Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-01-18
OF ENGLAND
IS TO FINANCE WAR
Mr., MCKenna Hints at Stop
ping Fourth of All In
comes
(Percy Alden, NJ. p. in the London
Telegraph.)

(Percy Alden, NJ. p. in the London
TelegraphO
There can be no doubt that public
opinion. or at least educated public opin-
ion, is gradually coming round to the
view that the most vital problem In
front of us is a financial one. We have
concentrated our attention upon the
necessity for getting men and supplying
munitions of war, both Of immense im-
portance, but owing to the fact that
very large numbers of both men and
women are earning far more than they
ever did before in their lives, we have
neglected to tackle the question Of how
to keep up the supply of financial NUM-
lions.
This is really the purport Of con-
versation that / had at the treasury
with the chancellor of the exchequer.
BY means of this budget, and by reason
of the firm attitude he has taken, Mr..
McKenna has conferred an incalculable
benefit upon the country. Face to face
with the necessity for taking drastic
financial measures he has neither finch
ed nor failed. How drastic those meas
ures are few people are able to comprs-
bend L put it to him that perhaps he
would be good enough to state some fig
ures about our expenditure, and to state
them in such way as to make 1t clear
even to the man in the street that econ
omy is urgent and imperative.
COSTS IS MILLION DAILY.
Here are some figures which he gave
me which cannot be gainsaid: Our pres
ent rate of expenditure is roughly %
million dollars a day. The total expendi-
ture for the year ending March, 1915,
ending March. 1917. the cost will be IA
million dollars. Imperial taxation will
furnish an income of. about million
dollars a day. All the rest say 8 IA
billion dollars, must be raised by extra
taxation or by borrowing.
Here is a task requiring" said Mr..
McKenna, most courageous financial
operations, but. above all, requiring
economy.
Compulsory thrift cannot be left out
Of view. If there are people, with larger
incomes than they have been accustomed
to-people, therefore, who are free to
save and can save--it may be necessary
for the government to compel them to
save, even though 1t may inflict very
great hardship upon a number of indl-
viduals whose incomes are hxed or have
decreased. People whose incomes are
quite small, and who really cannot af-
ford such a saving, will suffer. Yet, II
the worst comes to the worst, and we
cannot get people to save any otner
way, 1t may be necessary to take some
such step as that of stopping 25 per cent
OF all incomes. partly perhaps through
the income tax commissioners and part
~ through the employers.
TRY PERSUASION FIRST.
However. we intend to try persua-
sion until we are convinced that 1t IS
useless.
"I very much deplore the increase In
the use of quite unnecessary luxuries.
I hear, for example, that the luxury
trades among the working classes are
very prosperous and that large numbers
of men are, employed in the manufac-
ture Of cheap jewelry, gramophones and
pianos. 1 heard of a case the other day.
man purchased a piano which no one
In the house could play, simply because
the man next door had one. The story
IS well attested. L am afraid that Is
an illustration OF how extra earnings
are being spent. Whatever justihcation