it is very doubtful whether any could be found that would compare with the "solution" of Dr. Townsend. It has all the ingredients which will, they say, give the aged peace, comfort, plenty, freedom from work, and freedom from worry; it will put the unemployed to work; it wiU bring general prosperity to all classes; it will raise the standard of living of all people. What more could anyone ask? Who is there so mean that he would challenge such a proposal? How the Townsendites Slip up on the Blind Side of People One of the striking (and subtle) features of the Townsend Plan is seen in one of the principal devices used to appeal to people. It is reported that a common device used at each gathering is to open the meeting with prayer. In this manner the half-defined thought is vaguely planted in the minds of these hopeful listeners that God has approved the Townsend Plan, that He is on Townsend's side, that the whole movement is a crusade for righteousness and justice. This procedure, combined with the expression of other finely-attuned sentiments, such as "Honor thy father and thy mother," serves to persuade people that this is really a great and good movement led by good people who would do no wrong. In an atmosphere of noble sentiments, carefully cultivated, the Plan is made exceedingly attractive by asking such questions as: "Would you, who are 60 years of age or older, not like to quit work and be given $200 per month to spend?" "Would you not like a new car?" "Would you not like to take that trip to California or to New York for which you have been waiting so long?" Explanation as to how this is to be accomplished is a minor part of the proceedings. Thus unpleasant thoughts and harsh realities are banished. Only the spirit and atmosphere of fine sentiments, of gifts to bestow, dominate the meeting. 5 Is this not a subtle way to slip up on the blind side of people? You, the reader, who are an honest person, may feel repelled by the use of such a device. You may say, "What a travesty on religion!" "What an imposition upon those honest souls who are led to believe that there is some connection between their faith in God and the soundness of the Townsend Plan!" And you are. of course, quite correct in your feeling about the matter. But the point is that this particular method of procedure works, and it works nicely. Probably no movement succeeds quite so well as one linked with religion. For thousands of years this has been true. The Crusades of the Middle Ages, with their wars, pillaging, robbery, assaults, slaughter of innocent little children, and every other crime listed on the human calendar, provide fine examples of what a movement linked with a religious zeal can be like. The Townsend Plan Has Not Deserved an Answer by Economists When the Townsend Plan first appeared, its complete and utter ridiculousness was so obvious that no economist felt it necessary to pay the slightest attention to it. The scheme was looked upon as just another part of the froth which the seething of a depression brings to the surface. No economist wished to waste time pointing out the economic fallacies of the thing. No economist wished to dignify the movement with so much as an answer. It was supposed that in due time the followers would come to their senses and that the movement would die as have others of the same type. But the movement has spread and is still spreading, and it is clear that efforts must be made to wake people up and to expose the economic fallacies and the great dangers involved in the Plan. When the followers of this fantastic delusion finally wake up, as they must in time, there doubtless will be some bitter people in this country, because few things sting human beings 6 more deeply than the discovery that their sacred religion has been violated and has been used as the means of leading them astray. Such people usually become especially bitter when they realize that, in addition, they have paid out their good money for the privilege of being thus imposed upon. The good Dr. Townsend, his aids and organizers, and those Congressmen who subscribe to the Plan, are carving out for themselves a most unenviable and uncomfortable place in the history of this country. What Is This Plan of Dr. Townsend? It proposes to give to every citizen of the United States, 60 years of age and over, a pension of $200 per month for life. Each pensioner must give up all gainful pursuits and spend his $200 each month. To pay these pensions it is proposed that a tax of 2 per cent be laid on the gross dollar value of each business, commercial, and financial transaction carried on in the United States. The President is authorized to raise the tax to 3 per cent or to lower it to 1 per cent whenever he deems it advisable in order to finance the pension roll adequately. This tax is to be paid monthly and, of course, is in addition to all other taxes, some of which are to be increased. According to a new bill, the transactions tax is to be supplemented by a 2 per cent tax on all inheritances and gifts in excess of $500, and a 1/10 per cent increase in present income tax rates. To insure that all taxes shall be paid, all sellers of commodities and "commercial things of value" are to be licensed, and the fee for the license is to be fixed by the Secretary of the Treasury. No pensioner may give more than 15 per cent of his $200 to charity, church, or fraternal organizations. No person convicted of a felony, is eligible for the pension for a period of 10 years following the completion of his sentence. 