Through the years with the controller, then financial executive.

• Author: Heffes, Ellen M.
• Position: Financial executive magazine @ 75

This is part of a series compiled by the editors that highlights some key developments in the internal and external environment for financial executives by looking back at articles published in past issues of the magazine. Featured here: 1934 (the first year), 1967, 1984 and 1991.

1934, October, The Controller. "Irving Fisher Tells Controllers of Monetary Cure for Depression."

Note from the then-editor reads: "Much discussion has been aroused by Professor Fisher's recommendation as to changes in the banking system. ... it is believed that the plan which he advocates is receiving careful consideration at the hands of Senators, Representatives and government officials."

From the article: "There is much talk today of nationalising our entire banking system. I believe this would be a mistake. All I would do is to take over the monetary work of banks, leaving real banking to bankers. This is the true American way. Banking, i.e., money lending should be left to individual enterprise just as railroading or farming ...

"But banking should not include the manufacture of money as, practically, it does today, for the real circulating medium of this nation today is not pocketbook money but checkbook money--the money we have--or think we have--in the banks, deposits, subject to check. This "money" is really credit, a promise to furnish money and is manufactured by a bank when it extends a loan. Each commercial bank is a private mint."

1967, October, Financial Executive: "Continuing Struggle with State and Local Taxation," by Samuel E. Dyer, tax attorney and assistant secretary of Federated Department Stores Inc.

"Ten years ago, in 1957, expenditures by state and local governments were about $43.7 billion. In 1967, they are expected to reach $87 billion, an increase of nearly 100 percent. The projection for 1975 is $147 billion, an additional increase of nearly 70 percent in eight years.

"There is some evidence that business is carrying a disproportionate share of these costs. In my own company, for example, taxes other than federal income tax have increased 213 percent in the past ten years, nearly twice the rate of expenditures by state and local governments. Today, state and local taxes combine to make the second largest operating expense incurred by Federated. Only payroll expense is larger."

"State and local taxes are one of the heaviest expense burdens borne by many companies. They are, however, controllable to a surprising degree. They are subject...