The Catholic times. [volume], October 15, 1954, Image 4

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4—THE CATHOLIC TIMES
Friday, Oct 15, 1954
THE
CATHOLIC TIMES
Published Every Week by
The Catholic Times. Inc.
Columbus. Ohio
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A Climax I nending
Last Sunday’s great Diocesan tribute to Our
Blessed Mother will have effects long to be remem
be red in the lives of us all. for one of the surest
things in this life, a thing guaranteed by Our Di
vine Lord Himself, is the efficacy of prayer and par
ticularly prayer to Our Blessed Mother.
As the thousands of us crowded our parish
churches last Sunday and reviewed the Marian
year and what it meant to us individually we all had
proof positive of what dedication and prayer to
Our Blessed Mother can mean.
This is an important decade in the history of
the world. It has seen man's inventive nature crowd
his back to the wall with the possibility of total
destruction of the civilized world as we now know
it. It will soon be just ten years since the word
atom became something more than a laboratory
expression and now is used most frequently in com
bination to denote a most efficient method of de
struction.
The new decade, figured from this time, that
we are starting significantly begins in a year es
pecially dedicated to Our Blessed Mother. The
meaning and message of this year, if they continue
to be carried to the world by the sermons of our
lives, can well be the turning point in an era that
al times has looked most dark as to the future.
Twist Sunday was signalled as the climax of our
Marian devotions throughout the Diocese. It should
not mean, it cannot mean, the climax in the sense
that it took place once and now is over. There can
he no sinking back or stopping. We must go on.
continuing and growing in those practices and de
votions that marked nur participation in the Marian
October, 1954, must be a climax unending.
Mission Sunday Is Coming
Whenever the natural man takes a look at the
world he thinks of his nation's foreign policy
whenever a Christian takes a look at the world, he
thinks of the Missions. Of the two visions, the Chris
tian the truer perspective for what is history
but the unfolding of the drama of Redemption'.’
On October 24lh which is known as Mission Sun
day, the Church through the Pontifical Society for
the Propagation of the Faith, will ask all its faith
ful to be mindful of over a billion pagans both at
home and abroad, who after 1900 years have not yet
come even under the shadow of the Cross, If we
stoon at the Church door to watch that multitude
pass one every second, night and day, we would
he there for 35 years.
It is interesting to compare the foreign policy
of Russia and the I'mled States in relation to the
Missions 'Hie United States foreign policy has con
centrated on Europe as its outer defense against
Communism Russia has concentrated on the Eastern
world as its major offense for bringing the world
under the blows of its hammer and the cuts of its
sickle As Lenin said “the shortest route to Paris
runs through Peiping
In other words, Russia and the Missions are
meeting in the East, the Missions seeking to bring
it into the Mystical Body of Christ, the Communists
in hnng it into the mystical body of the anti-Christ.
Events will prove that the Communists were wiser in
their foreign policy than the United States, for the
key to the future lies in the East. If American
foreign policy had been as farsighted as the Mis
sion policy if it had sought Io bring prosperity and
freedom to the East, as the Missions bring healing
and the sacraments, the world would today live less
in fear and more in peace.
As it stands, the only opposition the Communists
are meeting in the East is the Missions of the
hurch That is why for the sake of the world
peace, they deserve not just the support, hut the
sacrifice, of every Catholic, when the collection
will he taken up on Mission Sunday in all the
churches.
Communism is winning in the East at present
It has already swallowed up the Missions of China,
part of Korea and part of Indo-China. But the mar
tyrs that are being made through Communist per
secution will he more powerful for victu *y than any
preaching that might have been made in time of
peace. The blood of just Abels always cries to heav
en for vengeance It is for us Catholics to mingle
nur sacrifices with their hlood-—and an offering
becomes a .sacrifice only when it hurts ns enough
so that wc feel united In the pain of those who
prolong al vary to this day and hour. This cause
is so special, we ask our readers not to he “gener
ous '—-hut to he sacrificial, that is to match the
heroism of the missionaries with the heroism of
their sacrifice
A Fighting Heart
A universally admired and necessary quality in
any contest is that of having a “fighting heart
it is the one w’ho can come
It is this fighting heart that redeems a Io
ing team in the eyes of all who watch It is this
ame spirit of never say die that Robert Bruce
rained from the spider spinning its weh across
the mouth of his prison cave that insured his even
tual victory.
