The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-12-04

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rah way. the danger ~ psnics shd "l
nriurt practices win he largely " no,
wholly. DESTROYED This ~ one "' W.
chief objects sought IA me pfot"sS
reformation and reorganization on ~
thankine and currencv system Inc
peopie OF tho country are 10 oe ~
aratuiatsd upon the early prospeCl "a
sound legislation on TINS FiteilN 'hp't
tant subject should inc 'ohE''ss a., !,
the Fundamentals OF the pehuins
man sure 10 is believed that pernlahFo'
nrotsctton will be provided aSains'
curing commercial crises an"
ndeuuate facilities VIII be creht"a 'os
that legitimate and sound expansion ~
'.."ti,s go vital TO the prosperity OF OUT
great and CROWNS country
tt has been. and VIII continue 10 pe
the policy and purpose al the
tary TO exercise all the p"welo 20 .hs
nuhlIc and the legitimate business in
terests OF the country
prior ,o isos interest had never been
required on government deposns
After the net or 1908 ln,erss, 81
rate Of I per cent per annum was COT
iectea on so-called "inactiNe accounts
"a national banks. BY inactive ac-
counts" Is meant speclai ntPosi.
usually 8. 000) which remains nxed or
stationary IN amount The aggregatu
~ such accounts on the Isl day OF
lime. 1919 was 81 2Ss 500. and the en-
tire amount ~ interest collected ny thc
government thereon during me pre-
cedlng period Of about ave Years was
approximately s7l5,ooo
Interest an Dcposits-
On Apru so. 1918, the secretary an
nounced that beginning June !. lslS
ALI government depositsries. active as
we'll as Inactive, would be required 'r
nav interest AT the rate OF per cent
ner annum or government funds. only
q or the total number OF national banks
holding government deposits refused Ia
nav Interest under the new regulation
Hundreds OF applications were re-
c.iyed from other banks seeking gov
eminent deposits on the new terms.
many OF which were granted. The gov
eminent has not had the slightest dir
ncultv in placing it's deporits At ? per
cent interest
ON the LIST OF November. 1918. tho
total amount OF government FUNDS on
deposit I'm national banks was re-
norted al sss,334.e1Tss, which. IL this
average balance should be retained,
would add TO the net revenues OF the
government approximafeiy TWO m''i'o"
A careful calculation has been made
Of the amount OF public money on de-
post in national banks throughout tht
country for the ls years preceding the
sth Of March. 1918: namely. from 1897
To- 1919. and 81 has been found that 81
the present policy OF charging per
cent interest on such deposits had been
established In 1897 the government
would have received during that w.
wear period n total OF about Sso.s10.3s1
The passage OF the income-tax law
ON the Sd OF October. 1913. placed new
duties and great responsibilities on the
treasury department THIS law went
into effect Immediately with the pro
viso that collections mt the source
should begin on the 1st day OF Novem
Der. 1913 Only cs DAYS. therefore. were
allowed the department within which
TO prepare regulations covering the
collection Of the tax at the sourca
MANY intricate and difficult problems
are involved In the initintion'o OF new
law SO far-rcaching In it's effects and 50
complicated In it's operations. The de
partpent. however. took v'yorous hold
~ the matter. and on Oct ek issued
the first OF the series of necessary reg
uIations namely. those governing the
collection OF the tax. AT the source. on
coupon and registered interest pay
ments on bonded debts OF corporations.
etc supplementary regulations are be
ing issued from time To time. relating
to other features and phases OF the
law The additional organization re
ouIred FOR the administration OF this
law Is being created as rapidly as pos
sible. A certain amount OF confusion
and Inconvenience at the beginning Is
unavoidable. but every EFFORT or the
department will be exerted fairly and
Justly TO interpret. eiuc'date and adj
In "
II IL estimated that there are 4.6.o01
individuals subject 10 the income tax
The number OF corporations making re-
turns to the department for the caler-
dar year 1912 was sos s3s, but OF these
sssA. so claimed no income or net In
come OF less than $4,000 and were.
therefore, not subject to taxation. Tn
der the new law, all corporations hav-
ing any net earnings whatever are
subject TO the payment or an income
TAX whether their earnings be more or
Less than 5000. II II expected. there
fore, that approximately 100000 cor
porations which have heretofore been
exempt will now be required to pay a.
income tax.
Customs ReorGaniss tsos.
The principal achievement OF the
customs service In the fiscal year 1913
was the reorganization Of that service
:. 1913, In pursuance OF the authority
granted in the act OF congress ap-
proved April 20. 1912.
The attention OF the congress IL In =
vited 10 the report Of the surgeon
public health service. The lmportaneo
or this service can not be overeeti-
mated II is daily growing in usernI-
ness. Through the public health ser
vice we are securing real conservation
of our human resources. the first OF all
of our natural resources. conserva-
tion OF our material natural resources
VIII be enhanced and simpiihed IL con-
ssrvation OF our human natural re-
sources Is Of the right sort. vigor :
ous virile and healthful race IN OF
superlative Importance. BY a wise en-.
lar cement OF the functions and =
rational extension OF the fscilities OF
the public health service through con
stantly generous, but not prodigsl. ap
this vital end may De
achieved.
The annual overlooking of the Ohio
aud Mississippi rivers and their tripu-
taries, the great loss of life and prop
erty incident thereto. and the neces-
sity. as evidenced last year. OF sending
from the Great Lakes and the Atlantic
ports skilled men and life -saving ap
paratus TO aid in saving lives in IN"
field for the operations OF the revenue
cutter service. Three typical light
draft river steamers should be con :.
structed and equipped ~ revenue cut
'ers; each OF these craft provided WIN
not less than powerful motor ire
boats. and with such other ife-aavins
Appliances az may be necessary 10.
work along the rivers. During the
Mood seasons. these cutters should be
directed 20 follow, the crest or the
Hood from Pittsburgh down to the
mouth OF the Mississippi. and there IL
but little doubt that their service
would be OF great valnH In rescuing
lives and property. and In distributing
food and clothing to marooned people
During food timeS<surgeons coufu no
detailed 20 the <-fiers g render me !.
cal aid where Nceded When floods are
not raging. TIE three cutters could b.
very efficiently used in patrol % there
inland waters Tor the enforcement ~
the navigation and motor-boat laws
AMI IN rendering Aid 20 vessels IN dis
tress
Receipts md Disbursements.
The ordinary receipts for the fiscal
wear 1914 are estimated NJ x13g. 900 0Og