7 The law is to be administered by pension boards, each composed of three pensioners who are to be appointed by the Secretary of the Treasury. There is to be a board in each county in the United States, and each board may appoint deputies. Members of these boards are to receive no other compensation than their pensions. Thus the law is to be administered by its beneficiaries. A major notion underlying the Plan is that the enforced spending will create purchasing power and provide jobs. The aged are picked as a class to receive the pension, because it is felt that there is general agreement that they are deserving. What Are the Economic Fallacies of This Series of Proposals? (1) The American people could not pay the bill; there would be revolution. According to the census of 1930, there are 10,479,028 persons in the United States 60 years of age or over. Thus the cost, if all were pensioned, would be $2,096 million per month or over $25 billion per year. This is about eight times the present (1934) normal revenue of the Federal Government received from taxation and miscellaneous receipts. The Townsendites claim, however, that only about 8 million persons would qualify for the pension and that the total cost per year would be about $20 billion. To be conservative, we shall accept this lower estimate. Thus, their estimated yearly cost would place a burden on the people equal to about seven times the taxes and miscellaneous revenues received by the Federal Government in 1934. According to the estimates of the Department of Commerce, published in August, 1935, the national income paid out (not earned) amounted to $49,440 million. The produced national income was estimated to be about $47 billion. To be conservative again, and to concede the Townsendites everything which we reasonably can, we shall assume the present produced national income is $50 billion. Thus to pay the annual cost of the Townsend pension scheme would require 40 per cent of the national income. Stated in another way the Townsendites propose to give 6 per cent of the population 40 per cent of the national income, leaving the other 60 per cent of the income for distribution among the 94 per cent of the population. If the national income of $50 billion were distributed evenly among the 127 million population each person would receive $394. Since the Townsend Plan proposes to take 40 per cent of it, each person would have left $236. Thus 94 per cent of the citizens of this country would have their incomes cut to an average of $236 per year so that 6 per cent of the citizens may enjoy net incomes of $1,440 per year ($2,400 less the 40 per cent tax) or more than six times as much. For every individual pensioned it would require the complete annual income of more than 21/-! laborers to pay the hill, using $900 as the income per average laborer in the United States another conservative estimate, according to the most reliable data. If 8 million persons are pensioned in the manner proposed, it would require the entire annual income of over 22 million average laborers to pay the cost. The great mass of people, who would have to pay this bill, simply could not exist with such a load on their backs. There would be revolution, and our economic and social system would collapse. (2) Townsendites confuse the burden of taxation on transactions with the effect of taxation on wealth and income. The Townsendites say that the dollar value of all transactions in one year is about $1,000 billion, and that a 2 per cent tax on these transactions would thus yield the needed $20 billion per year. But taxes have to be paid out of income, and they may even reach down to the capital which produces the income. It is here 9 that the Townsendites have made their fatal mistake in their calculations and, as a consequence, the followers of the Townsend Plan are being completely misled. Just how wrong are the Townsend calculations? A simple example should make this clear. Let us take a business with a capital of $1 million which normally has a net income of 10 per cent, or $100,000. To earn this $100,000 the enterprise does, let us say, $10 million worth of business, or, in the words of the Townsendites, $10 million of transactions pass through its hands during the year. The 2 per cent tax on the transactions would amount to $200,000, and the business would have a deficit of $100,000. Of course the business would be wrecked. Practically every business in the country would be in this position. And so would many individuals. It is perfectly clear that the Townsendites do not understand what their tax program means or what they are talking about when they discuss the tax burden. (3) The wage and salary earners would have to carry most of the load, and they could not do it. The very best estimates indicate that about 67 per cent of our national income is paid to laborers in the form of wages and salaries. This means that if these taxes fell evenly on all groups of people according to the proportion of national income each group receives, the laborers who receive wages and salaries would pay about 67 per cent of the $20 billion per year, or $13,400 million. If we assume that the annual income per average worker is $900 per year (it was estimated to be $814 in 1933), it would require 40 per cent of the annual incomes of 37,200,000 wage and salary earners of average income to pay their share of the bill. Since, however, we do not know how many people are employed as wage and salary earners, we cannot be certain as to how much of the burden these people would have to carry. 