A fatal mistake in any line of endeavor is to
become discouraged. To become discouraged is to
Jose this fighting heart, rhe word “courage’’
comes from the Isatin tor, which means heart. To
be discouraged means to lose heart the struggle,
to give up, to admit defeat long before the con
test is over. It is to accept a momentary setback
Courage is based on the knowledge and con
viction that one can and must win because he has
the resources w*ith which to win. One cannot
properly be said to he discouraged if the adequate
resources are lacking. The narrow and stifling
'Pint of defeatism can only hold its sway where
nne measures the battle in terms of the striving
necessary to obtain the victory- and finds the
victory lacking in enticement.
Our life here on earth is a constant battle,
with heaven in the offing. There are many storms
n be weathered and many shoals and reefs to be
ivoided It is only one for whom heaven has lost
is savor, for whom the prize seems no longer
worth the effort. «ho will become discouraged
a momentary setback on such a shoal or reef
u e should never become discouraged, for we
know with certain knowledge that wp have at our
disposal all the resources necessary to guarantee
the safety and happiness of the home port. A
good Confession will repair the damage of any
wreck the clouds of discouragement and despair
disappear in the sunshine of Christ's words: “Take
COURAGE, son. thy sins are forgiven thee."
A Re-occuring Problem
Thousands of little people are going to and
from school, many of them four times a day if they
return home for lunch. Many are happy-go-lucky
individuals, many of them with small thought for
anything except to get where they are going. They
won't be watching carefully.
Motorists should remember that they are bound,
not primarily by civil law but rather first and
foremost by God's law, to watch out for these
youngsters. They should be especially attentive
during these hours when the children are going
to and from school.
Just Among Ourselves
Passing Comment Considered or Inconsiderate
The World Series is over. The captains and the kings
depart. Ear called, our players melt iway. Ix). all
our hopes of yesterday are one in Brooklyn or
Detroit. But, though the tumult and the shouting
has died, there is one lesser breed without the law
that still hangs around, as brash and brazen as
ever. This is the breed of the Expert and the Scien
tific Prophet.
When the Giants proved giants indeed when
the Indians, minus war-wnoop and paint, crept
into their reservation when all the Dope was mag
nificently upset and spread thin over the Polo
Grounds and Municipal Stadium, did the experts
fold up their lips like the Arabs and site uly creep
away? Not on your life!
When the lad with the column and confident
air explained, a few weeks back, that pitching would
do the trick, and that, since Cleveland had the
pitching ergo New' York was done for, he spoke
as one whn knows. Have you beheld him wrapping
the drapery of his statistics about him and lying
down to troubled dreams? Not that you could
notice.
As Jeeves would say, “Resilient birds, these ex
perts.” Their pages and pages of pre-Serics proph
ecies, backed with all the weight of the Record,
and explained with an air that w'ould have been of
fensive Solomon on one of his meatier days,
have all proved to he so much eyew’ash. But are
they downhearted? No!
An old time professor of chemistry used to in
struct his laboratory classes, before an experiment,
with crystal clearness, and would tell them exactly
what the outcome of the operation would be. “Take
a clean, dry test-tube.” he would say, “and put into
it ten cc. of clear mercury............” When the ex
periment failed (as sometimes it did), he would
dictate (or the pupils’ note-books “Reasons ,or fail
ure: the mercury was not clean the test-tube was
neither clean nor dry...........
The old chemistry professor at least faced the
failure and tried to explain if. And, likely enough,
his explanation did explain. But the Fearless Fore
casters (J. I^irdner among them) do not even recog
nize the fact, that they failed They do not seek to
explain their failure. They ignore it.
If the Series had gone according to the predic
tions, w hat a flood of self approval would pour
from the typewriters of the Experts! “As we told'
you in ihis column three weeks ago .” “ft was,,
of confse. a foregone conclusion that the Indians,
with a pitching staff of wide extension and unbe
lievable depth, would walk away with the champion,
ship. Our readers will recall |hat we said as much,
and called the turn of events with neatness and
exactitude.'" “Just as we said, many times over, in
our forecast of this national autumn madness, the
Giants were heaten before they started.” And so
on, and so forth el patati et patala.
But when the Series actually dumped the Dope
into the ashcan, there is no humbled, nor even a
puzzled, attempt to explain just where ihe Dope
sters went wrong in their calculations. The boys
that would cheerfully have dislocated both elbows
trying to pat their own backs for successful predic
tion, have not even the grace to smile sheepishly
and murmur something about it’s being a couple
of other teams they meant. They do not even fall
into embarrassed silence. They are still talking,
busily forecasting the outcome of future events!
