Background
Steadman, Charles Walters was born on July 25, 1914 in Falls City, Nebraska, United States. Son of William Sherman and Marie (Walters) Steadman.
( The Washington financier who first proposed creation of...)
The Washington financier who first proposed creation of a trust fund to retire the national debt has written a book outlining a new plan that would prevent Congress from raiding the fund to supplement the cost of regular government programs. In 1982 he suggested a temporary 5% tax on manufacturers sales. The income would go into a debt trust fund similar to the highway trust fund. The $1 trillion federal debt would have been retired in five years (by 1985 or 1986) under that proposal. In the past decade, however, federal trust fund have not fared as well. For example, contributions to the social security fund essentially are borrowed for the regular budget. The trust fund contains federal I.O.U.s. A special tax that raised secure funds exclusively for debt retirement might well get public support. Without federal interest payments, the 1992 federal deficit would have been cut to $114 billion from $314 billion. Washington banker and attorney Charles W. Steadman, who made the 1982 proposal, now has eliminated the trust fund from his method of paying off the debt. In The National Debt Conclusion: Establishing the Debt Repayment Plan, (Praeger Publishers, November 1993), Steadman lays out his proposal to eliminate the debt in ten years. Steadman would issue new debt bonds for existing federal government debt securities in a single exchange. A sales tax at the producers' level would be dedicated solely to paying off the new debt bonds on schedule. There would be no trust fund. The rate of the sales tax would be scheduled to raise only enough money each year to call the bonds scheduled for retirement in that year. The debt bonds could be retired only by income from the special purpose tax. Steadman's plan establishes a contract between the government and the bondholders, who would have no claim on general funds of the United States. The Congress would have no way to borrow from the debt retirement receipts. Steadman argues that America must adopt a fundamentally different fiscal structure before the debt burden ultimately causes collapse of the nation's financial structure.
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Steadman, Charles Walters was born on July 25, 1914 in Falls City, Nebraska, United States. Son of William Sherman and Marie (Walters) Steadman.
Bachelor of Arts Nebraska, 1935. Juris Doctor, Harvard University, 1938.
Partner Marshman, Hornbeck, Hollington, Steadman & McLaughlin, Cleveland, 1946-1965, Steadman, Jones & Baxter, 1956-1970. Chairman board St. Regis Hotel Corporation, 1960-1963. Vice chairman Leaseway Intercontinental, 1961-1965.
Principal Charles W. Steadman Counselor-at-Law, 1970. Chairman committee to end government waste National Taxpayers Union, 1979. Chairman board, president Steadman Security Corporation, Steadman Technology and Growth Fund, Steadman Investment Fund, Steadman Associated Fund, Steadman American Industry Fund.
Chief counsel Select United States Senate Committee, 1956. Special master commissioner Matter of Dissolution of Cleveland Savings Society, 1959-1962. Special presidential representative to Oman, 1980.
( The Washington financier who first proposed creation of...)
Board governors Investment Company Institute, 1969-1972. Chairman Washington metropolitan area Republican National Finance Committee, 1980-1981. Member executive committee Presidential Inaugural Committee, 1981.
Founder Presidential Trust, 1981. Trustee Texas Wesleyan College, 1982-1984. Founder, chairman National Debt Repayment Found, 1982.
Served as lieutenant colonel Army of the United States, World World War II. Chief counsel legal division Cleveland Ordnance District. Member American Bar Association (council corporation, banking and business law 1958-1960), Ohio Bar Association, Cleveland Bar Association, Ohio Bar, Bar Association District of Columbia, International Bar Association, American Law Institute (life), American Judicature Society, 1925 F Street Club, Union Club (Cleveland), Beach Club (Palm Beach, Florida), Everglades Club (Palm Beach, Florida), Racquet and Tennis Club (New York City), Sky Club (New York City).
Married Dorothy Marie Fawick, February 14, 1942 (deceased September 1974). Children: Suzanne Louise Steadman Hoerr (deceased), Carole Elaine Steadman Kinney, Charles T. W., Dorothy M. (Diana). Married Consuelo Matthews Artini, May 10, 1986.