10 Perhaps additional light may be thrown upon the picture if it is realized that it would require the entire annual income of 14,900,000 wage and salary earners to pay the yearly cost of these pensions, or two-thirds of the entire income of 22,300,000 such persons; or half the entire income of nearly 30 million such persons. If we assume that 67 per cent of the national income of $50 billion goes to wage and salary earners, that there are 37 million such people at work earning an average annual income of $900, and that each such person pays his 40 per cent in taxes, then each such person has left only $540 per year on which to support himself and family. This compares with the $1,440 net income per pensioner, or with $2,880 per family when both parents are living. Thus Dr. Townsend would give to a husband and wife who are 60 years of age or over a sum five times as great as he would leave in the hands of the average wage and salary earner who may have a family to support. But the taxation proposed is of such a nature that the wage and salary earner would pay even more than his proportionate amount. This is because the poor are compelled to spend most or all their income for the necessaries of life. Every time these commodities would pass from one producer to another the tax would be added to the price. And this would not be all. There would be a pyramiding of the tax. Every time the tax would result in a fraction, the full even amount would be added to the price. By the time many of these commodities would reach the consumer, they would have been taxed several times, the taxes would have been pyramided several times, and the consumer would pay his 2 per cent tax on what would be very high-priced commodities. As a consequence, the laborer's income would buy fewer commodities, and the proportion of his income taken by taxation would increase. Thus the transactions tax becomes a grievous burden to the poor, as every economist knows. Furthermore, the expectation that much more 11 tax revenue could be obtained by increasing the tax rates on incomes, inheritances, and gifts is bound to be disappointed. This will be especially true when it is realized that the transactions tax will destroy most incomes out of which the taxes must ultimately be paid. Even under more favorable conditions there are limits beyond which such tax rates cannot be raised without destroying capital accumulation. Capital investments and employment in this country would probably come to an end under the burden of the transactions tax, and an attempt to place a still greater burden upon incomes would be futile. The income, inheritance, and the transactions taxes combined could not pay the bill which the Townsend Plan would impose upon the American people. A tax burden seven times the present one (1934) could not possibly be paid. (4) The transactions tax would turn us into a nation of liars and lawbreakers. A tax on every transaction is an appalling thing to contemplate and it would be an amazing thing to witness. The bookkeeping involved would be tremendous. Evasions would be practiced daily, and our country, of necessity, would be turned into a nation of liars and lawbreakers. This would be the only alternative to complete ruin. People would not endure such a situation. The old Whisky Rebellion would be as nothing compared with the rebellion that probably would sweep this country if Congress should be so foolish as to enact into law this fantastic and impossible Plan of the misguided Dr. Townsend. (5) Czaristic powers would be given the government and the law would be unconstitutional. The plan provides that all sellers of goods shall be licensed, but it does not specify the licensing authority. Since the proposed bill stipulates that the amount of the license fee shall be fixed by the Secretary of the Treasury, 12 it seems that it is he who is to license all businesses. Is there any one who cannot imagine the state of affairs that would exist if all businesses were to be licensed by the Federal Government? Is there any one who cannot imagine the swarm of government agents and inspectors that would be let loose upon the people of this country? Every person who would attempt to sell anything would be brought under the arbitrary authority of the Secretary of the Treasury. Our conventional and Constitutional rights in property, our right to make a living, would disappear. The Czars of Russia never had a power over their subjects equal to the power that this Townsend Plan would place in the hands of the Federal Government. Of course, such a scheme would be unconstitutional; but that fact apparently has no significance in the minds of Dr. Townsend or of his aids. (6) Their circulation-of-money theory puts the cart before the horse. Another major fallacy in the Plan lies in the notion that the spending of money is all that is necessary to aid recovery. The Townsendites say in some of their literature that because money does not circulate, there is general stagnation in business. They apparently do not understand that it is because business has been in a state of stagnation that money does not circulate. Like so many inflationists, they put the cart before the horse. They do not seem to understand that as business recovers in a sound manner the necessary amount of medium of exchange will be drawn into circulation automatically, and as needed. On the contrary, they maintain that all that is necessary to generate recovery is to put money into circulation. Therefore a system of circulating money must be set up, and they call upon the national government to assume the function of making money circulate. The fallacies in such a notion ought to be 13 easily understood. There are three outstanding ones which deserve mention. (a) An artificial increase in the currency supply does not of itself bring prosperity and may destroy it. If it is the circulation of money that makes prosperity, then the German people, with their billions and trillions of money in circulation, must have had a marvelous prosperity about the year 1923. The