“No regret for aught that has been,” wrote Al
fred Lord Tennyson. He must have been thinking of
the Experts, the Prophets, the Know-lt-All-Beiore
It-Happrns-Lads. These unblushing gentlemen, end
lessly articulate, are a kind of Maginot Line. Their
guns all point one way and can’t be turned around.
Now, all this reveals a very interesting feature
of American life We dole on prophecies. We revel
in polls. We want the latest facts about tomorrow.
And when we get the polls, and the prophecies, we
immediately forget them. We do not stone the
prophets for prophesying, because we love that.
We do not stone them when events show them to
he false prophets we forget what they said. So do
the prophets themselves. And we all forget with
lightning quickness.
Rut it would be a refreshing thing to have a
busted prophet make at least some concession to
the demands of responsibility. It would pleasingly
stir the spirit to hear one of them say. “Well, I
was wrong. 1 failed to take into account, when
working out my careful calculation, certain variable
factors etc.” ft would not be such a hard thing
to do. Any man can wiggle out of anything if he
keeps in his vest pocket a little outfit cf phrases
about variables, and inconstants, and intangibles,
and values, and psychological effects, and a few
others. This outfit can be procured by attending a
university for four years it is called “Scientific
Jargon. Jr.”
Still, as we say. Americans like the irresponsible
prophet. And Ihe prophet likes him too. It’r not bad
to be able to predict a war, or a landslide of votes,
or a recessive depression, or a depressing reces
sion, or a championship for the Pirates,—not bad, so
long as you are never going to be made to eat your
words. Indeed, it is a heartening thing for a prophet
to know that he is going to be considered an ex
pert, no matter what he predicts and no matter
how badly he misses the mark. And this heartening
thing is the unfailing support of our Scientific
Dopes or Dopesters. They know from the start
that the one thing Ihe American people will never
do is, after the event, to put fact and prophecy
side by side, and call upon the prophet to explain
what he meant by his silly prediction.
It’s only a sharpie here and there, and never
the American populace, who ’■emembers what the
official said in his old campaign speeches. It’s only
the whole Party that completely forgets what the
Party Platform is. or was. li’s only the eager mass
of people who dote on prophecies that instantly
forgets, when fact fades out futurity, what the
prophecies actually predicted.
Get out the records. Consult your Gillette Book
Figure who will he next World Champions, Broad
cast your predictions, no matter what they are
No one will hold vou to account.
IFASHINGTON LETTER
WASHINGTON—Tne demon
stration against integration stag
ed by pupils in some of the local
public high schools was a case
of a few individuals doing a
grave disservice to the many.
The demonstration has been
the biggest local story in recent
days. It has been an important
story, but not a great one. It
has been a sad story.
Judging from conversations
one hears, and from letters read
ers are sending to the editors of
local newspapers, the incident
has provoked a good deal of
thinking.
For example, the point has
been raised that a few adoles
cents, acting on their own, have
discarded for the Nations Cap
ital a distinction in which is was
beginning to take a good deal of
pride. The honor has bAen lost ir
revocably. and the preponder
ance of this city’s residents had
nothing to say about it.
The distinction lay in the fact
that integration was being
achieved here with a minimum
of difficulty. It had been intro
duced successfully in Catholic
schools of the city several years
ago. Now', this fall, it was being
put into effect in the publie
schools. President Eisenhower
was highly pleased over the way
things were going. Government
LOUIS F. RUDENZ
The London agreement, which
may permit West Germany par
tially to help detend Europe, has
not daunted the Communists. In
every Euro
pean country
they continue
vigorously
their a m
paigns behind
the “new So
viet peace in
it iative,”
Since the ob.
that “initia
five” are di
rectly opposed
aims of the Ixindon agreement,
one thing becomes clear: the
Kremlin and its agents hope to
scuttle this new arrangement
just as they hustened the col
lapse of the European Defense
Com munityr
in the alleged
We can circumvent these Red
aims if we appreciate how much
any American adherence to the
“peaceful coexistence” theory
helps the Kremlin toward its
new goal, the cutting off of the
United States from Europe. If
we persist in imagining that we
can persuade Malenkov to aban
don Communist fundamentals
world conquest then weaker
nations will be driven into Mos
cow’s arms.
Sample of Red Distortion
How set the Communists are in
their resolve to make “coexist
ence” stick as an American pol
icy is witnessed in their rising
vituperation against Cardinal
Spellman. The Daily Worker of
October 1 makes the latest Red
contribution in this direction.
