The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1914-08-19
UNCLE SAM MAY
RAISE OUR TAXES
To Offset the Losses On
Imports.
IS CAUSED BY EUROPEAN WAR
About S100.000.000 Per
Year In Duties We May
Be Deprived Of.
could SELL PANAMA BONDS"

Washington, August 14.-Ilow 10
raise something like S10O,OOO,O0o
TO offset the loss to the United
States in import duties. expected to
result from the war in Europe. VIII
be the subject of conference be-
tween Secretary McAdoo and Rep
resentative Underwood, Chairman Of
the House Ways and Means Com
mittee.
Treasury experts completed
statement showing imports from the
war zone. They did not hazard an
estimate of probable loss in reve-
nues though informally it was adj
mitted that the total might be III
the neighborhood of 100000 ~
for the year.
Figures also have been PREPARED
TO demonstrate what might be rails
ed BY increased taxes on liquors ana
tobacco. and by adding to the in
come tax.
REPRESENTATIVE Underwood and
Senator Simmons. Chairman of the
Senate Finance Committee, are max
ing thorough study of the situa-
ton, but will not attempt to form a
sefinite plan of action until Secreta-
~ McAdoo has outlined actual con-
ditions.
Then the advice of President Will
son will be sought.
The normal revenue on importa-
tons from Germany, Great Britain,
Austra-Hungary, Russia, France
and Belgium approximate 81 5000
600 year. The chief loss will be in
pottery, laces and embroideries,
toys, dyes. &c
Among the schemes being inform
ally considered is one to change the
internal revenue tax on cigars and
tobacco, making it an ad valorem
tax instead of fiat tax on amounts.
In this way it is estimated about
S4O.00O.000 could be raised From
an increased beer tax it is estimated
s3O,0OO.OOO could be brought in. No
change in the income tax could be
effective until after July /. next.
Senator Shields. of Tennessee, is
sued statement urging the use OF
the income tax to provide any addi-
tional revenue needed.
81 favor an increase in the in
come tax" he said, thus placing
the burden on the wealth of the
country. which. although receiving
greater protection and benefits, has
always borne. proportionately, the
smallest share OF its maintenance.
The Treasury statement showed
that the customs receipts for the
month of August up TO date, asgre-
gate S7,7G6.j3S, against Sl0,20j,-
95S for the same period last year,
and that since July ! the total has
been S3O,755,OO3. about s7,O0O,000
less than during the first six weeks
Of last year
Objection to the imposition of
stamp taxes for the purpose of rails
ing revenue was expressed by Rep
resentatiye Timothy r. Ansberry, of
Defiance. Ohio, member OF the
House Committee on Ways and
Means.
Stamp taxes were levied against
checks, notes, mortgages and all
forms of commercial paper during
the Spanish War. Ansberry would
provide for athe additional revenue
in other ways.
lie said.
II would prefer to have the Treas
ury authorizes TO issue what are
known as treasury notes to meet
whatever deficit is created from
year 10 year after other means than
stamp taxes are employed for the
purpose of preventing a deficit.
''Or. the Government could sell
some OF the Panama Canal bonds
which have been issued but never
disposed OF. There are s265. 00O,-
eco of these bonds in the Treasury,
but they have not been sold because
the canal has been paid for out OF
the current receipts of the Govern
ment.
Should the judgment of Con-
gress and the Administration be