New-York tribune., 1919-06-14
BUSINESS NEWS BUREAU,
Tribune Building
l54 Nassau Street
Congress Urged by
Banker to Tackle
Important Tasks
National Idealism Must Be
supplemented by Practi-
cal Efforts, Willis HI.
Booth Tells Credit Men

DETROIT, June 13.-Business must
be freed of it's present and pre-war
obstacles if America is to do it's full
part in stabilizing conditions through
out the world
This idea was forcefuly presented to-
day by Willis II. Booth, president
of the Guaranty Trust Company, in an
address here before the National Asso-
ciation of Credit Men. He declared
that, if we are to keep pace with the
accelerated movement of the new pc
riod, 1--WE cannot permit Liliputian
ideas to bind our industrial Gulliver."
Unless we supplement, he said, our ma
tional idealism with practical efforts,
based upon the fundamental principle
OF helping other peoples to help them
selves, our idealism will utterly fail
o. its purpose.
Congress Faces Big Task
IF this country is permitted" said
Mr.. Booth, "to utilize its industrial re-
sources, strength and individual ini-
tiative in a measure commensurate
with the demands of the hour, we will
put at the disposal of the world one
OF the most etficacious of stabilizing
forces. Consequently, no Congress has
faced more important tasks than those
devolving upon the present one. And
the sooner it undertakes the solution
OF the vast problems now awaiting its
consideration the better.'
One of the foremost duties of Con-
Gress, said the speaker, is revision
nj ho1 of
tax legislation, at least as far as its
There is much duplicate assessment
under the revenue act of 1918, he de-
cared, and the present income tax
handicaps enterprise and penalties sue
cess, with the inevitable result Of re-
tarding trade Improvement.
The government must awaken to
the fact" continued Mr.. Booth, chat
we cannot continue to do peace bust
ness on a war-cost basis. Common
aanse but rigid economy is Imperative
~ needed. We are discovering that
the economic cost of peace is almost as
heavy q burden as the economic loss
or war
After War Expenditures Rise
consequently, 1T would have been
lar more sensible and serviceable if
the government had stabilized expen-
ditures, under proper budget, instead
OF vainly endeavoring to stabilize the
prices of commodities, for every un-
justified and reckless expenditure by
the government not only adds to the
already heavy burdens of the tax
payer but also increases the cost Of
living and exacts monetary tribute
from those who can i'll spare their
earnings for a so-called 'paternalistic'
government to squander.
THE fact that seven months after
the signing of the armistice the war
expenses of the United States have
continued without abatement demands
prompt and effective measures of econ
omy. In April the governments ex-
penditures were approximately $1,429,-
100000, as compared with $1,19O,00O.-
600 in February. They were 81 ,O96, ,oOo,-
600 in May"
Mr.. Booth said there is imperative
need, also, for an active, practical de-
mocratization of industry
Let labor and capital really get to-
gether," he added, land work in har-
mony, and this country will enjoy the
greatest era of prosperity it has ever
known"