simple fact is, as everyone who knows anything of importance about monetary matters must realize, that the German people suffered terribly with their increased circulation of money. They were driven to cheap food and to ragged clothes. Business stagnated. Savings were destroyed. Poverty and suffering became universal. This is the answer to those who contend that an enforced circulation of money increases prosperity. (b) The Townsendites confuse money with wealth. Running through the Townsend Plan is a confusion of money with wealth and income. The Townsendites fail to understand that a medium of exchange is one thing and that wealth and income are something else. The medium of exchange is merely a claim to real wealth and income. An artificial increase in the supply of currency cannot, and does not, add to the amount of wealth and income which can be distributed, but it does raise prices, create maladjustments, and make people pay more for what they buy. And, because wages and salaries lag behind rising prices, it is the poor man, the wage earner, and the small salaried man, who suffer and whose standards of living are forced down by the rising prices. (c) The Townsendites subscribe to the fallacious theory that consumers produce business recovery. The Townsend Plan embodies the popular, but fallacious, notion that the way to end a 14 depression and to aid business recovery is simply to increase the purchasing power of consumers by putting more money in their hands. The answer to that is that it is producers, particularly those in the heavy goods industries, who initiate recovery. And they initiate recovery when there is a prospect for profits. There is a prospect for profits when these producers reduce their costs in harmony with prevailing prices, and when their inventories are sharply reduced by the persistent, though declining, purchasing which takes place during a depression. When the prospects for profits are not bright, efforts to revive business by increasing consumer purchasing power fail, because money spent by these consumers is used by business men to pay off their loans and ultimately piles up in banks as unused surplus reserves. Certainly the Townsend Plan would not increase the producer's prospects for profits. (7) The Plan rests upon the fallacious theory that less wealth will raise the standard of living. The Townsendites also subscribe to the fallacious notion that the condition of people in general will be improved not merely the condition of their pensioners if all people, 60 years of age or over, cease working and let all others support them. According to this brand of reasoning, the way to raise the standard of living of people is to decrease the amount of wealth available for distribution. Of course the Townsendites are not the only ones who are guilty of subscribing to this particular fallacy. We have seen it illustrated by the New Dealers in their plans to grow fewer pigs, less wheat, less cotton, fewer potatoes; to utilize less ground; to work shorter hours; to use less machinery. So what could be more logical than for the Townsendites to expect to raise the standard of living by having fewer people work? Their theory is merely part and parcel of the same brand of fallacies under 15 which this country has been laboring to recover since 1933. (8) The Plan is a blow aimed at the virtues of hard work, thrift, saving, investment, and insurance. The economic structure would collapse. The Townsend Plan subscribes to the notion that organized society is under some obligation to pension people who are quite able to continue useful work and to take care of themselves. The whole Plan is a blow aimed, wittingly or not, at prudent and useful living, at saving, at investment, at insurance. If it were conceivable that Congress could be so utterly foolish as to enact this Plan into law, the government probably could find no market for its bonds. With savings destroyed, who would buy the bonds? With a collapse in bond prices, our banks also would collapse because of their very heavy investments in such bonds. Insurance companies would have to dump their securities on the markets to meet the demands of their policy holders who would wish to convert their policies into cash, for who would wish to insure against old age? Savings banks also would have to dump securities on the markets to meet the demands of their depositors, for who would wish to save for old age? Moreover, people could not save. With all these securities dumped on the market, who could buy them? The markets would collapse, the banks would fold up, the insurance companies would be wiped out. All who own securities would find the values of their holdings driven to the zero point. The taxes on businesses would wreck them. The taxes on the farmers would be so high they could not afford to farm. The average laborer could not afford to labor. Grandpa and Grandma could support three laborers, besides themselves, without any work, and all five of the group would be better off than the average laborer today. That is a picture of what would happen. Can any one imagine a Congressman with such 16 characteristics that he will advocate a thing of this sort? Yet there are some individuals of just this type who are finding their way into Congress 1 One of the very startling things which this country has been compelled to witness during the last few years, especially during the last two or three, has been a constant undermining of the well-known virtues of hard work, thrift, saving, investment, and insurance. In opposition to these great and good institutions, which have provided some of the best elements in our American life, we have been seeing agitations for less work, movements which tend