The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-12-03
PRESIDENTS MESSAGE
CONTINUED Prom Page one.)

1921. The congress might well consider
whether the higher rates Of income
and profits taxes can IN peace times
be effectively productive Of revenue and
be destructive Of business activity and
productive Of waste aud inefficicncy.
There IS Il point at which in peace times
high rates Of income and profits taxes
discourage energy. remove the inc"n-
tive 10 new enterprise, encourage ex-
travagant expenditures and produce
industrial staGnatiOn with consequent
unemployment and other attendant au-
lies
The problem is not an easy one. \
fundamental change has taken place
with reference 10 position Of America
in the worlds affairs. The prcJudIC"
and passions cnGaDS' r"d by decades or
controversy between Two schools of POI.
ltiCat and economic thought, one be-
levers IN protection Of American indus
tries. the other believers in tariff for
revenue UuiY--must b. Subcrdiratrd TO
The single consideration Of IN" public
interest n IN" light Of utterly concern
cd conditions. Bcror" the war America
was heavily tn" debtor Of tn" rest W
the world and II" interest rGEm.ntS III
had 10 maxi 20 foreign countries IN Am
er:can securities held abroad. the "N.
prnditurrS OF American travel - aUrua
and the ocean fright charges 81" hal
10 pay 70 others abnUt halIHCod n"
value. on the other hand. h. hI" pur-
"hl~cd a larE" PROPORTION ~ ~" Nm'r'-
can securities previously h'li aIraa4.
has loaned some 50 nt". $40 400 10 fnr't;G
governments. and has butt her own
Slips. our favorabl" balance OF trad"
has thus been greatly increased a'd
Europe has been deprived IF the Mons
Of meeting II heretofore rN ~t,H..
Europc can have only thr"" ways #
meeting tn" Favorable h2lnUcr Of TRADE
In peace times: Ey Imports int" jhls
country IF &sld or "f gods. ~ b. cS-
tablishing new CREDITS, Europe * III on
position %. ;:. present time I" SHY
gold TO Us ~ could W" cu:.t"mll .t'
IJrG" tUrtu'T IMPORTS OF gold mo tins
country without ,'.'tcrrn. The tim" has
nearly passed for int"rnlti"nai govern
mental loans and II will take tr"H 1"
Iovelop in 'h'S country market for
foreign securities.
Anything therefore, which would t"nh
TO prevent foreign countries from set.
tliUG for our exports by ~hirm'riS -
fhe effect e preventing :hy "Np"rts
from h-iHE luaG.. IT,. lr' !Ur'tylty "t
N, country sr,ntly stimulated b! II"
war must tnl ~ uu;l"t by r>Tor'" -
foreign countries and any measures
taken - prevent imports v Il I!'N ;'Js-
rl.rtan experts. :u~Cr CUrtJilm"rt ~
production. load ~" banking machinery
f the Cuuutry with credits - carry U't-
sold products and rroduc" industrial
Stacnatiun and acknowledgement. II "
want to sell. "" must be prepared -
hay. Whatever. rh,rnfor". may hav,
been our Vows during rho period Of
growth nf american business concern
iaS tariff legislation "" Elu.t npw I'd.
jU~t our own economic liz - changed
condition growing OUT Of IN" fact that
American business - fuN grown and
that America y the greatest capitals:
III he world.
No policy Of Isolation VII satisfy II:
CROWN, needs and upDnrtInlticS Ct
America. The provincial standards AZ!
policies ~ the past which have he"
American business IS II in straight
Jacket lnust yield and give way 10 the
needs ard cxiSeu"ieS Of IN" ne" day
which We live day full IT hope aNl
promise for American business. X We
will but take advaut2E" - the opE"r-
t,rttias that are ours for the asking.
The recent war HIS ended onr !Soi1t'on
and thrown upon us 4 great dUty and re-
snnns!blity The United states must
share the expanding world market. The
United states desires for itself only
equal opportunity with the other nations
Of tn" world. and th1' through the pro. p
cess OF friendly corporation ana fair
competition the legitimate Interests IN q
he nations concerned mr." be success .
fully ard equi tably adjusted.
There are other matters Of importance .