An organization by the name of the Conference on State Defense was formed last May shortly after Franklin Roosevelt recommended a "short and simple statute" permitting the Federal Government to tax securities issued by State and municipal governments and conferring on them the right to tax Federal securities. No less than 39 of the 48 State attorneys general have joined the Conference and last week they had plenty to talk about.

For a report by the Treasury Department totting up the volume and type of present wholly tax-exempt securities in private hands...

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