Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-11-02

have been Initiated upon the only SAT-
thcory-that the United states has becOm'
n participant In war Of extraordinary
magnitude that will be Of unusual duration
Our fiscal policy must ht that theory.
MANY UNTOUCHED SOURCES
while resort cannot be had to many
| sources of revenue for sound economic rea'
sons, while some Will not be because OF
political expediency, there still remain many
untouched sources and heavier levies can
be made upon present ones without impos-
ing burdens that cannot be justified.
For instance, many believe that with the
recent revenue law the limit has been
reached in the imposltions that may be
placed on incomes ana excess profits. l
am not In accord with that opinion. II the
war Is prolonged over many years, as II Is
quite probable as we have not nearly eK-
hausted our ability to obtain revenue
through taxation. It is the part Of wisdom
TO increase quickly our revenues. -Four
billion dollars annually does not begin 70
measure the possible revenues Of the United
States.
zone fact should be emphasized so forci-
bly, at this time that the police OF the
American people should not be capable OF
Misunderstanding. It should he proclaimed
broadly that neither the individual nor any
group was entitled to inordlnate profits
from the necessnries of the Government,
nor would they be permitted.
FUTURE OF NATION ATlsTAKE
Il speak not as an enemy of wealth or Of
one hostile TO successful industry or TO
proper rewards for the exercise of that
peculiar genius essential for the conduct
of exceptional enterprise The future of our
people, as well as the fate OF CiViliza-
tion and the continuance of democratic in
hinges upon the outcome or this
war. Individual ambitions or interest, or
prospects must disappear before the greater
ohjective--the welfare of the nation. NO sys'
tenn of taXltion can be devised that VIII ap-
ply with exact equality to every individual;
the necessities Of the Government cannot be
supplied without business disturbances mat
will work cruel hardshiDs In some dlrec'
tons No one can predict in what direc-
ton he will be asked to make sacrifice or
assume an exceptional burden in the on
ward progress of the nation TO its ultimate
end. Many will be called upon for the Su-
preme sacrifice Of their lives, HNne viii
be tolerated whose grievance rests n the
contention that his material prosperity has
been arrested or affected in the necessary
of the country's energies.
1T is not my purpose 20 attempt to de-
tail the sources which may still be tapped
for additional revenues, This is not the
occasion for me TO do so. The pressing
need at this time Is to bring home con-
TO the masses that they must be
prepared TO endure much greater burdens
from taxation. The country must be per-
suaded TO change its eXtravagant and
wastefu habits and to cultivate thrift.
During such a crisis the people should not
expect to spend as lavishly or 10 indulge
luxurious tastes as freely as in the days
Of peaceful prosperity. The nation must
be awakened as never before In it's history
the people must be taken fully into the
confidence of the Government they must
have presented again and again the real
Individual shall appreciate and discharge
his obligation in full.
REACH PUBLIC CONSCIENCE
Even If there were not other sound
and imperative economic reasons, that ef.
'ective method Of reaching the public con.
science would Justify resort to extraord. !
nary m sthods of taxation at this time. No
system should be tolerated that will para.
we industry or breed discomfort: none
should be avoided essential to provide the |
revenue imperltively required and that |
will distribute the resulting burdens as
equitably as experience and knowledge die |
ate"
U, S. PREPARED FOR FINANCING
Prof Frank Taussig declared this morn |
ng that the United States was prepared for |
var financing. both in ord mary financial |
and in taxing machinery. The |
ncome tax machinery can be utilized In |
collecting other taxes, and while ii is far |
rom perfect 1t is immensely serviceable If |
We had to build such machinery now we |
would have to wait a year or several years |
,efore we could raise a revenue anything |
ike the huge one we have now within our |
,rasp. 1t makes Immediately possible the |
esort to heavy levies.
Incomes but for levying on excess profits.
The real problem Of the war finance, Mr.. |
7aussig said, is not to learn the total |
wealth of the people, but to learn the total |
rec wealth that is, the total wealth of |
he people than can be diverted to Govern |
nent use We have foated huge loans |
yhen some thought we could not, and we
yill float more, though some may think our
esources almost exhausted
"Our loans and taxes already Indicate"
aid Mr. Taussig, that we must begin to
With luxuries and comforts, perhaps with |
ONE things which we have regarded as |
We shall have to proceed |
urther in the same direction. Every COM |
nunity must adjust its industries and its |
expenditures to the needs of a war through |
gradual process. We have entered only |
n the first stage.
zone last aspect Of the case would |
ring 10 your attention How far are there |
esources which as yet we have not tapped? |
low far are there spare fractions of in |
ONE not ordinarily reached either by any |
rocess Of taxation or by any process of |