The Hawaiian gazette., 1914-10-09


The minority members Of the ways
and means committee in congress, pro,
testing against the Underwood war tax
bAl make some caustic criticisms Ia a
congressional document dated septem.
Der ~. serene 4. Payne, j. W. Ford.
hey. :. Hampton Moore, William r..
Green and Charics n. sloan, Republican
uombers Of this committed, voice their
criticisms Of the administration and the
Ecnoeratie party IN no uncertain terms.
They say, When President Wilson was
inaugurated, ON March 4, 1913, the net
balance in the general fund was
Si49 $3.50, 0On.
son September 2, 1914, the net bal
ance IN the general fund was SIZE ,S43,-
600. or this sum s75,0OO,0O0 was de-
posted in national hanks ON call.
Deprecate Hasty Action.
sIt would not seem that there l.
any occasion for panic, or hasty call,
or headlong rush TO enact legislation to
heap heavier burdens upon the people.
While not disputing that this balance
r large enough 10 meet present de-
mands, the President argues against
Withdrawal Of this money from the
banks, and for resorting TO taxation Of
the people. lie believes that the with
drawal of these deposits would take
msaey ont of business and cause in
jury.
HstWe fail to see wherein the gradual
withdrawal Of the money in these banks
as the treasury may need il, will have
any more serious effect on the banks
and business generally than the with,
dfawal OF a much larger sum from the
people by increased taxation.
Reckless Extravaganza.
SIN addition to the burden Of taxa
ton as proposed, il is something 70
which the people are not prepared
Business has been in bad condition for
year and the proposed drain would
besyery onerous and difficult 10 meet.
@s.tIf the treasury needs more money,
itsarises not so much from war in
Europe as from the reckless extrava-
gance Of the party in power. The APP
preparations for 1918 are unprecedented.
On paper, those already made, excluding
the rivers aud harbors bill still pend.
ing, and excluding the rivers and har-
bofs appropriation Of last year, exceed
by $3l ,S03 900 those Of a year ago, the
first fiscal year Of the administration
a year breaking all previous records. -
But in addition TO these appropria
tions, the protest states, the rivers and
harbors bill, the good roads bills, the
treaties with Colombia and Nicaragua
swell the aggregate to possibly $780,.
100000 more This unprecedented sum
- -. H.. g.. - al -. Al
have been savings Of $25,000,0O0 in the
Panama Canal and pensions appropria,
tons
"The Underwood law has failed to
meet the expectations Of its friends as
a revenue producer"
~ Better Issue Bonds.
Under the wartime revenue act Of
ls9S certificates of indebtedness can be
issued by the treasury to the extent of
$l00,000,O00.
''This section was designed TO pro-
vide for any deficiency which might
occur, aud intended az permanent law.
II waS very carefully guarded, and not
repealed when other parts of the war
revenue measure were repealed. IL was
inserted in the law Of 1898 in order that
whenever necessary the President might
issue such certificates on short time TO
meet just such an emergency as the
President thinks exists today" r.
tsIt win not do for the party il
power TO say that bonds of the United
States at three per cent could not be
noated now, while they are ready to
force through congress an administra
ton bill which proposes to issue tire
per cent bonds for $30,000,0aO for III
government to buy ships, and ente
0p0n the perilops business of naviga'
ting them. If the government can Dor
row money for this purpose, which l.
contrary 10 every Democratic principlr
ever eniinciated by that party since il
foundation, they certainly can get intr
The market for the aid of the treasury
and borrow money sufficient to meet the
demands npon it. 49,
Economical Government a Remedy
q But there Is absolutely no need fo'
imposing additional taxation or for is
saing bonds or certificates of indebted
ness to strengthen. the treasury at tn
present time. AS appears above, tn
available balance ia the treasury OF
The second day oA September was gr at
AZ than the monthly average for tn,
year Immediately preceding, and wa
apHieieut to meet all wants aud neces
stiles.
1.-THE trne remedy is not in bonds o.
in taxes which viii be burdensome u
the people. Rigid economy should b.
the watehword Of the administration
The business people, the plain people
the farmers, the laborers are one an'
an practieing economy. MANY are re
duced 10 the bread line, Thev buy