ER 27,1978 For the Record ae iy AMS From a commentary by Walluce Terry on WDYVAM-TY: The trials of Rep. Charles Dipes anu city: Black people are as law and order orjenled as anyone, perhaps more so, and black people expect their black ay \nat ah mr Joseph P. Yeldell prove two assertions about justice in a predominantly black leaders to uphold the public trust as { j = If \ When I came lo this city 20 years ara, the House District Committee was run by Southern bigots and the city was administered at the top by whites. When Mr. Diggs took over the cammitles and Mr. Yeldcll became the manager of the mammeth Departinent of Human Resources, they wielded as much power in District affairs as anyone except the mayor and the president of the United \ a Weed(a ine wellas anyone, perhaps more so. S Lo oy Stales. Charged with diverting some $60,000 Measiatistie Wish i In government payroll funds to his own use, Mr. Digas faced a jury of 11 blacks and one white. Charged with accepting a bribe, Mr. Yeldeil faced a jury of 12 blacks. ved Some people wonderedit those juries could be impartial, They reealled the Watergate defenders whe belicved that they could net geta fair trial in the District because most jurors are Dem , ecrats and black. Mr. Diges and Mr. Yeldelt are both. And besides, Andrew Young and Coretla King testified for Mr. Diggs, while the Yeldcll supporters said there man was the victim of « inedia vendetla and a while-power plat. But both juries convicted, sending a loud, clear message: You can't expect special treatment in a D.C, courtroom | because you happen to be black. And * ‘ whatever your accomplishments have been in behalf af blacks, you must not ~ betray the lrust of your office. Noone, * black or white, is er should become that high or that mighty. Ogre KHERLote, i : LETTERS TO THE EDITOR Tax ‘Rewards,’ Not Penalties The current tax-relief lJegistation the cost of borrowing hasn't effec. should be Included, discouraging the again, hetween those whe stand to benefit from it and those who don’t. Tf the Congress ts interested in cool- only increased the cost of living for couraving larger proportionale down- has sparked @ political debate, once ing the inflationary trend that crip- ples everyone, why not draft a tax-relief bill that relicves everyone? The Federal Reserve Board is attempting lo slowinflation by reducing the growth of the money supply—speevically, ali cash in circulation and money in checking accounts (M-1). The Fed is particularly’ bothered by consumer credit and, when it raises inter. esl rates, consumers are discouraged from borrowing because the cost is made prohibilive. The danger is that the Fed will be too successful, and the economy will plunge into a recession, as it did in 1974. But this fs x society dependent upen Installment credit. Increasing lively curbed credit-buying. It- has everyone. No one exists In today’s economy without borrowing of some kind, and borrowing Increases the money supply, which fuels inflation. The soltution is obvious, if Congress would take the Fed's cue, Why nota system of rewards instead of penallies? For example, a‘tax credit on the downpayments made for Installment (purchases. If, the downpayment amounts to at least 10 percent of the total price of a car, appliance or boat, the consumer gcts a tax credit for 10 percent of the amount of his down. payment. If dhe consumer puts down 25 percent of the totel amount of purchase, he writes off 25 percent of the amount of that downpayment on April 15. Realestate mortgages MGIC 95 percent mortgages, and enpayments. - The dollars spent up front will, In large part, come from M-I, and the growth of the moncy supply will be slowed, as the proportion of the totai amount borrowed will decrease, In other words, the growth In the nujnber of installment loans will not decrease, {hus jobs are spared; but the growth rate of nonproductive dollars en taan will be quelled. ‘The end result 1s that Congress has reduced the federal governinent’s take, for conslructive purposes—that is, reducing lhe growth rate of the money supply through rewardiog consumers rather than penalizing them. : Germantown, Md. JEFF GARVER