to penalize thrift and to endanger savings, and the notion that the world owes one a living regardless of whether one works or saves or exercises any prudence in preparing for old age and the uncertainties of life. The reasoning underlying the Townsend Plan is a characteristic part of this brand of unhealthy thinking. It flies in the face of the most elemental lessons learned by people after thousands of years of experience. It runs counter to what should be the most ordinary common sense. (9) The Plan has a cruel provision to penalize the unfortunate. A striking commentary on the lack of consistency in what Dr. Townsend considers a worthy plan to care for the aged, to take people out of work, and to put money into circulation, is seen in his provision excluding any person convicted of a felony from the benefits of his pension scheme for a period of ten years following the completion of his sentence. One may appropriately ask these questions regarding that specific provision: If a person has served his sentence, does Dr. Townsend consider it an act of justice to penalize him still further? Is it not true that a person released from prison has great difficulty in obtaining a livelihood, and should he not be helped rather IT than hindered? Is there any reason why this person, as distinguished from all others 60 years of age or over, should not be removed from work if this part of the Plan is made effective? And can he not put his $200 in circulation just as well as any other pensioner? Moreover, may not an innocent person be convicted of a felony? And does not a man who has served his sentence, whether guilty or innocent, get just as hungry as any one else? Is it not true that the thing he needs is the sympathetic and protective support of friends and of society? Does not this particular provision of the Townsend Plan reveal a cruel attitude towards one's fellowmen? Is it not a stark contradiction of what enlightened and considerate men feel toward their less fortunate brothers ? When people read this provision and then think of Dr. Townsend and his aids and organizers opening their meetings with prayer, will not all thoughtful persons experience a feeling of repulsion? This Is What Must Be Said About the Economics of the Townsend Plan It would wreck the country. It would tax people beyond their capacity to endure the burdens. It would fall most heavily upon the wage earner and the poor. It reveals the Town-send Plan as the nation's greatest single enemy of the poor. It provides for an unconstitutional licensing plan. It confuses money with wealth. It would destroy the American standard of living. It would penalize thrift, saving, investment, insurance, and prudent living. It assumes that the world owes this selected class of people a living. It reveals a harsh and inhuman attitude toward others equally deserving. It shows the extent to which the unhealthy reasoning of some of the country's "reformers" have gone. It reveals how far those groups of persons, who would like to be supported by others, have bored their way into the vitals of this country. 18 It Is Time for People to Wake up Is Not the Plan the New Dealers' Whirlwind? The spread of this fantastic scheme shows very clearly that it is high time that the people of this country wake up and get a grip on themselves. It shows how easily people can be imposed upon. It shows what some of the notions spread over this country by the New Dealers can look like in concrete form when applied by a man like Dr. Townsend. PAMPHLETS AVAILABLE ^OPIES of the following pamphlets and other League literature may be obtained upon application to the League's national headquarters: Statement of Principles and Purposes American Liberty League Its Platform An Analysis of the President's Budget Mes- Economic Security The Bonus Inflation The Thirty Hour Week The Holding Company Bill Price Control The Labor Relations Bill The Farmers' Home Bill The TVA Amendments The Revised AAA Amendments The President's Tax Program Expanding Bureaucracy Lawmaking by Executive Order New Deal Laws in Federal Courts Potato Control Consumers and the AAA Budget Prospects Dangerous Experimentation Economic Planning Mistaken But Not New Work Relief The AAA and Our Form of Government Alternatives to the American Form of Government A Program for Congress The National Labor Relations Act -Summary of Conclusions from Report of the National Lawyers Committee Straws Which Tell How to Meet the Issue Speech by W. E. Borah The Duty of the Church to the Social Order Speech by S. Wells Utley The American Bar The Trustee of American Institutions Speech by Albert C. Ritchie Fabian Socialism in the New Deal Speech by Demarest Lloyd The People's Money Speech by Dr. W. E. Spahr PAMPHLETS AVAILABLE (continued) Legislation By Coercion or Constitution Speech by Jouett Shouse Recovery by Statute Speech by Dr. Neil Carothers The Imperilment of Democracy Speech by Fitzgerald Hall The Spirit of Americanism Speech by William H. Ellis The Test of Citizenship Speech by Dean Carl W. Ackerman Today's Lessons for Tomorrow Speech by Captain William H. Stayton "Breathing Spells'* Speech by Jouett Shouse The Duty of the Lawyer in the Present Crisis Speech, by James M. Beck The Constitution and the Supreme Court Speech by Borden Burr The Economic Necessity in the Southern States for a Return to the Constitution Speech by Forney Johnston The National Lawyers Committee of the American Liberty League Speech by Ethan A. H. Shepley Our Growing National Debt and Inflation Speech by Dr. E. W. Kemmerer Inflation is Bad Business Speech by Dr. Neil Carothers The Real Significance of the Constitutional Issue Speech by R. E. Desvernine Arousing Class Prejudices Speech by Jouett Shouse