The sun., 1918-09-24
What the Senate Must DO for the
Fourth Liberty Loan.

What the senate Must DO for the
Fourth Liberty Loan.
In his tax schedules Chairman
KITCHIN of the House Ways and
Means Committee has not merely con-
trived mischief for the industry, bust
ness and welfare of the nation to-
morrow; he has wrought danger for
Its war chest to-day.
This very week the Treasury offers
TO the American people its fourth
Liberty loan. To save the loan from
the consequences Of KITcHIN's handi-
work the Senate must deal with cold
figures and hard facts, which the
House statesman from Scotland Neck,
n. c., indulgent to his prejudices and
passions, ignored.
The Treasury Department statistics
show how even In the third Liberty
loan big subscriptions already had
withered under KITcHlN's paralyzing
hand. For the first issue, asking for
$1,000. 600, there had been 4,O0O.-
600 subscribers, with an Oversub-
scription Of nearly $1.75O, OO0.OOO. For
the second. asking for $30OO,OOO,OO
md agreeing to take half the over
subscription, there had been more than
100000 subscribers with an over
, subscription OF some $1,000, O0O, 900.
For the third, asking for another S3,-
OOO,0OOOOO and agreeing to take al
Oversubscriptions. there were 17.OOO,-
900 subscribers. but the oversubecrip-
tlon was only $1,178,O 100000.
Now, note the further details!
From the first to the third Issue the
number OF subscriptions multiplied
roughly by four. But while the
100000 subscribers of the first loan
averaged 500. the 100000 sub
scribers Of the second loan averaged
$491 and the 100000 subscribers
of the third loan only $246.
From those returns II is possible
to draw only two conclusions closely
akin. One is that by the time of the
third loan KITCHIN's sectional taxes
Of 1917 had swept many an income
cupboard bare north of Mason and
Dixon's line. The other is that If
the sectional taxes Of last year swept
the cupboard bare before the Offering
of the third loan, KITCHENS heavily
increased sectional taxes. just now by
him devised. would devour the cup
board itself.
II is clear from the Treasury rec
ord that the small subscribers, count
ing themselves somewhere between
100000 and 100000 persons,
saved the third Liberty loan. How
many shall they count themselves
this time? Shall they double up
agaiD--now to 100000? If they
do. shall the average subscription, as
the proportions worked with the sec
ond and third loans, be cut In half?
We shall have then an average sub
scripuon Of about 1925. With a.
100000 such subscriptions II 1t is
possible to get SO many In the first
three weeks of October, we shall have
a total subscription of $4,250,OOO.O 900.
1t will not do. 1t will not do, by n
billion of dollars. 1t will not do, pos
sibly by two billions Of dollars.
We have heard II said that men
and interests of large means should
be willing. II necessary, TO give out
right In taxes virtually all OF their
income. Suppose they were willing
suppose they did give it all; would
that be the only considerations There
would still remain these fundamental
truths paramount over both KITCH-
ms sectional hatreds and others eco.
nomic dreamings.
Capitals surplus is imperative to
industrial expansion Mr.. KITcHIN,
snatching all that surplus, cannot
keep industry in a straitjacket with
ont slowing down production and thus
diminishing taxes.
Capitals surplus, continuing to
widen the industrial field. Is impera.
tive to the continued high earnings
10 the Liberty loans.
Capitals surplus, along with the
workers earnings, is imperative to
the success of the Liberty loans.
Imperatively is this the country OF
the man Of big income and Of the
= man of little income. Imperatively
shall they, shoulder to shoulder. bear
SIS burdens Of war. pay its taxes to-
gether, take Its bonds together, stand
or fall together.
There is such thing as raising
revenue, and there is such a thing
Ms raising hell. Perhaps Chairman
kITcHIN knows the difference; theI
agsln perhaps not Anyhow, the Sen