The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-06-27
TAXES MAY ABSORB ALL AVAIL
ABLE CASH.

The evident determination Of the
administration to pile on more war
taxes has raised the question as to
where the money will come from to
feat future issues of Liberty bonds.
The schedules of taxation which have
been proposed in addition to those al
ready in force suggests that the gov
eminent proposes to have the people
now on earth pay for the war and re-
lieve future generations of the burden.
This is wrong In theory and impossi-
bic In practice. 1t is perfectly right
and proper to mortgage the future in
winning war now that would have
to be fought and won by future gen.
erations IL we shirked the duty, and
should help pay the bill. But If this
course is wrong, 1t Is nevertheless ne
cessary because 1t is obviously i'm
possible to raise the vast sums need
ed through ordinary methods of tax
alton. The New York Commercial
discusses the war measures Of the
government in financing the war in
the following editorial:
II the American people are to
pay $S.0OO,000,O 600 in federal taxes
and about $4,000 100000 more in
state, municipal and other taxes
and public charges in one year.
they will have little left with
which to buy bonds. In the fiscal
year before the war, ended June
co. 1914, the total net income Of
all corporations, including banks,
insurance companies, railroads,
Industrial and mercantile corpora
tions, etc, was $4,339. $780, 0S, and
many of them are making less
now than they did then.
Those that think that corpor-
atoms can carry the load assume
that they have unlimited wealth.
The fact is that their taxable in
comes are declining. Railroad
companies had total net income
last year of less than $1,000, 0O0,-
900. In the hands of the govern
ment any surplus they have af-
| ter paying guarantees will go in
to the federal treasury, and will
not be taxable.
Congress should prepare or
call upon the executive branch of
the government to submit real
| budget, SO that the people may
know what is required and for
| what the money Is to be spent.
Taxpayers can give no more than
they receive, Capitalists holding
corporate securities can give no
more than the interest and divi-
dends they receive. Economies
conserve but they do not add to
the taxable incomes of the peo-
pie. If taxes are too heavy the
people will be unable to save any
thing, and will he unable to alb
sorb large issues of war bonds.
They can not sell the real and per-
sonal property they now possess
because nobody will have money
to invest in that way.
This is a war for the safety of
! our future, and there is no in
justice in making another gem
GRAFTON pay part of its cost. When
man buys war bonds he safe
guards the future of his country
and himself and his dependents
at the same time. Proceeds of
sales of war bonds are just as
good as taxes in waging war, and
the relative amounts of each class
taken in by the government is a
question of public policy. We
know that Germany is not taxing
the public heavily, but is finance
ing the war with endless chain
! loans to avoid breaking their
backs. We can not ignore her
method of fighting us in the mon
ey markets any more than we can
close our eyes to her military
strategy and tactics.
| Gladstone and other authori-
ties on political economy have de-
clared that excessive taxes cause
money to disappear, but high in
terest draws 1t out Of the ground.
The public is entitled to know
more about the estimates. and the
budget should distinguish between
new and old expenditures on capt.
tai account, and between what is
actually spent and what is lent to
our allies. The figures are
startling. and some Of those in
congress who mention them so
lightly do not seem to compre-
bend them"
We are sending millions If aur