AMERICAN Institute for Economic Research, founded in 1933, is

an independent scientific and educational organization. The

Institute s research is planned to help individuals protect their per-

sonal interests and those of the Nation. The industrious and thrifty, those

who pay most of the Nation s taxes, must be the principal guardians of

American civilization. By publishing the results of scientific inquiry, car-

ded on with diligence, independence, and integrity, American Institute for

Economic Research hopes to help those citizens preserve the best of the

Nation s heritage and choose wisely the policies that will determine the

Nation s future.

The Institute represents no fund, concentration of wealth, or other spe-

cial interests. Advertising is not accepted in its publications. Financial

support for the Institute is provided primarily by the small annual fees

from several thousand sustaining members, by receipts from sales of its

publications, by tax-deductible contributions, and by the earnings of its

wholly owned investment advisory organization, American Investment

Services, Inc. Experience suggests that information and advice on eco-

nomic subjects are most useful when they come from a source that is

independent of special interests, either commercial or political.

The provisions of the charter and bylaws ensure that neither the Institute

itself nor members of its staff may derive profit from organizations or

businesses that happen to benefit from the results of Institute research.

Institute financial accounts are available for public inspection during nor-

mal working hours of the Institute.