The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-11

s10,00o,oo0 Under present conditions there
exists. locked up in the Treasury. with
drawn from business and from commerce.
about $3.50. 100000. This money is needed
by the business interests of this country
for the purposes of trade and of COM
merce.
THE last few years have witnessed
great financial disturbances on account of
the large sum of money that has been
locked up in the Treasury and withdrawn
from circulation. Money has at times
loaned at extremely high rates of interest
on account of its scarcity, while the
Treasury vas loaded and overiowing Sc
rious financial troubles have arisen from
these causes, occasioning many business
losses.
"The Secretary of the Treasury has
sought to avert the great evils arising
from this source by lending to national
banks large sums of money. which these
banks have received and used without the
payment to the Government of any inter-
est whatever. On this account there is
complaint that partiality or favoritism is
shown. Ii is the better course to let this
money remain with the people, to be used
in business rather than accumulate in the
hands of the Government to be loaned to
national banks without interest.
Benefits of Greater Reduction.
'By taking off $40. COO of the taxes it
taxes and burdens which will be retained
if the relief is limited entirely to that
contained in the bill proposed by the ma
iority. 1t would make it possible to give
relief to the tobacco interest, which las
suffered in the last few years on account
of the heavy taxes imposed upon 1t by
the War Revenue law.
'1t would permit an extension of far
more relief to those who produce beer
than is proposed in the bill of the major
ity. This interest has also suffered and is
lanSuishing on account Of the heavy tax
imposed for war purposes. 1t would en-
able the abolition of many vexatious and
annoying taxes that will continue even if
the bill proposed by the majority should
become law.
"a reduction of $40. .O0o, ,OOO would leave
ample revenue and sufficient money in the
Treasury for all legitimate purposes. With
the large amount OF available cash in the
Treasury, which would be added to con-
tinualiy. even if the reduction should be
extended to s1o,0000G6, it would not be
long before further reduction would be
needed and demanded by the best inter-
ests of the country.
If the reduction is to be limited to
Sie,O0oc0O. as proposed by the majority.
we are certain that there are interests
to which the majority have failed TO give
any relief whatever. although they are as
much entitled to reductions as many of
those for which reductions are proposed
by the majority. Many instances could
be cited TO show that business interests
are left burdened with heavy taxation
that are as much entitled to relief as
many that are relieved in the bill pro-
posed by the majority.
I'VE contend the vice of our existing
legislation is that almost all the burdens
of the Federal Government are imposed
upon consumption rather than upon pro-
duction. For Federal purposes the reople
are taxed for what they want and not for
what they have, and false system of
taxation has thus been inaugurated
which has practically made per ,apita
distribution of the burdens instead of
distribution in some degree proportionate
to the wealth which is protected.
"If our views should prevail and taxes
be reduced s7e,oe8.0O0. justice and equity
could, in many instances. at least, be ac-
corded, which is Impossible under The bill
of the committee"