The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-05-21
Full Text of Presidents Message


will he lacking Is not brains or will
ing hands or organizing capacity or
experienced skill, but machinery and
| raw materials and capital. | believe
that our business men, our mer-
chaOts. our manufacturers and our
capitalists will have the vision to see
that prosperity In ono part OF the
| world ministers TO prospdeity every
where. that there is In a very true
sense a solidarity OF interest through.
out the world OF enterprise. and that
our dealings with the countries that
I have need OF our products and our
money Will teach tAam to deem us
more than ever friends whose neces-
stiles we seek In the right way to
serve.
Merchant Ships Common Servants.
Our merchant ships. which have in
some quarters been feared as de
struclve rivals may prove helpful
and common servants very much
needed and very welcome our great
| shipyards, new and old, Will be 30
| opened to the use Of the world that
they Will prove immensely service
able to every maritime people In re-
storing, much more rapidly than
would otherwise have been possible
tho tonnage wantOnly destroyed In
the war. ! have only to suggest that
there are many points at which we
can facilitate American enterprise In
Foreign trade by Opportune leglsla-
ton and make 1t easy FOR American
merchants 10 90 whore they will be
welcomed as fricnds rather than as
dreaded antagonists America has a
hnnnNahIa
form in bringing the commercial and
industrial undertakings OF the world
back 10 their old scope and swing
again. and putting a solid structure
OF credit under them. An our legis-
lauon should be friendly to such
plans and purposes
And credit and enterprise alike
will be quickened by timely and
helpful legiflatlon with regard to
taxation. | hope that the congress
will find II possible To undertake an
early reconsideration OF federal
taxes. In order to make our system
OF taxation more simple and easy
OF administration nnd the taxes as
light burdens as they can be made
and yet suffice to support the gov
ernment and meet all It's obligations.
The figures 10 which those obliga-
tlons have arisen are very great in
deed. but they are not so great as TO
make IT difficult for the nation to
meet them and meet them. perhaps,
In a future generation. by taxes
which Will neither crush nor dis
courage. These are not so great as
they seem; not 90 great as the i'm
mense sums we have had to borrow,
added to the immense sums we have
had to raise by taxation, would seem
70 indicate for very large proper
tion OF those sums were raised In
order that they might be loaned to
the governments with which We
were associated in the war, and those
loans will, OF course. constitute as
sets not liabilities. and will not have
TO be taken care OF by our tax
payers,
The main thing we shall have TO
care for D that our taxation shall
rest AZ lightly as possible on the pro-
ductive resources OF the country that
its rates shay be stable and that 1t
shall he constant in It's revenue
yielding power. We have found the
main sources from which It must he
drawn. take II for granted that It's
main stays will henceforh be the
income tax. the excess profits tax,
and the estate tax. All these can so
be adjusted TO yield constant and
'cquate returns and yet not constl-
tute n too grievous burden on the
taxpayers. A revision OF the income
tax has already been provided for
by the act Of 1918. but / think you
will find that further changes can
be made 10 advantage both In the
rates OF the tax and IN the method
OF It's collection. Excess profits tax
need not long he maintained Rt the
rates which were necessary white tho
enormous expenses OF the war Had to
he borne: but II should be made the
basis Of n permanent system which
will reach undue profits without dis