U.S. At War: Ruml Reasoning

Big, bulbous Beardsley Ruml, chairman of the New York Federal Reserve Bank, rolled up his sleeves last week for another heave to get his pay-as-you-go idea across for the benefit of groggy U.S. income-tax payers. Up to now practically everyone from the President down has gone on record for pay-as-you-go "in principle"—always with a "Yes, but —."

Beardsley Ruml set out to crowbar the biggest stumbling block now in the way of his plan: the plausible-sounding objection that the Treasury would "lose" a year's income if a year's taxes were "forgiven." Not so, said Businessman-Banker Ruml in a letter to...

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