davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
Income Taxation
Yields Most Revenue

The attitude Of the taxpayers is an
important factor in determining the re-
pressive influence of the burden Of tax
alton. If the distribution is felt to be
equitable, far heavier burden can be
imposed without serious repressive eff
fects thar if the distribution is felt to
be inequitable. The forms of taxes
best calculate d to yield large revenues
and at the same time exercise a re-
straining influence on private eXpen-
diture are direct taxes on income or
property and taxes on consumption. In
favor of direct taxes on income or CAPT.
tai it may be urged not only that they
can be made to yield far larger reve-
nue. than can consumption taxes, but
that they permit distribution Of the
burden in accordance with ability to
bear it, and afford a means of appro-
priating for war purposes income which
the war itself has created. On the
other hand, such taxes reach a very
small percentage Of the total popula-
ton. They touch only to q slight ex-
tent the great mass Of wage earncrs
and farmers whose earnings as a whole
constitute the largest share in the ma
tional income, and whose earning power
is frequently increased by war con-
ditions; pushed beyond certain point.
they are apt to weaken the energy Of
those upon whom we depend for the or
ganization and development Of our eco
nomic resources and to dry I'D the
sources of saving essential for the
maintenance and extension of capital
equipment. They exercise a restrain
ing influence on private expenditure.
but this influence is not necessarily
directed to the particular commodities
and services the consumption of which
1T is most desirable to discourage.
While it is difficult to appcrtion the
burden of consumption taxes in accord
ance with the principle Of ability. they
furnish the cheapest and most effective
means for reaching the great mass of
the population, as we'll as of discourag-
ing the consumption of particular COM
modities and services, and, e confine d
10 non-essentials, cannot be regarded,
even when rates are high, as imposing
an undue burden on the classes on
which they rest. They constitute, In
fact, an indispensable element in any
system OF taxation which seeks to util-
ize the resources Of the country to tho
full, and to create the feeling that the
burden Of taxation is equitably distrib-
utsd among all classes Of the popula>
ton, upon which the successful admin
istration Of any system imposing ex-
'remeiy heavy burdens must largely de-
pend.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
New Danish Typewriter

A Danish corporation for the manu-
fGcture Of typewriters, recently organ
lied at Copenhagen, has produced its
first typewriters, and consular report
states that the machine is much
simpler in construction than those Of
American make. The factory's present
equipment will permit an output Of
from 100 to $50 typewriters a month.
No American typcwrtcrs are now
reaching Denmark.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18


increased materially owing to the de-
mand from home markets and the IN
creasing demand for cloths for war
purposes. Deliveries on old orders
continue active in home markets. Du'
there Is noticeable change IN tno
character Of the demand, buyers peins
disposed to purchase for actual re-
quirements and not in anticipation ..
further advances. Mills are unable
maintain capacity output, que !"
labor shortage. All dividend payments
indicate great past prosperity. ~.
Prices quoted are as follows: rI, .n
cloths, 28-inch. 64x64, 12Ac; o4Aou'
1lAc; 8815inch, 64x64. 1886; prov"
sheetings, Southern standards ~ 81,
tickings. or, 42sc; denims, Ssus'
Southern indigo, s71sc; staple gins
hams. 2lc; prints. &c; dress S'''
hams, c2c and 24c.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
Adapted to Beet Growing

Austria is giving more ATTENTION "
the production OF beet sugar OWLS
to the world wide scarcity Of thas CO"
modify, and the recent success CT ~.
plant at Maffra, which is the only ON
in the country, may lead to the es sssl
lishment of another at Warrnafnavc;;
This place is in the western par. ,sn
Victoria, and said TO be in a ress sa
where the land is especially adsP'ss
to raising the sugar beet
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
Leading English Banks

Recent carnations, which have
received British Treasury approval.
have made the following institutions
the leading English banks: London
Joint City and Midland. with deposits
to $l,459,o50,o0O; Lloyd's.
W. $l'4ao, 1bl'oo0; London County.
100000; Barclays, with 81, OBI .69S.00o.
and National Provincial and Union.
with $875,970,Q0o.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
Victory Bonds
Advanced to Par
To Check Demand
Strength of Canada's War
Loans Reflects Success of
Sterilization Plan
Special Correspondence. Of The Tribune)

