The Washington times., 1918-05-27
MEANS LONG
SESSION FOR
DISGRUNTLED-
LEGISLATORS

IA
Ccon4inuod from INST PaES)
We have either done cur duty or We
have not. The faet viii be as gross
and plain a. the duty itsalf.
In such q case lassituds and ia
tgle seem negligible enough. The
facts are tonic and suffice 20 freshen
the labor.
n PFe.ldsnt States FAcG
SAnd the facts are these:
Additional revenues must manifest
~ bs provided for. It would be q
most uns0und policy 70 raise too large
. proportion OF them By loan and Il Is
evident that the four billions now
provided for by taxation win not of
themselves sustain the greatly en-
laFgsd budget to which we must i'm
mediatoly look forward.
"We cannot in fairness wait until
Che ehd+of the fiscal year is at hsnd
% Gppriss our people Of the taxes
they must pay on their earnings Of
me present calendar year, whose ae-
eeuntinEs and expenditures will then
be closed. We cannot get increased
taxes unless the county knows what
they are to be and practices the nac-
SEsGry economy TO make them avail
able.
~Deanitsnoss, early dshnitsnsss, as
% what its tasks are TO be, is absO-
lutely necessary for the successful
administration OF the Treasury. 1t
cannot frame fair and workable regu-
lationa In haste: and II must frame
its regulations in haste II Il is not
20 know fits exact task until the very
eve Of It's performance. The present
tax laws are marred, moreover, by
inequities which ought to be RENE
died. Indisputabls facts, every one;
and We cannot alter or blink at them.
TO state them is argument enough,
And yet perhaps, you Will permit
me TO dwell for q moment upon the
SituaLtan they disclose
goureea e Revenne ,
SEDOFmous loans freely spent in the
stimulation OF industry OF almost !
every sort produce infiations and sx-
GraEagance which presently make the /,
whole 0cdssomie structure question |
able and insecure, and the very basis |
Of credit 80 cut away. Only fair. |
sauitstly distributed taxation. of the |
W'dest Incidence and drawing chiefly |
from the sources which would be
likely 20 demorAliEe credit by their |
vsry abundance. can prevent inhation /
and keep our industrial systssm free
from spocS tation end waste
We shall naturally turn, therefore,
I suppoaA. to war profits and incomes
and luxtErieB for the additional taxes.
But the war profits and incomes
upon Whhch the increased taxes will
Be levied viii be the profits and
incomes q the calendar year 1918. It
gould BET mAqifestly unfair 70 wait
until the early months OF 1913 to
laY what hoy are 20 be-
1T might be difficult, should
lnaEine, 70 run the mill with water
GhaE had alBsady gone over the wheel.
TPuGFT Mula AnGfaiDafe.
S1EOFSOFer, taxoS Of that sort viii
~ - paid until the June Of next
rear. and Ghs TroaSury must antici-
,GtS thon- 70 muBt use the money
hey eArS tofprodues before It iS due.
4 must ssu sshOrt-tims certificates Of
nGsbeGdneaa J.
"a fhs autuHa . much larger sale
4 ionE-tims bonds must be ELECTED
Aan hsl yet been attempted.
what are the bankers 60 think Of (
- eore1hcE1es n they DO not certain
y knew where the money is 20 come
Fosu which ia 20 take them up? Ii
sAnd how are investors 20 approach I
~ purchase Of bonds with any sort
2 cGnhdencS or knowledge OF their !
N arfairu iftthey DO not know what {
aEos sthey are 70 pay and what soon
IUios And Adjustments Of their bust
lsas they must OffOotT
Il cannot assure the country of .
lueoessful administration Of the
treasury in 1878 II the question Of
uFther taIation is 60 be left undS-
ddsd unta Ista
Winning OG W. PFSG
STh0 consideratioR that Dominates
W. ether nov. and makes Svery other !
ssm trivial and negligible. is the win !
ing Of the War. We are not only In the )
iidst Of the va. We are At the very !
sak and crisis Of Il
Hundreds Of thousands Of our men.
arryfnF our hearts with them and !
1