Document VjdG91Be48DKELJ0Edee6gLmw

The answer, it seems to me, is that "risk capltaL," Then--at the uerp time that we shall the money that makes new jobs when invested in growing companies or in new businesses, must come largely from the people making more than $5000 a year. The others usually cannot afford to take any risks with their savings. It was the savings of this 10% group that mode possible the huge growth in American industry and American jobs and our progress In raising American living standards in the years before 1930. Now the government Is taking so much from the 10% group In taxes that they cannot afford to risk any savings they manage to accumulate. Most of their savings now go to Insurance companies and savings banks which are barred by law from making risky Investments or investments even in seasoned common stocks. The flow of risk-capital from this 10% group can only be renewed by reducing their taxes. The result will benefit everyone over the difficult years to come by providing more and steadier employment for ail . The cost of the presently proposed reduction, less than 1% of the national income, can well come out of current revenue surplus. It will he repaid manyfold by the new enterprises it will stimulate. 4. Jobs will be lost if risk-capital does not increase. drive to maintain prosperity-xoe shall be hit^f full impact of the tax revolution. ' ^J 5. Compounding these troubles Is a tax as out-of-date as an oxcart Twenty years ago, when taxes took only * cents out of the national income doling 0Ur ` trap tax system was little more than a 0, Today, when It takes twice as big a bite, its dou! taxing of the earnings of investors, its diserkni^ excises, and the overlapping of federal, stetaf local levies are a fatal handicap. A new system) fair system, a rewarding system,- is a necessj^mj American initiative and enterprise are to harfll fair chance. What Congress does now about federal tare^u^ bear crucially on our ability to sustain projpe By demanding economy In government ahdj^ re-designing the tax system to stimulate Initial ., and risk-taking, Congress can multiply many our chances of maintaining full employment raising living standards. By allowing people to save more and by renew! the incentive to risk capital in new eriterpria^ Congress can actually insure a bigger tax in the years ahead. More business will result - tjffl] pay more taxes. } Unless the flow of risk-capital into business can be doubled and trebled in the next few years, busi ness investment In job-making new plants and equipment will drop sharply. The McGraw-Hill survey of prospective capital expenditures, reported in the previous editorial In this series, made that quite clear. When such a drop in business investment has come In the past, It has brought with it a general That is the only way that a free people a free economy can carry the tax load. ' That is the best way that our government 5B Improve our chances of keeping our jobs and^j getting ahead. 1 suggest that you discuss these vraj| matters with your chosen representatives In greas, in your state government, in your community. , slump In business -- and unemployment As we work through the enormous demand for goods of all kinds built up during the war years, and as the war-accumulated savings of businesses and individuals arc spent, it will be harder and harder to keep production and employment at to day's high levels. President, McGraw-Hill Publishing Company, Tins IS THB 69m OF TOT SXRIXS phate, NaPO,, forms sodium. No*, end phosphate, PO, , ions, Na# PO, in water --* 3 No* 4* PO," * * If wo add both calcium sulphate and trisodlum phosphate to water we are Concerned not only with tho solu bility of each but also with the solu bility of various combinations ol Iona-- for example, of sodium sulphate, NbjSO* and calcium phosphate, Ca,(PO,). To determine what, if any thing, will precipitate or oomo out ol solution we must consider the tolubU- ity product ot the possible combinations of ions. leak Product. By our experiment we found that only a certain amount of common salt dissolves at a given tem perature. This is true of every other substance. When all material has dis igfrjpu op PRECIPITATION: Strontium chloride solution (> put In a boiler. Tjjggr'(Ample to got rid of corbonoies when making a hydroxide-alkalinity test |lhy Inorganic Materials solved that .can, the product of the amount of ions present Is called the solubility product and U expressed in gram ions per liter. For example, when as much calcium sulphate Is dissolved in water os will dissolve, about 1.07 grams are present (n each liter of solu tion. This amounts to 1.07 -+- 136 (grams per liter molecular weight) = 0.0079 gram molecular weights of Precipitate By Oft ft C (ILMER, Technical Otocfer, t t Dnw ft Ca. /m calcium sulphate, or 0.0079 gram ions each of calcium and sulphate ions per liter. Product of the concentrations of theso Ions (0.0079x0.0079) la 0.000062 or 6.2xl0~*. This is the solubility prod uct for calcium sulphate. It meene that mHore'i hew chemical, act in KMlufion. Adding them to waElir lower, tolubility product |[of icole-forming compound,, the water stirred, solid salt dissolves until finally no more will go into'solalion. 2/ the solution Is filtered and completely evaporated the salt remains, and for each gsl evaporated about 3 lb of salt are left. If a solution con taining less than this amount Is boiled, If calcium and sulphate ions are present in a solution in such amounts that their product exceeds this value, calcium sul phate will precipitate until this value Is reached. In water treatment, this principle is the basis for most precipitating reac tions that occur. For example, hard KuMipitating them outtlde the goiter or a, (fudge Inside nothing happens until this concentra tion is reached. Salt then comes out of solution in the form ol small crystals, and the process eoat/nues until ail ness salts--calcium and magnesium-- are precipitated by adding other chemi cals that cause the solubility products for tho various ion combinations to be exoeeded so they precipitate as definite water is gone. fteoctfon Products. Several materials compounds. This is true for both ex complicate the situation because the ternal and Internal treatment * ALL arrow that under certain con solubility of eaeh la Involved. We must ations materials dissolved in water also consider solubilities of reaction ' come out of eolutlon. When thJa hap* produots between the materials. To un. |)'Pam because of the concentrating effect jf wsporation, as for example in boilfhir we say solubility is exceeded. When .1*'results from adding another chemi- demand the reaction, let's see what happens when materials dissolve. We are limiting the discussion to inorganic materials because water treatment is jcu. precipitation takes place. The two iPmcesset are really analogous because -hitb depend on aolubilily. most concerned with them. When inorganic .materials dissolve in water they break up or dissociate into h Solubility? Solubility means ions. Aa an example calcium sulphate, >!|*b amount of a solid that can dis- CaSO,, forms calcium, Ca**, and auf. In a given volume of water. If . phate, SO,"", ions, j*ttunon salt (NaCl) { thrown Into a CaSO, in water --* Co** + SO,* * of water at room temperature and In the same manner triaodiotn phot. If soda ash ti the treating chemical, calcium precipitates as calcium car bonate, If phosphate is used and an excess carried, calcium precipitates as calcium phosphate even though car bonate is present This occurs because the solubility product of calcium phos** phate is less than that for calcium car bonate. In either case the magnesium precipitates as magnesium hydroxide because the solubility product of magnosiuin hydroxide is lees than either magnesium carbonate or magnesium phosphate. Proper choice of treating materials gives desired results. ||,OWER April 1940 (1)