(Spectdt CORES p011dence OF me 1T1OtHe)
TORONTO, Aug. 16-The selling
price of Canadian Victory bonds has
been advanced once more. The Victory
Loan Committee has fixed the price at
par This is an advance Of one-half
point. Not many months ago 9S1s
was tho price at which the bonds sold.
The demand since that time has con-
tinued so strong that the committee
deemed it advisable to increase the
rate. It was thought that the first in
crease would have the effect of check
ing demand for the issue, but, as in the
case of all rising markets, investors
appeared more eager for the bonds at
the higher price, with the result that
the committee decided to make the Sec
ond increase. This became effective on
August IL. This makes the Victory
Loan 1Ss points above the original
price for the bonds.
The Victory Loan Committee has also
announced that hereafter the commit
tee will pay SO and interest for all Of
ferings Of moderate size. This is all
advance of g on the former buying
price.
Bonds Not Listed
1t will be recalled that when the Vic
tory Loan was launched last fall the
Finance Minister decided not to list the
.o%N
changes. He feared that on account Of
the size of the f1otation heavy liquida-
ton would follow, which would de-
preciate the price. The Victory Loan
Committee was organized, with head
quarters in Toronto, through which all
purchases and sales were handled. The
bond houses and stock brokers cooper
ated with the committee by concentrate
ing their efforts to find new buyers for
the Victory bonds. Because Of the e1-
cellent security behind the bonds the
high yield, which ranges from 5.61 to
5.S6 per cent, according to maturity,
and the income tax exemption privilege,
buyers were readily found. The result
was that the influx Of buying orders
was in excess of offerings most Of the
time. The success of the Victory Loan
demonstrates the value of the stabiliza-
ton scheme.
The success attending the last Vic
tory Loan augurs we'll for the impend
ing war loan. The committee which
assisted the Finance Minister last fall
is at work again preparing details in
the way Of organization. The best
financial heads in the country are be-
ing called upon to give their time in
order to make the new fotation a sue
cess.
Want Leans Taxed
Some financial interests in Canada
have agitated to have the next Victory
Loan subject to the prevailing income
taxes. There is no doubt, however,
that this one, like former loans, will
carry the exemption privilege. A
member of the Victory Loan Commit
tee assured the writer that when the
next Victory Loan is floated it will not
be listed on the stock exchanges, but
will be under the control of the Victory
Loan Committee.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
Denmark Resorts to Peat

Denmark has been long dependent
upon importation of coal and oil for
fuel supply, but since the war has
resorsed to peat beds, it's only natural
supply. As peat has been found Of
value both for industrial use and
household heating. it's use MS fuel will
probably be continued after the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
waste might possibly be expected to
yield at least s5o,ooo,ooo. Such tax
would, of course, necessitate an in
crease of the compromising duties on
manufactured goods.
Tax on Casolene
Highly Desirable

