The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1918-05-27
TAX BILL
NECESSITY
He SAYS
-Four Billion Not Enough to Take
Care Of COuntry'S New
Budget
IBr UNITED PREss.J

"A0h4NG1ON, ID. G., May 27.
President Wilson today called
upon congress to sacrifice political
expediency and drive through a
tax bill.
Appearing before a joint session
on Washington's hottest day he de-
livered his second strictly business
message since America s entrance
into the war. His address follows:
WANT MORE RESOURCES.
1t Is with unaffected reluctance that
come TO ask you TO prolong your ses-
sion long enough 70 provide more ade-
quate resources of the treasury for the
conduct of the war I have reason 10
appreciate as fully as you do how ardor-
Gus the session has been. Your labors
nave been severe and protracted. You
have passed a long series Of measures
which required the debate Of many
doubtful questions Of Judgment and
many exceedingly difficult questions Of
principle as well as of practices.
NUsT Dp DUTY TO FULL.
The summer IS upon US in which
DOi anu COuAset are quite ardorous
and constantly apt to be impaired bv
fatigue Elections are at hand that we
ought as soon as possible to go and
render an intimate account of our trus-
teeship to the people who delegated US
to act for them in the weightv and anxt-
Gus matters that crowd upon US in these
| days of critical choice and action. But
we dare not go to the elections until we
have done our duty to the full
DUTY STANDS NAKED.
These are days when duty stands
stark and naked and even with closed
eyes we know it is there. Excuses are
unavailing. We have either done our
duty or we have not. The fact will be
gross and plain as the duty itself. In
such a case lasitude and fatigue seem
negligible enough.
The facts suffice to freshen the la
bor And the facts are these.
MUST HAVE NEW REVENUES.
Additional revenues must manffestIv
be provided for. It would be a most
unsound policy TO raise too large pro
portion Of them by loan and it IS eyf-
dent that s4.0oo.OO0.00O now provided
for by the taxation bill will not of them
selves sustain the greatly enlarged
budget to which we must immediately
look forward too. We cannot in fair
ness wait until the end of the fiscal year
to apprise our people of the taxes.
THE COUNTRY MUST KNOW.
We cannot get increased taxes IN
less the country knows what they are
TO be and practices the necessary econ
omy to make them available. Definite
ness. early dehniteness, as to what tha
tasks are TO be IS absolutely necessary
for the successful administration of the
treasury. II cannot frame fair and
equitable working regulations in haste
and it must frame its regulations III
haste if it is not to do its great task
until the very eve of its performance.
MARRIED BY INEQUITIES.
The present tax laws are marred
by iniquities which ought to be rene
died. only fairly equitably distributed
taxation Of the widest incident and
drawing chiefly from the sources
which would be likely to demoralize
credit by their very abundance. can
prevent imitation and keep our indus
trial system free Of speculation and
waste. We shall naturally turn there
fore, I suppose. toward profits and In
comes and luXuries Tor the additional
taxes.
LEVIED on 1915 INCOMES.
But the war profits and incomes
upon which the increased taxes will be
levied Will be the profits and incomes
Of the calendar year 1918. 1t would be
manifestly unfair to wait until the
early months Of 1919 to say what they
are to be.
Moreover. taxes of that sort will not
be paid until June of next year and
the treasury must anticipate them II
must use the money they are to pro-
duce before it is due. 1t must sell short
time certificates of Indebtedness. In
the autumn a much larger sale of long
time bonds must be effected
THE BANKERS MUST KNOW
q" hat are the bankers to think Of the
certificates if they do not know Ger
tainly where the money is to como
from with which to take them up? And
how are investors to approach the pun
chase of these bonds with any sort ~
confidence or knowledge of their own
affairs if they do not know what taves
they are TO pay and what er9nor-
and adjustments Of their business they
must effect?
I cannot assure the country Of
successful administration Of the trea
ury in 1918 If the question Of further
taxation is to be left undecided until
1919.
WINNING OF WAR EVERYTHING.
The consideration that doWinates ev-
cry other now and makes every other
seem trivial IS the winning OF the wa.
We are not only in the midst of the
war; we are at the very peak and crisis
Of 1t.
THE great enterprise must be push
CONTINUED on page twoJ