The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-12-04

WASHINGTON. Dec 3.--No appre-
ciablr reduction in taxes t"r tnG hcNl
fiscal year Is to be- thought or. SeHre-
tary Glass declared in his annual re-
port sent to-day To Congress Govern
ment receipts much be kept n their
present figure. he said. In order 70
urIng government borrowing to an emu
Facing expenditures estimated at w.
6.9. 4S6.3S9 for the year ending June 30,
1920. and S4.4I3,656.35S for the year
ending June 80. 1921. the governments
must enforce rigid economy. Mr.: GIas :
declared. He placed the deficit Tor the
current year AZ S3..U5. 100000 and FOR
the year ending June 81. 1871, at APP
pruXimatcly S2.U05.OOe,0OO.
ON this basis. Mr.. Glass urged Con
srcSs To deny every appropriation 10.
the same policy should obtain until tnS
government had its sinking fund well
under way and repayment OF the war
debt satisfactorily begun.
Mr. Glass charged that excessive gov
ernr.ent expenditures were the ni"Ss
vital factors" IN increasing the COST
OF living and argued that II was urS-
entity necessary To keep down pupHc
cause 81 the drain on the taNraE"r-
The present revenue laws need re-
visiug TO meet new conditions. ne S'''"'
He referred particularly 10 the eAcrss
profits tax laws which nc described as
being objectionable even as \ wartime
rxp.dient'' IL would be still more oh
jjectionablc IN peace times. ne aadea.
Less harmful forms OF deriving tunoS
for the government should be- employ
Cd the secretary said. adding ttlat th"
excess profits tax had been RESPONSE
Die for much OF the Increase in LIVING
costs because it had been passed on 10
IN. consumer.
II, encourages waStcfUl eXpendl lures.
puts premium on over capitalization
AID "A penalty "u brains. ~" secretary
r.;!:iuucd. 1T discouragsS new Ven
Il .tFNFs
fishes old ventures IN their m"nopol:cS.
Ia r,any instances. II acts IS : con-
sumption tan. Is added I" the cost OF
production uron which profits are tiS-
ur,r determining prices. II has been
and Will. So long as IL remains On IN.
statute books. continue I" De = hlatcra.
;a.tor in me Increased cost .t iFinS,
In this connection. Mr.. tlaSS ais"
urged rcdraft.nE OF the rcIcnnc laws |"
prevent thc evasion OF federal taxes
Tough lhr investment of wealth IN
ne, obligations; - StIt.'S and muniCipa,-
..icS H. sad Laws should be enacted
which would compel the reporting o.
such incomes. H.th"USh tnry are "Aolty
AK exempt. and ;hat that sum WIN
20 computed rs the basis for ASSESSING
federal taxes GA the amount derived
rom taxable sources.
Relations between conditions in Eu-
rop" and those in the United States
were discussed also by Mr.. Glass. II"
said hiatt. undoubtedly. there was :.
Trry great need N Europe Tor financial
assistance. but that the situation had
been much exaggerated.
We must AL feel deep sympathy fo'
Eu-ui.. TODAY. he said. but We must
Not allow our sympathy II warp "u'
juu smcnt and. by exaggeratinS Euro
pean' financial needs. make thLm nn"rt
iitficult u fill. Xxx The prob
lem OF financing Europe belongs large
, ~ TO the exporter because industries
':tnnot be reopeaed without raw stocks
:,v,.rDru,.rt financial assistance in the
yLs, and talk of future government OF
banking aid to finance exports have L?'
parently led our industrial concerns Il
nc erroneous expectation that their
war profits based largely on exports
Will continue indefinitely without any