Another important source of revenue,
including among those recommended
by the Treasury, is gasolene, particu-
larly gasolene used for pleasure cars.
A tax on gasolene used for this pur-
pose is highly desirable for its repres-
sive effect as we'll as for the revenue
possibly both effects, might be in
creased if the tax could be made pro-
gressive with the increase in the
amount used. Provided dealers are
licensed and consumers are required
to purchase on the card system it is
believed there would be no insur-
mountable administrative difficulty in
establishing such tax, at the same
time making proper allowances by way
of exemption for gasolenc used for com
mercial cars and cars used in connec-
ton with professional work.
While taxes on income, excess profits
and consumption taxes must furnish
the bulk Of the revenue, there are other
forms of taxes already in use, such as
documentary stamp duties and licenses
on n selected list Of occupations, from
which some revenue may be derived. For
some unexplained reason, the tax on
checks, used both in The Civil and the
Spanish wars, and regularly employed
in England in time Of peace, has not
been included in the documentary
stamp duties. 1t should certainly be
added in the new law, and might we'll
be graduated; say, cents on checks
under SEQ, s cents on checks from $25
to 500, Is cents OH checks from 500
to $1,000 and so cents on checks of
$1,000 or over.
1t would seem from what has been
said that, in addition to the taxes
which Congress is said to be consider
ing, there are available taxes which
would yield $4o0,c00,OO0 or more of ad-
ditional revenue, or would exercise g
repressive effect on forms Of consump-
ton which it is desirable to discour-
dSS, aIlu WOulU lIupOSC ITO uuUuc DuIucH
upon any class in the community, but
would rather contribute to a more
equitable distribution of the burden OF
taxation. The rates of consumption
taxes would still be we'll below what it
has been found practicable to impose in
England, which has been chosen as the
basis of comparison, Tor the reason
that it is the county which during the
four years Of war has been most sue,
cessful in making taxes contribute to
actual war expenditure.
There will remain in reserve the pos
sibility of a general tax on sales. There
are strong objections in principle to
such tax, but there is no doubt that
it would yield very large revenue. A
tax, in general about per cent on
manufacturers sales, was the most
productive of the internal revenue
taxes during the Civil War, yielding
$12S,500 900 out of total of $311, 0O0,-
600 in 1866. A tax Of even 1 per cent
on all sales to-day might we'll run into
the billions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18

to have borrowed through bonds
marketed by bank mutations, had
this been possible in Russia, would
have somewhat extended her period
of endurance. But the limits are
none the less memorable. No tinan-
cial policy can meet the endurance
test that commits the blunder of
piling up Indebtedness or the blum
der of pyramiding prices, or COM
mits both blunders at once in the
guise of bonds hoated through bank
mutations.
Nor, in fact, is there any borrow
ing method that promises the ut,
most possible civil contribution to
the burdens of wax. Patriotic lend
ing or low-interest lending or any
lending at a rate of interest, no
matter how high, that still leaves
the option not to lend must fall
short of transferring to the govern
ment all that the citizen can get
along without.
l. The sole merit Of imitation Dor
rowing, whether through banks or
by paper money, is that no one in
particular that can refuse is dis
posed to refuse. In this aspect
borrowing works like taxes. But in
evitably-if it gets the supplies-it
carries the same volume of burden
with it, and it piles up the bonds,
and it initiates the prices-to the
extent that the banks come in, and
so make it possible to float the
bonds, and it distributes the bur-
dens unfairly both between men of
! the existing generation and between
, men of coming generations, and if
it is persisted in it makes collapse
inevitable at some more or less re-
mote limit Of credit possibility.
More than this-and perhaps
worse-it obscures the inexorable
limits that are set to the total of
burden that may be carried. There
is, to be sure, no end to the num-
Der of dollars that it may be pos
siblc to borrow by initiation methods,
excepting the possible point at
which no one will consent to accept
them. But there is always limit
to the labor and the supplies that
can be diverted to war purposes.
Initiation borrowing has the vice
of seeming to remove this limit-to
invite the assumption Of impossible
burdens-ten million soldiers, for
example--and thus contains the
menace of economic disaster.
Somewhere Is a
Breaking Point
But, even SO, it portends not the
exhaustion of the resources of the
society in point of wealth, but only
the exhaustion Of credit or the in
adequacy Of the current income to
the undertakings assumed. It is in
this aspect that the issues of war
endurance rest with wise and provi-
dent war finance. Bonds marketed
through methods Of price imitation
pile up with enormous rapidity, and
must somewhere reach their limit
in the breaking down of the cur
rency system that they have abused.
That there is no immediate men
ace of this leaves it still true that,
in a war where endurance may de-
eide the victory and in which Amer
lea must furnish the endurance,
our present ways of war finance are
ways of plain improvidence. It is
for us-as it was for Russia-to
rely on production and self denial,
ard not on credit jugglery to sup
port the war. Our sole danger is
one of financial laundering; for
such is the nature of our national
endurance that it has no limits but
those Of folly.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
the effect that the cotton specuia.e.,
were keeping prices too high.
What Cotton Growers
Wish to Know

