Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1919-03-25
REIMBURSEMENT is SUBJECT
OF CONVENTION
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conditions and remedies them-her
work is of the utmost value to every
community"
The afternoon session of the conven-
ton was one which appealed to every
business man. Over a hundred Wau-
sau business men attended in addition
to those from surrounding cities. L.
A. Pradt acted as chairman. The prin-
cipal address. was made by Prof. w.
A. Scott, well known economist ard
banking authority.
There is just one nation in the
world from which nations hungry for
capital and unable to obtain it dur
ing the war, can obtain money-that
is the United States. Foreign bust
ness must be carried on through an
extension of credit for at least ten
years. We have demonstrated our abil
ity during the war to do this. All
United States securities held abroad
have been brought back to this coun-
try. If we maintain the present scale
Of saving we can finance these coun-
tries which are in vital need of capital.
BOIsheyism Product of Misery
"And il we do not do this? Boil
sheyism, and social disorders of every
kind will continue to grow; revolution
will sweep over every country in
Europe as well rs through all of
South America probably. BOlshevism
is product of misery; it is not the
product OF reasoning, because every
one who thinks knows that things
can't be done in that way. The people
of Russia were told by demagogues
that if they could own the factories,
they would be rich beyond all concep-
ton of avarice. Put in the hands of
the people the factories were closed,
the machines rusted-it has meant
their utter ruin. They did it because
they were suffering, hungry, hopeless.
Their children were dying and the
future held nothing for them. They
will do anything and they will become
wilder as time goes ON unless the
United States extends its credit to
aid them.
There is only that one possible way
| to put the people of Europe on their
| feet and when you do that Bolshevism
| will vanish in thin air. If revolution
| sweeps these countries we shall not
| escape. The seeds are sown right
| mere dI uOLl0, you can not quarantine
nation from ideas"
Era of Great Prosperity
If the United States does decide to
| extend its credit, to continue it's saw
ing to help the world, the professor
declares: "We shall have a period of
| prosperity in this country the like of
which We have never known before
and in addition TO that we will relieve
the world OF BOlSheyiSm. We cannot
| keep our foreign commerce, that which
we had proceeding the war, unless we
extend this credit but if we do it we
will extend our foreign commerce and
will have things just about our own
way.
This is a thing which does not de-
pend on government. 1t rests upon
each and every one of us. 1t is pure
ly a matter of personal saving. Can
we and will we put it across?'
Rich To Pay Tax
| Professor Scott spoke also on the
matter of solving the tremendous debt
of the nations who participated in the
war. That taxation will be the means
adopted in disposing of the debt was
the professors opinion. "By taxing
sufficiently to pay interest on bonds
and create sinking fund, the debts
may be wiped out in fifty to 100 years
or whatever they may wish to adopt
An amount of money equal to an(
greater than the expenses OF eacl
government in year preceding the
war, will be required for this purpose
1t means doubling taxation in most OF
these countries. That in my opinion, is
what will happen. 1t is impossible tC
double the common peoples tax. Tax
es will be levied upon the rich, second
best rich and Well.tO-dO which will bt
enormous. England is today taxing
some incomes as high as SIS per cent
1t may be 60, 70 or 80 per cent-but
it will be very high" This heavy tax.
alton, however, does not mean ruin tC
the country. The debt of each nation
declares Prof. Scott, is for the mos
part domestic debt. The money pai(
in taxes will, therefore, be turned over
to another class-"simply a matter OF
taking from one class of people to pay
another class, the mass which is hold.
ing bonds. The majority of wealthy
people will suffer more as taxpayers
than they will gain as bond owners
the majority of the mass of people
will gain more as bond holders thar
they will lose as taxpayers. 1t will
amount to a tremendous redistribution
of wealth; thing which is beine
much discussed by many and which
is often desirable
Labor and Trade
The Labor and Trade session of the
congress was held last evening in the
city hall, Judge A. H. Reid openins
the evening as chairman. He intro.
duced Prof. John R. Commons, ar
economist of the University of Wiscon.
sin, who has gained a countrywide
reputation. Prof. Commons spoke or
Labor and Industrial Problems. He
defined the various socialistic organ
1zations of the world and pointed out
national differences. Trade unions
were also brought into discussion.
The second speaker of the evening
Lynn W. Meekins, district Office man.
ager, United States Bureau of Foreign
and Domestic Commerce, Chicago
spoke on Foreign Trade and Re-adjust-
ment, DR.. R. S. McElwee, who was
scheduled, being unable to be present
Mr.. Meekins declared that the foreign
trade of the United States effects vital
ly every one of its citizens, and that ii
is up to- the country now to seize its
opportunity to enter the foreign field
or it will soon be wrested from us,
The speaker was introduced by ]. L.
Sturtevant.
Educational Session
5. b. Tobey, superintendent of the
Wausau public schools, was chairman
of the Educational session Tuesday
morning. The city hall chamber was
hlled to capacity, many Wausau and
Marathon county teachers taking ad-
vantage of the opportunity. Prof. w.