The Raymer enterprise., 1918-05-30

|
10 At Hand.
! Western Newspaper Union News Service.
Washington, May 2S. President
Wilson personally took charge Of the
war tax legislation Monday, and ap.
pearing Unexpectedly before q joint
session Of Congress, declared II was
necessary to proceed Immediately with
new war tax laws.
The Presidents address In full fol.
lows:
Gentlemen Of the Congress:
| 1T is with unaffected reluctance
mat ! come to ask you to prolong
your session long enough to provide
more adequate resources for the treas.
ury for the conduct of the war.
nave reason to appreciate as fully as
you do how ardaous the session has
been. YoUr labors have been severe
and protracted.
You have passed long series OF
measures which required the debate
OF many doubtful questions of judg.
ment end many exceedingly difficult
questions Of principle us well as OF
practice. The summer is upon US in
which labor and counsel are twice ar.
duous and are constantly apt to be
impaired by lassitude and fatigue.
THE elections are at hand, and we
ought as soon as possible to 60 and
render an intimate account OF our
trusteeship to the people who dele.
gated US to act for them in the
weignty and anxious matters that
crowd upon Us in these days Of criti.
cal choice and action.
Must Do Our Duty.
But we dare not go to the elections
until we have done our duty to the
full. These are days when duty stands
stark and naked and even with closed
eyes We know 1t is there. Excuses
are unavailing. We have either done
our duty or We have not. The fact
will be as gross and plain as the duty
itself. In such case lassitude and
fatigue seem negligible enough The
facts are tonic and suffice to freshen
the labor.
"And the facts are these: Addi.
tional revenues must manifestly be
provided for. 1t would be a most un-
sound policy to raise too large pro.
portion Of them by loan, and 1t is eyi'
dent that the four billions now pro
vided for by taxation will not of them
selves sustain the greatly enlarged
| budget to which we must immediate.
ly look forward.
I'VE cannot In fairness wait until
the end Of the fiscal year Is at hand
to apprise our people of the taxes they
must pay on their earnings OF the
present calendar year. whose account.
ings and expenditures will then be
closed. We cannot get increased
taxes unless the country knows what
they are to be and practices the
necessary economy to make them
available.
"Definiteness. early definiteness as
to what Its tasks are to be is abso,
lutely necessary for the successful ad
ministration OF the treasury. 1t can.
Lot frame fair and workable regula.
tions in haste; and 1t must frame Its
regulations in haste II 1t Is not to
know its exact task until the very eve
Of its performance. The present tax
laws are marred. moreover, by in.
equities (which ought to be remedied
lndisputable facts, every one; and we
cannot alter or blink them. To state
them is argument enough.
Warns Against Speculation and Waste
And yet perhaps you will permit
me to dwell for q moment upon the
situation they disclose. Enormous
loans freely spent In the stimulation
Of industry Of almost every sort pro.
duce inflations and extravagances
which presently make the whole eco
nomic structure questionable and In.
secure and the very basis OF credit
is cut away. Only fair, equitably dis
tributed taxation OF the widest incl
dence and drawing chiefly from the
sources which would be likely to de.
moralize credit by their very abund
ance, can prevent initiation and keep
our industrial system free Of specula.
tion and waste.
I'VE shall naturally turn, therefore
suppose, to war profits and incomes
and luxuries for the additional 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. II would
be manifestly unfair to wait until the
early months Of 1919 to say what
they are to be. It might be difficult,
should imagine to run the mill with
water that had already gone over the
wheel.
Moreover taxes OF that sort will
not be paid until the June OF next
year and the treasury must anticipate
them. 1t must use the money they
are TO produce before It Is due. Ii
must sell short time certificates oil
| indebtedness.
| III Tue dutuAuu, o nuCu IdEBcT bdlt
OF long time bonds must be effected
than has yet been attempted. What
are the bankers to think of the GER
tificates II they do not certainly know
where the money is to come from
which is to take them up? And how
are investors to approach the pur.
chase Of bonds with any sort Of con.
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