Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1917-04-24
The UnwiSdOm and Danger
of Excessive War Taxes.


The question of the best plan for financing
the is of vital concern to all the interests and
all the people of the United States, because upon
the wisdom and justice of the methods employed
our present and future prosperity very largely
depends The principal of raising the bill
lions of dollars required will be bond issues and
taxation. 1t would be dangerous to lean too heaV-
lily on bond issues any form of credit nnancler-
ing. and exceedingly dangerous to resort too
largely to taxation. The President pointed out
the pers of excessive bond issues when he urged
in his war address tor Congress that the credits
to be granted the Government be sustained SO
far as they could be sustained equitably by we'll
conceived taxation:
ut is our duty" he said Ito protect our
people so far as may against the very
serious hardships and evils which would De
likely arise out of the imitation wnlch
would be produced by vast loans"
From present indications, however, there is mo
probability of the Governments going too far IN
the direction of bond issues. The only apparent
danger is that in seeking to avoid this evil II
may go too far in imposing taxes to meet war
expenditures.
Should those taxes be made so heavy as 10
throttle industry and crush out the. spirit OF
initiative and enterprise the result would be dis
astrous Just as it is essential to see to 1t that
in recruiting an army do not strip the nation
industries of necessary labor, so in raising war
fund it is essential to avoid stripping tnem Oh
money needful to sustain their vigor and growth
This of course, does not mean that industrial
and business profits should not bear an equltaole
part of the war burden. American business does
not wish to shirk it's patriotic duty 1t is ready TO
serve and if need be sacrifice in the country's
cause But it's capacity to serve and to contribute
to the war chest would be woefully reduced should
the Government embark upon policy of crushing
taxation
The spirit of enterprise, individual and cor
porate, must be kept aglow and the means OF in
dustrial progress and expansion must be con-
served if we to pass securely through the
stressful times that upon us and be equal TO
the tasks and opportunities that will follow the
war. The demand for industrial products un-
there will be need of charging present plants
doubtedly will increase in the period, and
and building new ones. But how can this be done
if virtually the entire surplus of earnings is taken
up by taxation? How can fair wages be paid and
a full force of employees be maintained, if the very
vitals o. industry eaten into by excessive tax
alton? Any policy Of war financing that would tend
to check present prosperity and to dishearten the
American spirit of initiative would be doubly I'M
fortunate for in weakening the country's business
vigor it would deplete the basic sources to which
both plans for paying the war cost, bond issues as
well as taxation, must look IOT support
While it is expedient and just that the present
generation pay its due part of the cost, it is
equally just that the generations to follow share
the burdens as they will share the blessings of the
cause for which fighting If the men OF
today give not only their treasure but their life
blood in order that freedom and justice may be
preserved and handed down as an everlasting her
itage surely the of tomorrow should give
fairly of their material wealth to pay glorious
debt. Let us, then, have such tax levies the
situation demands and sound principles of eco
nomcs require; but let not fall into the grave
error of loading present industry and enterprise
with more than they can bear
1t is as important to mobilize money as it is to
mobilize men. and every loyal American, whether
his income be great small, stands ready to do
his duty to the full. But it would be unwise
and perilous to draft too large part of
etary resources for the cost it would be to
draft for army service who were needed for
productive industries. The only fair and expe-
dent plan for financing the is to divide the
burdens between the present and the future, that
is to say, between taxes and bonds, and extend
them liberal period of time in order that the
nations economic energies may be vigorous and
free to perform the great tasks laid upon them.