Cheyenne record., 1918-05-30
NEWWARTAXLAWS
ASKED ~ PkGsiDENr WILSON
in AoDRgss sEFoRE JOINT
SESSION OF CONGRESS.
TO LEVY TAXES AT ONCE
Would Place Burden Of struggle on
Large lneomss, War Profits and
LuxurIss, and Declares Amer
iea's Great Opportunity
10 at Hand.

euxuftoes ana DECLARES amer.
iea's Great Opportunity
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 1t was
necessary to proceed Immediately with
new war tax laws.
The Presidents address in full fol-
lows:
Gentlemen Of the Congress:
1T IL with unaffected reluctance
that 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.
have reason to appreciate as fully as
you do how arduous the session has
boen. 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 and many exceedingly difficult
questions OF principle as well as OF
practice. The summer IL 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
trustesship to the people who dele
~ - rnn. TN fha
weigity 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 VIC know 1t Is there. Excuses
are unava1Ilng. We have either done
our duty or We have not. The fact
will be as gross and plain a. the duty
itself In such case lassituds and
fatigue seem negligible enough. The
facts are tonic and suffice to froshen
the labor.
"And the facts are these: Add
tionR revenues must manifestly be
provided for 1t would be most IN
sound policy to raise too large . pro
portion of them by loan, and 1t u svi-
dent that the four billions now pro
vidsd 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 il ut hand
to appriss our people Of tho taxes they
~ an THAR AAYnfNH0 NJ thu
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 ~
to what its tasks are to be IL abso-
lutAly necessary for the successful ID
ninistration of the treasury; It can
not frame fair and workable rsgula-
tions in haste; and it must frame its
regulations in haste IL 1t II not to
know its exact task until the very eve
Of it's performance. The present tax
laws are marred, moreover, by in
equities which ought to be remedied.
Indisputable 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
mo 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 aAd 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-
moralizs credit by their very abund-
ance. can prevent initiation and keep
our Industrial system free Of specula-
ton and waste.
I'VE shall naturally turn, therefore,
I 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
Of the calendar year 1918. Il 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 ns1t
year and the treasury must anticipate
them. It must use the money they
are to produce before it 10 due. 1t
must sell short time certificates OF
Indebtedness.
"In the autumn, . much larger sale
Of long time bonds must be effected
than has yet been attempted. What
ere the bankers to think Of the Ger
tificates II they do not certainly know
where the money II to come from
which ID to take them upf And how
are investors to approach the Duf-