The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1919-05-30

great and honorable service To per
form in bringing the commercial
and industrial undertakings Of the
world back TO their old scope ant
swing again. and putting solid
structure OF credit under them. Our
legislation should be friendly TO such
plans and purposes.
And credit and enterprise alike will
be quickened by timely and helpful
legislation with regard to taxation.
hope that the congress will find II pos
sible 10 undertake an early reconsid-
Grafton Of federal taxes. in order to
make our system of taxation more sim
pie and easy Of administration and the
taxes themselves as little burdensome
as they can be made and yet suffice
to support the government and meet
all Its obligations. The figures to
which these obligations have arisen
are very great indeed but they are not
nation to meet them, and meet them.
perhaps, In a single generation. by
taxes which will neither crush nor dis
courage. They are not so great as
they seem, not so great as the I'M
mense sums we have had to borrow.
had to raise by taxation, would seem
to Indicate; for very large proper
ton of these sums were raised in order
that they might be loaned to the gov
ernments with which we were associ-
ated In the war, and those loans will,
of course, constitute assets. not liabil-
tiles and will not have to be taken
care of by our taxpayers.
Equitable Taxation.
THE main thing We shall have to
care for Is that our taxation shall rest
as lightly as possible on the productive
resources Of the country, that its rates
shall be stable. and that 1t shall be
constant in its revenue-yielding pow
er. We have found the main sources
from which 1t must be drawn. l take
it for granted that Its mainstays will
henceforth be the income tax, the ex-
cess profits tax and the estate tax. All
these can be so adjusted to yield con-
slant and adequate returns and yet
not constitute a too grievous burden
on the taxpayer. A revision of the In
come tax has already been provided for
by the act of 1918, but think you will
find that further changes can be made
to advantage both in the rates of the
tax and in the method Of its collection
The excess profits tax need not Ions
. be maintained at the rates which were
necessary while the enormous expense
Of tile war had to be borne; but 1
should be made the basis Of a perma
nent system which will reach undu,
profits without discouraging the enter
prise and activity Of our business men
, The tax ON inheritances ought, n
doubt, to be reconsidered in its rels
ton to the fiscal systems of the sex
eral states, but 1t certainly ought t
y remain permanent part Of the 6scs
e system of the federal government alst
n MANY of the minor taxes provide
e for in the revenue legislation Of 191
It and 1918. though NO doubt made nece
t. sary by the pressing necessities of tt
d war time, can hardly find sufficiel
d justification under the easier circur
T. stances of peace, and can now happi
d be got rid of. Among these, hope yo
lie will agree, are the excuses upon val
" Gus manufa ctures and the taxes upt
g retail sales. They are unequal in Il
'e incidence on different industries al
d, on different individuals. Their cole
D. ton is difficult and expensive. Tho
Of which are levied upon articles sold
~ retail are largely evaded by the rea
)e justment of retail prices. On the 9th
In hand, I should assume that it Is G
OF pedient to maintain considerat
n range of indirect taxes; and the fl
IN that alcoholic liquors will presen
ID no longer afford source OF reven
G. by taxation makes 1t the more nee
n sary that the field should be careful
a. sources of revenue may be fou
Ill which it will be legitimate, and l
al burdensome, to draw upon. But y
have at hand in the treasury depa
m ment many experts who cen adv
in you upon the matters much better tt
tie l can. can only suggest the lines
ill permanent and workable systt
ITS and the placing Of the taxes VIII
nd they will least hamper the life of
mt people.
al. "There Is, fortunately. no occas
III for undertaking in the immediate
lat ture. any general revision Of our S
les TEN of import duties. No serious d
re- ger of foreign competition now thrt
ne ems American industries. Our eoun
Is has emerged from the war less
or turbed and less weakened than any
XII the European countries which are
no competitors in manufacture. So
ess from there being any danger or n
ur' Of accentuated foreign competition
the is likely that the conditions Of
me next few years will greatly faciit
os- the marketing Of American manu-
lures abroad. Least Of all should
er' depart from the policy adopte,, in
Ter tariff act of 1918, Of permitting
'he free entry into the United States
Ou- | ,x,,tar}olc noodod to c,,n