Wish to Know
Specifically, the cotton growers wan.
cd to know why there was dispar;+,
between the cotton prices determines
in the Southern spot markets and N,
price for contracts determined in Oh.
future exchanges. They wanted N
know why futures were selling NOR.
than cent? pound cheaper than spot
cotton. and they wanted to know
mighty badly.
Besides endeavoEng to show the part
they played in the general economic
system, the members of the local ex.
change tried to give specific diaroo.
sis of the cause of the disparity. Thc;,
explanation was:
(1) In spot cotton only even running
n,iddling can be delivered unless other
wise specified (even running middlinr
is good white cotton). But that in sat.
isfaction Of future contracts twenty
one grades of cotton, come better ana
some worse than even running mid.
ding, are deliverable And that the
government, which now dominates the
cotton market, discouraged, if it did
not actually forbid, the use of the rela-
lively low grade cotton, for which the
normal export demand has been killed
as a result of the war, in the execution
of its orders. AS result, it was said
low grade cotton sold at discount as
compared with the better grade. AID.
since the lower grades were deliverable
in future contracts, but not in spots,
future contracts sold at lower price.
CD Liverpool interests had been
heavy purchasers of spot cotton end
heavy sellers of futures, thus appre-
eating the market value of spots and
depressing that of futures. They did
this, it was said, to hedge against the
possibility Of being unable to have the
cotton which they bought at spot
shipped to them because of the lack Of
tonnage.
Though these two were said to be the
main causes Of the disparity, many
other factors we're enumerated, but
they are highly technical and arc Of
lesser importance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18

excess prOhtS taxes.
Luxury Taxation
A New Feature
according to newspaper reports the
Treasury and Congress contemplate the
adoption Of taxes similar to the French
luxury taxes, the addition Of new
sources of consumption taxes and con-
siderable increases in the rates Of the
consumption taxes already imposed.
There has, however, been no indication
that they intend to use some Of these
sources to the full or to make use of
other productive and legitimate sources
Of revenue which have hitherto been
neglected.
The suggested rates on liquors, Sc
barrel of thirty-one gallons on fer
mented liquors and s6.40 a gallon on
distilled liquors, as against the present
rates Of So barrel and $500 a gallon,
are perhaps as high as it is wise to go
ct present, although the English budget
Of l918-I9 proposes $12 a barrel of
thirty-six gallons on fermentcd liquors
and $40 a gallon on distilled liquors,
The present rate on manufactured
tobacco is IL cents pound; on cigars
from 50 per 1000 (4-10 cent per cigar
on cigars retailing at from cents to
z cents, to $40 per 1000 q cent per
clgar) on cigars retailing at over 20
cents; on cigarettes, $2.05 per 1000.
These rates are extremely low. The
English rate on manufactured tobacco
is S1.95 per pound, and in the budget
OF 191S-19, it is proposed to increase
it to $2.48. The English rates on
cigars and cigarettes are also levied by
the pound and amount to 1924 on the
former and $2.38 on the latter, with
proposed increases to $3.50 and S3.O3,
respectively. 1t is difficult to estimate
the equivalent on pound basis of our
rate on cigars, but it is safe to say that
it is under rather than over so cents.
On cigarettes it is about 70 cents.
There seems to be no reason why the
rate on manufactured tobacco should
not be increased to rs cents, and the
rates on cigars and cigarettes quadru-
pied instead of doubled, as is sug-
gested, according to newspaper reports
This would mean 1.6 cents per cigar
retailing at from cents to cents to
4 cents per cigar retailing at over 20
cents and 16 cents per package of 20
cigarettes. Such rates would either
bring in $100,000,0 900 more revenue than
the proposed rates, or would appreci-
ably curtail consumption, either Of
which results is to be desired. Such
rates on cigars would not be excessive,
judged by our own practice during the
Civil War. Under the act of June 80,
1864, the tax on cigars ranged from
| So to $40 per 1000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
Plan for Removing
The Disparity