Editorially it declared that “Car
dinal Spellman and the top (Ca
tholic) hierarchy are working
with might and main to subvert
our democratic heritage with a
Francoist philosophy embodied
in McCarthyism.” 1 invite a re­
Citation
4 Proud Honor Now Lost
officials were citing Washington
as a model for all the country.
Diplomats and visitors from for
eign countries were seeing that
we could make things work out
-—with no trouble at all.
Suddenly, all this was thrown
away. The, people of Washing
ton became aw-are that, without
consulting them, some youths
had peremptorily taken the cap
ital from this high position.
It has frequently been sug
gested in recent days that the
school boys and girls were not
acting entirely on their own.
Some have said that they wore
implementing prejudices that
they heard their elders voice, pos
sibly at home.
This has led some to inquire
as to what has happened to the
discipline that used to mark our
homes and schools.
People have said that, well,
since it seemed bound to happen
some time, it was a good thing to
get it over and done with. But
this brings the quick observation
that it didn't have to happen at
all.
What effect ho had upon the
youths is not known, but Bry
ant Rowles, who described him
self as president of the Associa
tion for the Advancement of
White People. Inc., showed up
The Attack On The
re-reading of that sentence, for
it constitutes a striking sample
of’ Red distortion.
What Cardinal Spellman did
at the American Ix'gion Conven
tion, which occasioned this vili
fication, is to advise the Amer
ican people of the truth. He
warned them of what Ihe Com
munists constantly say to them
selves—namely, that this is the
period of world revolution or
world conquest from the Soviet
viewpoint. And in that period,
Soviet Russia and its satellites
are the bases for the overthrow
of the government of all non
Soviet nations. That is precisely
what Stalin states on page 91 of
the Little l^enin Library edition
of “Foundations of Leninism.”
I
This world conquest is specifi
cally to include the violent over
throw of the government of the
United States, as Stalin se^s
down on page 55 of the same
edition of the same book. It is
impossible to negotiate any
“peace” with a power which has
this objective. The longer we
persist in that fiction, the quicker
we seal our own fate.
All Opposition Termed "Fascist"
It would be well if those who
accept “peaceful coexistence” so
airily were to read what the
Communist leader in America,
William Z. Foster, writes in the
August issue of Political Affairs.
“The Marxist-Leninist concep
tion of the peaceful coexistence
of capitalist and Socialist coun
tries.” Foster says, does not im
pair the Communist view that the
present is “also the era of great
imperialist wars and proletarian
revolutions.” That is Aesopian
language for you in its fullest
bloom. This double-talk tells the
Stalinite very definitely
as it tells anyone else who
studies Communist phraseology
and methods-—that “peaceful
I
here w'hen the demonstration was
near its height. Attorney Gener
al Herbert Brownell, Jr., said the
Justice Department was keep
ing Bowles “under observation.”
The Attorney General also said
the Justice Department is close
ly watching student -parent
strikes against integration In the
schools, to see if the Government
should take some legal action.
Looking back. the whole
senseless,
thing
and
cost 1 v. too. ns la sputa
tion is concertled. It wa:s far
more serious tf)an a prank, al
thougli inanv of those who dem
onstrated undouhtedly thought
of the demonstiration as a lark.
Chief of Police Robert W. Mur
ray dampened the ardor of a
great many of them when he
warned that they could, and
would, be arrested for continued
truancy and street parades. Then,
he pointed out. they’d have po
lice records all the rest of their
li'-es.
Newspaper cartoonists employ
an elderly gentleman in Colonial
garb to represent the city of
Washington in their drawings.
Today you can just see that ven
erable character looking rue
fully at a dented crown some of
his thoughtless sons and daugh
ters have knocked off of his head.
Hierarchy
coexistence” is to be used for
the furthering of Soviet aggres
sion.
The rising Red attacks on Car
dinal Speliman have still an
other purpose in view. Not only
is his challenge to “peaceful co
existence” to be met with the
usual shrill cry “fascist,” in
addition, the same outcry is to
to be used to divide the Catholic
laity from the hierarchy. This
the Reds were instructed to do
as early as April, 1946. It can be
detected again in the Daily
Worker editorial of October 1
when it says: “It is untrue that
the Irish Catholic citizens of
America are in the pockets of
the pro-Fascist conspirators.” 1
recommend the re-reading of
that sentence likewise, for the
concealed Communists and their
friends will seek to sneak this
thought over to the Catholic
laity in many different forms.
