The Washington herald., 1913-11-13
STOP, LOOK, LISTEN!


incidental to the collection Of the income the hardly
be WILL indeed be you that eonsd
cradle administrations prestige has been dmmed BY tins
trouble There in ng split milk" and must be as
philosophical be the regulations governing the income tax
everybody cooperating to make the Of the free from burden
as possible
the loss first investors the loss second
Of large following of foreign investors factors that cannot be de
garded OF course egreou made the clause
TOO MUCH the bill which permitted brief period for working out
HASTE details of eerf6eaion exemption The country
would not have suffered much the officers Of internal
had been given ninety days. instead Of thirty which work out then
regulations and the machinery But i banks trust
companies banking the country into
ghuI payment coupon. delayed
extent estimated that less than $4000000o Of coupons
payable November New York held delayed
the present time This spells hardship thousands Of small in
ves and throughout the country the being damned be-
the confusion the withholding Of funds which
ought to flow quickly back o the multitude. -s'
And for the situation, with foreign security holders, that
perhaps formidable Every nonresident be he Enshman
Frenchman German, is technically unable to collect the
HARD ON THE due him the way November
SMALL signs 6le government certificate. This
INVESTOR bad enough the Of great foreign institutions which
handle this of red tape; but it is infinitely
the of the multitude of small foreign individual investors whom
anxiety Such unnatuay thought that the
Institutions through which they ordinarily do their business the American
banks which for em might have the permanent authority to
sign the certificates for he and thus their exemption Not so! The
rulings the Treasury Department Washington that each foreign in
his individual certificate be attached his in
dividua little coupon.
corporations but Canadian corporations; the elaborate ma
has be gone through with. In other words if John
SETBACK MacLaren, Of Ottawa $25000 Of bonds of
TO AMERICAN Canadian mining company and the these
SECURITIES bonds engraved payable bank either in
Montreal o New York, and John MaeLaren, for the
sake Of convenience happens let them lie the custody of his New York
agent then he unable collect the money that due him his interest
coupons November without going through the fOmai Of signature
eerd6caon &C. And bear mind that this has nothing what
do with American corporation with American citizen
has do purely with foreign resident and foreign corporation Of
the Of securities held in this New York City
of the factors that has made New York the financial center of the
hemisphere; and because the regulations the Treasury
have had devised such Manner these foreign
all in disgust about American securities generally.
won't do for the administration this by saying that
doing the best knows how, and that America de-
pendent for her development foreign investors. The
C0UNTRYS why it won't do for the administration take
DEVELOPMENT this attitude simply this: figured that the amount
INVOLVED of and dividend which British
alone receive from America is something like $900,000,-
per annum that this normal probably almost
half $780, 900 renvested in American securities
words available for the development Of legitimate American
tepse for upbung of railroads and industrial eommun for the
development of irrigation and water projects &C. is therefore,
take that already beginning seriously impair
this splendid volume of foreign American securities
But the object Of this article not complain the situation
have said above there no split milk We
this hole and we have got to dig way out
MORAL FOR THE Of in the best way The admin
CURRENCY is, Think alive the difficulties and
SITUATION dangers in the situation and doing its best to
remedy them. And the real point of these para
graphs simply adon the tale and point following mora
basy regulations the involved
selves miserable which American prestige
abroad seriously suffering Now by all that WISE let not by the
nonadea haste the passage Of currency measure
ourselves trouble Let the administration let
@ and let the House continue study that bill from side before
tempting rush through We have heard single
of banking expert currency, who felt that the Gass0wen bill
forces hurry the along and the risk of
mmaabB greater disaster than has been brought by the hastily