Make:

• Radio-cooked toast
• Retro ThingamaHat
• HOW TO - Movies in 3 dimensions
• TRANSISTORS - first family of electronics
• Amuse Friends with chemical stunts
• Jumpin cars, sled stoves, battery powered cars and steampunk RC trains...

You think those leather gloves will protect them if they stick their hands into the entirely unguarded front or back faces of that propellor? Or is there a "protective cowling of wire" that we can't see in the photo?

I think that back then, they were just smart enough not to stick their hands in giant metal fans

Unfortunately, liability concerns are the main reason I haven't built a kid-powered merry-go-round yet. I guess in 1934 the risk of concussions and getting fingers and toes chopped off were just accepted as part of childhood. But today my family wouldn't financially survive the liability lawsuits if some neighbor kid got hurt after I built one of these.

Has anyone seen plans for similar toys that meet 21st century safety standards? I'd still like to build one, but all of the places where little fingers and toes could go would have to be covered with some type of shields.

how depressing cw
I understand your concerns, but it is still depressing that people are not building toys for kids for fear of them getting hurt.
(begin sarcasm)
Plans for a 21st Century Safety merry-go-round would probably be a 6" padded platform that wouldn't spin.
(end sarcasm)

Here is a motor powered merry-go0round that doesn't look anymore dangerous than the ones in the mall (well not too much more):

www.vintageprojects.com/kids/merry-go-round.html

I agree with cyenobite...

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