Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-12-03
~ Assncla..d 49, ,


I sincerely regret that / canno, he
present al the opening OF this session
.: the Congress | am thus prevented
trom presen,ins in as direct way
that are pressing for solution at this
Happily have had the advantage
several executive DEPARTMENTS who
havc Kept in close, touch with affairs
reSomme ndations earnestly second
In the matter or the railroads and
he Teadjus tmSnt OF their affairs grow
iake the liberty AT later date OF
addressing you.
budget system Desirable.
hope that Congress viii brag 10
ZION LOOKING 10 the csta h.ishmemt OF
= budget system. THAT there should
Tor, the making Of all appropriations,
and that appropriations should he
made not ;ndepcndenily or each other,
but with reference 10 one single COM
prehcnsiye plan OF expenditure proper
~ related 20 the nations income. there
can be no doubt
believe the burden OF rrcrarirr
Ihe budget must IN the natur" 81 tho
case Il ;he work is TO be properly
instead Of divided. rest upon the sx-
tcu'lNe The budget SO prepared Snouid
nc S3emitted to and approved or
"lmended by. single committee of each
tioESc ot Congress and no single APP
Cropriation should be made by the
,,<onSreSs; eAccrt such as may have
oecn included in the budget prepared
ny the executive or added by the par
rsfn!ar Committee OF Congress charged
Win the budget legislation.
Ascertain Expenditures Efficiency
Anochcr and not less important
aspect Of the problem is the asccr-
,ai2lment ot III" economy and efficiency
wan which tho moneys appropriated
are expended. Under existing law mo
cn.y aAuit Is Tor ;he purpcsc of asccr-
becn lawfully made within the APP
propr!ations. No one is authorized o.
n nnn TO asccrtain Whether the
Ironically and effectively
The auditors should be highly
trained officials with permanent tenure
obiiSations TO or motives of cousiGCi.1-
ton for this or any subsequent ad-
powered 10 examine into and 'uan,
report unon tho methods employed ana
d d"1 re.uiis obtained ny the executive
GSparlnentS az the governments. Their
reports should be made TO the Con-
ST;ress and to the Secretary Of Jhu
Tax simplincation Necessary.
a. trust tnnt the Congress VIII give
problem OF future TAXATION Simpli-
alton o; The income and profts taxrs
las nas become an immediate necessity
service during the war. TAey must
1--we. be simplihed. not. only to
sSne inc taApayeT inconvcniencc and
may be made certain and definite.
WIN reference 10 the details o. the
Treasury anG tho co i1Ta'ssfS o. Of me-
;ernal revenue will lay before you toy
H ;,tNn, consideration ,yeHtatp aincnd-
nection with the administration OF the
lsw-TecoMmendati which have my
aPaSst" n apS sHGp0F that 1t III S$an ne
with, This matter the present law
-aou.d not DC disturbed SO far as
regards taxes for the calendar wear
1892 payable In the calendar year
May Bear Too nca,il, on business.
whether The higher rates %; Income.
hhad profits taxes can in peace timcs
DC etec;tVely productive Of revenue
and whether they may not. on tie con
traty, be destructive OF business
actixity and productive OF waste and
in peace times high rates Of neon"
ana profits taxes discourage energy.
prise, encourage cxtravaEant cxprnd,-
lures amd producG Industrial staGna-
ion Win conseqn1nt acknowledgement
The problem is nor an easy one. \
M, HAr u. n "a! change has taken place
.Nmcrica in Inc worla''" afF INF 10" r63tt
9re!En!ce and passions cpgcud,rcd by
s nI,SayS q , yi9f4itr s BETWEEN two
tho one believers in rrot,c,;on OF
!thtf!can lUGuStHs:s, the,Othcr believers
subordtna,eI Il NI liz oHy,E-hN], be
t"u 81 tEe public interest IN rhe iilsh,
OF utterly changed conditions.
Financial Conditions Change
EetoTe the war America was heavily
the dsntor o! the rest OF the v,orld
an4 'ne interest payments she had to
lnahc 10 foreign countries on American
SECURITIES held a broad the eNnrnIi;tIr.s
OF Amer! c,,n travellers abroad and the
"tteh !!e.Sht charges she had to Dlv
'rl fn,. fr,.. ,,,
"tf PFC War favorable balance Of tradc.
ha t,"'in M ne var Am.r!ca's "<p"r's
creased prices have Increased ;n"'rt
Value On The other hand. She hs..
AMERICAN scc,r!;ies oreyjomslvo % t, hH
aHroad has loaned some s90nO o. "a, 900
10 10 '@r,i:;a experiments and has built
3ur favorable balance Of trade has
bSnuS poem Ereatiy Increased and Europe
neetin. II heretofore existing. r:uropc
I'M f nnHr bn!y three was OF meeting
times hy Imports into this country of
r'.u OF OF goods. or by establishing
Cannot Send Us It's Gold.
turone IS in no position at the pres
M M llme 10 snip sold to us nor could
W. C9ntemp!ate large further imports
.: GOLD. into this country withoouitt con- CON.
;Gn e;n. ne tune has nearly passed for
il VIII take iiin neFf to dexeo SCANS nnd
connir% market for foreign sccuri;ieSs
70 Anything, therefore,, Which won!d
t tT5m . 20 tn:ev .n foreign coun,rics
m nni1. .: goods INTO this country could
oilN nave tn" effect OF preventing them
ON i.aE!aE for our exports and there
lore hFe o. preventing the exports from
IN" productivity. OF the country
SnfcatiE stimulated by The war. must
n {ina an n outlet by EXPORT. to fot"isn
couitEles, ana any measures taken "a
pTGnent i,rnnorts viii inevitably curta!ii
.NPoF'S' Iprcc curtt!lmcat OF pr01ur
non. load the bankiog machinery az thn
countrE Win credits 10 carry unsniI
p!oducis and produce industri,, a. ~
nation ana unemployment II We waT,
20 gSIi!. we must be prepared 10 buy,
w hateyer; therefore. may have hea.,,
o9r views during the period OF c,rnwth
% Hm"richn business conc.rniD5 t,-;W
IcS!o!at !on, we must now a1iIIs. ~
own economic life To a chanSed c1n
u!t!on growing out Of trc q; NJ.
american business j. fun .rn,yn ' ,,,j
mat Amertcn is the greatest cap'!ta!!ii,s'ti
No Policy of Isointiou VIII satisr,
NO policy OF Isolation wll so,i.rv
tne growing needs and oppo.tuniti.s -,
america; The provincial stans1rd a.,
ana policies OF the past wilton %..T W.
hcId American business rS ii.'''o