The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1917-05-19
WELLS, Of NEWELL, WOULD HAVE
US. TAKE PROFITS OVER 8 Pr. ct.
-~..,, p.>:A.cn to the ir,euisenes.

S,-s.. a. p>.l:ch TO tue lEteIleenc9
WASHINGTON. D. c.. May 1S.-
What is said to be the only advice of
its kind as 10 handling the revenue
situation, so far as the members or
the house Of representatives are
aware, was offered by Hon. ". E.
Wells, executive head Of the largest
pottery in the world, the Homer
Laughltn China company, Of Newell.
W Va. in the form of letter adj
dressed by Mr.. Wells to Congressman
N. NJ Nicely. The latter. in brief
Introductory. presented the letter 70
the house. it was read by the clerk,
and inspired burst OF applause.
Mr. Wells letter has attracted uni
versal attention upon the part OF the
members OF congress, and they nave
read and studied it carefully. It Is
pronounced the most unusual. most
sane and most patriotic communloa-
ton that has been received BY con-
gress from the head Of corporation
from corporation itSelt-whose in
terest in the solution OF the problem
is concededly great. II is such re-
markable document Of its kind that.
despite its length. it seems advisable
10 give " the space. 1t reads as
follows:
MY dear Major-The revenue meas
ures that must be adopted by congress
10 finance the war are matter OF
grave concern TO all engaged IN cor
porate business and il occurs TO me
that YOU may not be averse TO an en-
preston from your constituents.
presumably large percentage pr
the increased revenue that must De
provided in the near future must De
derived from the profits OF individuals;
partnerships and corporations. ana
this is az Il should be. The danger.
AS see il. is that the congress may
yield 20 the pressure that Will De
brought 10 bear from some quarters
70 prevent an adequate increase. Ine
country will assume tremendous
obligation. and unless provision IS
made 70 liouidate a considerable pro-
portion by immediate special war
taxes the burden upon the future or
meeting the interest and retiring the
principal will be overwhelming. II
will constitute an endless problem Tor
congress, and will inevitably discour.
age the growth and development or
industry Of all lines.
The country is now lncompara-
lively richer than ever before. and,
presumably. richer than 1t will De
again during your time or mine II
is rich enough to pay as II goes. ana
while l may be extreme, | should Ike
10 see profits taxed high enough toi
pay al least half Of the war bill
within a year after the end of the war.
Profits are now large, and. neaVS
tax on excess earnings OF. say all over
per cent on actual investments. Will
Yield much more than 1t will IN future
wears. and in the heat OF patriotism
will be paid more cheerfully than a
much smaller tax later on: For my
part, | should like 70 see the govern
ment take 100 per cent OF all prohts
over s per cent.
~ small national debt is Of little
concern 10 the individual and need
hardly be taken into account in the
conducI OF his business but such an
oblisation as that now contemplated
partakes of the character OF per-
sonal debt, II will hang over every
man and his business like mortgage
unless provision is made TO detray
large part Of it as we go along. Inc |
average business man prefers 10 use
his earnings TO wipe out his debts be-
fore beginning to pay dividends. and
| think congress will be warranted IN
asking the business men of the ma
ton 70 handle this matter as they
would Il personal debt.
After the war the problem OF re-
tanning ;he worlds markets we nave
RECENTLY acquired will become Of SUI
preme importance. The result Will
hinge largely upon the comparative
cost Of production here and abroad. |
The cost abroad will be- enhanced by |
the scarcity OF men and BY theburden |
OF a war debt. If we do escape a !
similar burden. our chances will be |
much improved. \ long average tarlT
will eQualiZe. ;
On the other hand. ii our costs in. :
crease in proportion 20 those abroad
We will lose an advantage that will
never come again. Our industries. IN
their eacerneSs TO retain their present
hold on home and foreign markers.
will put up tremendous hGht Tor
higher duties. We shall have re-
newal of the old. ugly tariff fight tol
higher duties. eve,
The cxhorbitant prices prevailing
TODAY on me products Of our mills
and factories are national menace
and need correction In the face oil a
demand exceeding possible production
any price will be-in most cases must !
be paid. Producers have lost their
heads in the scramble for prontS
beyond their widest dreams. Earn
ings Of 100 per cent or more over cost
OF production are dangerously COM
mon. Tho extrayagant cost or neces-
sites is The result. All the advances
that have been made in industrial!
wages do not equalize the increased
living. The condition OF the country
is anomalous. After having as ma
ION acquired tremendous wealth asl
,he result OF the war. the great mass
OF the people are worse off than they
yera before the war--a few thousand
millionaires have been made. 1t does
not require a prophet TO see that this
spells trouble in the future.
Congress may correct this by
placing the tax on profits high enough.
Obviously producers will not exact
unwarranted prices II the added
profit goes TO the government. plan OF
this kind will 70 large extent auto.
matically control prices OF food and
Other necessities. i should prove
more effective than direct legislation
10 this end.
You perhaps know enough of nv
personal affairs and of those Of the
corporation ! represent TO realize that
This suggestion is not selfish one.
W. are the largest producers of pot
,erv ware in the world and have been
PROSPEROUS. If We were so inclined we
might take advantage of the present
market and largely increase earnings.