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...British formula of 1940 held that a minimum of inflation follows a war finance program of one-half taxes, one-half loans. Britain soon fell behind this goal; so did the U.S. (see chart). For the fiscal year ending next June 1943, budgeted defense expenditures tot up to $56 billions, all expenditures to $59 billions. Even after the proposed $8 billions in new taxes, annual revenues in sight are $26 billions. More than half, therefore, must be borrowed...

Author: /time Magazine | Title: WAR ECONOMY: Where's the Money Coming From? | 3/9/1942 | See Source »

Miss Fenner's library has tot-size sofas and club chairs upholstered in red and blue, where her small customers may be found at all hours (even after school). Miss Fenner rarely sits at her librarian's desk. While children sign out their own books, she tours the bookshelves, listening gravely to criticisms of stories, helping choose books. She also runs a stamp club, a dramatic club (for acting stories), a library club (to help straighten books, stamp cards, etc.), a storytelling hour...

Author: /time Magazine | Title: Education: Tom Sawyer v. Tom Swift | 2/23/1942 | See Source »

...year-olds, combine singing, harmony, composition, teaching by rote. Instead of learning a showpiece by playing it over & over, a student plays many pieces, however sketchily. Most widespread modern system is the Oxford Piano Course, developed at Northwestern University by Osbourne McConathy, Gail and Charles Haake. Many an Oxfordized tot startles his mother by asking how to find the dominant seventh in four sharps-a key which the oldtime piano-marms kept for their star pupils...

Author: /time Magazine | Title: Music: Down With Scales | 1/12/1942 | See Source »

...Civil War days when the Union would have fallen apart without them. Thousands rushed to enlist (see p. 8). Other thousands helped in other ways: > At the Treasury in Washington so many gifts of money arrived that clerks worked overtime to acknowledge them, had no time left to tot them up. One man sent $100 he had won at a movie bank night. A hairdresser sent an entire day's receipts: $200. Most frequent message: "Merry Christmas to Uncle Sam." > Defense-bond sales jumped as much as 8,691% in one city, soon forced some post offices and banks...

Author: /time Magazine | Title: The U.S. At War: Gifts for Uncle Sam | 12/29/1941 | See Source »

...Senate approved and sent tot the White House a bill authorizing acquisition of 59 new Naval auxiliary ships, the House passed and sent tot he Senate a bill giving the Government broad powers to regulate the use of U. S. merchantmen in the current emergency, and Rep. Ed V. Izac, D., Calif., proposed that the U. S. Navy be used to patrol a new "shipping zone" between this country and Ireland...

Author: By United Press, | Title: Over the Wire-- | 5/21/1941 | See Source »

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