The Sentinel=record., 1918-05-28
GERMANS START OFFENSIVE AT TWO POINTS

gated us tO act for them in the weighty and anxious matters that crowd upon
 ns in these days of critical choice and action. Hut we dare not go to the elections until We have done our duty
 10 the full These are days when duty stands stark and naked and even with
 closed eyes we know it is there EN-
 cuses are uuavaiing We have either
 done our duty or We have not
 The fact will be as gross and plain
 as lhe duty itself In such a ease lass
 itude and faueue seem negligible enough. The facts are tonic and
 suffice to freshen the labor. And the
 facts are these: Additional revenues
 mnst maufestN be provided, for il
 would be most msouud policy to
 raise too large proportion of them by
 loan. and il is evident that the four
 5iiHops now provided for by taxa
 tion will not of themselves sustain the greatly enlarged budget to which we. must Immediately look forward. We cannot in fairness wait until the end or
 the fiscal year IS at hand 10 appraise our people of the taxes they must nav
 ou their earnings of the present cal-| endar year, whose accouutines and eN- peuditures will then be clased We| cannot get increased taxes unless theI country knows what they are Co bel and practices the necessary economy 10 make them available. DeGniteness early defniteness, as to what its task. are 10 be is absolutely necessary for| successful administration or the treas uY. it cannot frame fair and work able regulations in haste; and it must frame it's regulations in haste if it is
 not to know it's exact task until the very eve of its performance.
 The present tax laws are needed moreover by inequalities which ought 10 be remodied. lndisputable fatcs. every one, and we cannot. alter orI blink at ihem To state them is argu- ment enough
 And yet perhaps you will permit me to call for a moment upon the sit- nation they disclose. Enormous loansI freely spent in the stimulation of in- dustry of almost every sort produce inflations and extravagance which presently make the whole economicI structure questionable and insecure and the very basis of credit is cutI away. Only fair. equitably distribu
 ted taxation of the widest incidencaI and draining chiefly from the sources which would be likely to demoralize credit by their very abundance. can prevent imitation and keep our indus
 trial system free of speculation andI waste. We shall naturally turn. therefore, I suppose to war profits and incomes and luNuries for the addi- tional taxes But the war profits and incomes upon which the increased taxes will be levied will be the profits and incomes of the calendar year 1918. it would be manifestly unfair to wait until the early months of 1919 to say what they are to be- It might be diff ticult | should imagine. to run the millI with water that had already gone oyerI the wheel
 Moreover, taxes of this sort will notl be paid until June of next and thel treasury must anticipate. 1t must sell short time certificates of indebted ness In the autumn a much larger sale of long time bonds must be ef fected than has yet been attempted. | What are the bankers to think of the certificates if they uo not certainly know where the money is 10 come from which is to take them up? Andl how are investors to approach the pur- 1 chase of bonds with any sort of con- 1 hdence or contributing of their own affairs if they do not know what taxes they are to pay and what economies and adjustments of their business they 1 must effect? l cannot assure the country of a successful administration of the treasury in 1918 if the question of further taxation is to be left uude- | cided uutil 1919.
 The consideration that dominates every ether now and makes every l other seem trivial and negligible, is l the winning ot the war. We are not only in the midst of the war, We are at the very peak and crisis of it. Hun dreds of thousands of our men, carry ing our heart, with them and our for-i tunes are in he field and ships are croNdns faster and faster to thel ports Of France and England withl regiment after regiment, thousand alter thousand 10 join them until thel eu"m shall ne beaten and brought tol a reckouin with mankind. There can be no pause or intermission. Incl great enterprise must, on the con- trarv be pushed with greater and greater energy The volume of our miglt must steadily and rapidly bel augmented until there can be no qucs- tion Of resisting it If that is to bel accomplished. gentlemen. money mHtI sustain f 10 the utmost Our finan-I cial program must no more be left in doubt or suffered to lag than our ordnance program or our ship program