It is surely time that this blat
ant misuse of the word “fascist”
by the enemies of this nation be
thoroughly und rstood and com
pletely refuted.
Such refutation, which could
show that to the Reds everyone
who opposes them is “fascist,”
would be made easier by a w ider
knowledge among community
leaders of the nature of Soviet
communism, the operations of
the Communist line, and the
Communsit use of reforms
as a screen for the conspiracy's
illegal activities.
Stimulating Study
Education in understanding
Communism as it actually oper
ates is essential to the future
life of this Republic. Every cur
rent issue of the Conunform or
gan stimulates the Stalinites of
the W4»rld to study in order that
they may be better able to pen
etrate non-Communist organi
zations and nations and more
skillful in deceit.
Inquiry Corner
Q. Is it better to abstain from
meat or to let it go to waste?
Vhat if you have ordered meat
or have it at home and it will
waste if you do not eat it then?
A. The law of. abstinence is
not a “mere” Church law, to be
dismissed upon any occasion. It
flows from our need for pen
ance and our duty of obedience
to the Church which prescribes
certain penances for the good
oT our soul. The abstinence law
is a grave one and ft is a mortal
sin to violate it deliberately.
There are exceptions to the law
(e.g. seriously sick people) and
excuses (e.g. a working man who
has a lunch with meat and no
opportunity to get any other
adequate lunch). Inconvenience
or even the wasting of food
would not ordinarily provide an
excuse. Catholics expect to do
penance and the value of a lit
tle food—as though we are al
ways that conscientious about
wasting things!—cannot be com
pared to the value of penance.
On Friday too there is the spe
cial reason in that we commem
orate the ddath of Christ, In
particular cases the pastor may
dispense a family or an individ
ual. In practical doubt Catholics
should ask their confessor’s ad
vice.
Q. What should one do if he
feels he needs the help of a
psychiatrist?
A. Under ideal circumstances
there would be no more need
to hesitate about the choice of a
psychiatrist than there is about
choice of physicians dealing with
physical ailments. Some psychiat
rists, however, are sceptical
about Christian Faith and Mor
als, and give advice which con
flicts with the laws of God and
the Church. For this reason it
would be wise, if a person feels
that he or someone in his
care needs a psychiatrist, for
him to consult his pastor or the
priest in confession. If he cannot
refer you to a particular psychi
atrist he could help you in the
situation, perhaps by recom
mending an M.D. who in turn
could refer him to a psychiatrist.
Q. May a Cattholic be best man
at a Protestant wedding? If not,
A. No. Marriage of baptized peo
ple is a Sacrament. A Catholic
may not take active part in any
religious service other than his
own, whether Sunday services or
sacraments. Passive participation
(i.e. mere attendance) at such a
marriage is permitted for a pro
portionate reason (e g. of rel
atives, neighbors). We believe
that the Apostles and their suc
cessors in the Catholic Church
have authority to teach and to
administer the Sacraments. As
Catholics we cannot appear to
recognize the administration of
the Sacraments by others.
Q. Is it a sin to see a movie
that is classified as objectionable
A. The Legion of Decency list
is a guide. In our pledge each
MONSIGNOR HIGGINS
Father Hralay--------------------
Tax Controversy
We are going to hear a lot
about taxes between now' and
the November elections. Critics
of the Administration's new tax
law can be ex
pected to say
that it favors
the rich at the
expense of the
poor more
specif ically,
that it favors
the well to
do investor at
he expense of
the average
worker. The
administration,
on the other
hand, will deny this allegation,
pointing out that tax relief for
investors, the majority of whom
are people of average income,
will directly or indirectly bene
fit every segment of the popu
lation by stimulating new in
vestment in job-producing and
wealth producing industries. In
this connection it will be said
that previous tax legislation, by
contrast, has discouraged private
investment to the disadvantage
of workers as well as potential
investors.
This is an old argument and
one which is likely to be with
us for a long time to come. It
has never been possible to re
solve the controversy objectively
—i.e., on the basis of establish
ed facts as opposed to partisan
opinions. Aside from differences
in political philosophy, the prin
cipal difficulty has been a lack
of scientific evidence on the in
fluence of taxes on investment,
production and employment.
Thus the importance of a new
series of studies of the effects
of taxation on business, con
ducted through the Harvard
Graduate School of Business Ad
ministration and financed by
a grant from the Merrill Foun
dation for the Advancement of
Financial Knowledge.