Members of the exchange, a South
ern shipper and Northern spinner
who were present outlined pro-
gramme for removing this disparity.
which at the present moment is rela-
lively slight, because the approaching
crop, with its large supply of good cot
ton, has tended to remove the>premium.
for the time ,-yeS---. "a '.east, on the bet
ter grades.
The brokers suggested that the situ-
alton be remedied not by destroying
the New York market, which they said
served as q hedge for the spinners and
shippers against future price changes,
but by building it up. They advised
that the cotton trade could be stabfl'
lied if transportation facilities for
shipping cotton to New York were i'm
proved and storage warehouses here
extended and provisions for rebilling
made. The result of these alterations,
they said, would be to make New York
a spot market Of greater Importance.
which would have a large reserve sup
ply Of cotton, which would enable this
city to serve American spinners in the
same manner that Liverpool had served
English spinners.
The Bureau of Market investigators
accepted the suggestions In excellent
spirit, and the whole manner in which
they conducted the hearings was In
telligcnt and commendable. They treat
ed the members of the exchange with
every courtesy and consideration, and
at the same time neglected to ask no
question, no matter how embarrassing
which they believed essential for the
solution of the present wartime
tangles in the cotton industry IN the
interest of the general public, whom
they have been chosen to serve.
, They have now heard the Northern
SIDE of the story, both from the brok'
erA aud the spinners. Next they pro-
coed Nouth, where cotton can be seen
in three dimensions. They are Likely
to hear some harsh words against tne
brokers whom they queried in. new
York, but if they give their new
sources of information tia privilege o.
consulting "the fabric of fact faich
already has been spun there MAJ =
suit In clearer thinking about the coz
ton industry all around, particularly Il
/ the record of the hearings in the SCUM
in turn become available to the North
ern interests in tine same way.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18

hands the greater portion of the ma
tional income goes, who apparently dur
ing the present year have fully shared
in whatever seeming financial gains the
war has brought and who cannot be ef-
fectively reached through income and
excess profits taxes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-08-18
Allied Power
OF Endurance
Is Unlimited

Continued from page ten
Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1918-11-28

lsaa1 loes e oeoA TuEks under 80
M. whsee cur guas bad battese1
IL walls e The QuaSFies down .
them.
We were fighting about this part &
IL country one time when Va saw
Tires motor trucks disappear over the
sids Of . hil going across country.
Ths detachment from he Cassard was
cent over On the run and We came
upon the Turks from those trucks and
several others Just after they had ct
out and were starting ahead O foot.
We captured that whole bunch-I Do
not know how many In Oh. They were
reln6orcements On their way to . part
q their line that Va were battering
very hard. and By capturing them We
helped the Anxacs . great deal. for
they were able to get through for .
big gain.
We held that position. though they
rained shells on ID % hard all that
day and night that We thought they
were placing . barrage for q raid, and
stood to arms until almost noon the
next day. But our guns gave back
shell for shell. and pounded the Turk
lsh trenches and broke shrapnel over
them until they had all they could
do to stay in them.
Finally. our guns placed shell after
shell on the enemy's communication
trenches. and they could neither bring
Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1918-11-28

mS do :" WHt nuTPCnS 70 viz WV
who do not study to become editors-but the boy scorned editors. His ambt.
tton-hls one great ambtion-had been to climb a ladder and chalk off base.
ball scores, until the electric boards came along. and after that he settled on
q future Of sightseeing cars SO that he could talk through a megaphone. But
alas for welllaid plans! One day a messenger higher up dropped out and
the boy stepped into duties that allowed less time for thrilers| and eats-but
at that. he didn't study, his prime idea being that a fellow could learn things
outside Of books-whch. incidentally, some mighty wise men have said before
him.
Each admonitory pill was swallowed with gay unconcern, until one day
the boy failed to show up. Another boy filed in. and that was all there was
to 1t until, not so long ago, they came across his name in prlnt-n the roll
Of honor, along with those Of others who fell on that day which history has
already christened 1.-THE glorious 18th Of July"
Father Time, by some inscrutabe alchemy, had changed the boy into q
man and taught him the greatest Of all lessons from the Greatest of all Books,
"Greater love hath no man than this. that he lay down his life for a friend"