Not Political Treatise
The final volume in this ser
ies, just off the press, is prob
ably the most reliable compen
dium of information nn “Effects
of Taxation on Investments by
Individuals” (Graduate School of
Business Administration, Har
vard University $6.25) It is not
a political treatise in any sense
year we promise to avoid movies
“that are dangerous to my mor
al life.” If a movie appears to
be dangerous to our personal
moral life we sin by going to
see it, not so much because it
is on the list but because we
must avoid all occasions of sin.
We do not exactly pledge to
obey the list, but we do also
pledge to do all in our power to
oppose immoral movies and the
Legion of Decency list is im
portant for that purpose. Grant
ing that the Catholic critics who
make up the list are not infall
ible there can be little effective
opposition to indecent or other
wise immoral movies unless we
agree to some such national list
ing. A person may judge that he
may seel: advice in confession
(beforehand) if he wishes. A Ca
tholic who constantly attends
movies which flagrantly violate
the Christian moral code can
scarcely avoid sin even if he
think ne suffers no moral harm
himself. He is likely to give
scandal and he is certainly en
couraging production of such
films.
Q. Why do Church historians
make so much of St. Peter hav
ing been in Rome? Does any
thing in particular depend upon
that fact?
A. Accumulated evidence
leaves no reasonable doubt that
.St. Peter was in Rome and es
tablished his episcopal See there.
Until recent years this fact was
denied by many who held that
the Church of Rome was inde
pendent of St. Peter, the Vicar
of Christ and so the present
Bishop of Rome, or Pope was not
a true successor of St. Peter.
While St. Peter did not have to
establish himself as Bishop of
Rome, and in fact was first es
tablished as Bishop of Antioch,
it is important to prove that the
Pope is his successor. Very early
records prove that the Bishop of
Rome exercised supreme author
ity in the Church, exercising the
office bestowed ujjnn St. Peter
by Christ, and proof of St. Pet
er’s residence and official posi
tion in Rome establishes this
authority as coming from Christ
through St. Peter, the first
Bishop of Rome. The word
“Pope” was not used exclusively
for the Vicar of Christ until the
eleventh century, but records
from the first and second cen
tury show the bishops of Rome
as successors to St. Peter.
Q. Who is the patron saint of
writers? of doctors? lawyers?
A. St. Francis de Sales was
named patron to writers by Pope
Pius XI in 1923. St. Cosmas is
the patron of doctors. His feast
is September 27. St. Ives is the
patron of lawyers. His feast is
May 19th. St. Luke is also men
tioned as a patron of doctors as
is St. Pantaleon (July 27th).
Send questions to Father Ed
ward F. Healey, Inquiry Corner,
The Catholic Times, Box 636, Co
lumbus (16) Ohio.
of the word. On the contrary,
the^authors deliberately refrain
from making any policy recom
mendations in the field of tax
legislation and are scrupulously
neutral in the field of partisan
politics.
Politics aside, this new volume
by Messrs. Butters, Thompson
and Bollinger is required read
ing for those who wish to form
an objective opinion on tax leg
islation. It is not, nor was it in
tended to be, the final answer
to the political controversy re
ferred to above. Nevertheless, in
the words of the publisher’s ab
stract, it does furnish “the basis
for empirical generalizations in
an area previously characterized
by theoretical speculation.”
Two of the “empirical general
izations” are particularly import,
ant. The authors seem to have
established the fact that while
there are literally hundreds of
thousands of investors in the
United States, “the investment
decisions of individuals in the
upper income and wealth class
es are of overwhelming import
ance.” (They estimate that ap
proximately 65 or 70 per cent of
all marketable stock held by
private individuals is owned by
family spending units with net
worths in excess of a quarter of
a million dollars.) And they con
clude that while the relatively
high taxes of recent years “have
substantially reduced the capac
ity of upper bracket individuals
to accumulate new investible
funds, their remaining ca
pacity is still very large—much
larger than generally supposed.
These findings are not cited
as an argument against tax re
duction for investors. Neverthe
less they have an important bear
ing on the question. They openly
contradict Uie “theoretical spec
ulation” of those who say that
high taxes have dried up or ex
hausted the supply of new in
vestments. And unless and until
they are corrected or refuted,
these findings will have to be
accepted as the best available
starting point in all future dis
cussions of this phase of tax
reform. There is no longer any
excuse for the guess work w^ich
ha« so often characterized dis
cussions of this subject in the
past.