Capital journal. (Salem, Or.) 1919-1980, 1919-12-02

the taxpayer Inconvenience and expeh-
90 bnt in order that his liability may
lie made certain and definite.
with reference to the details OK tHe
revenue law, the secretary OF the treas
urv and the commissioner OF internai
ravenue will lay before you ror you1
administration certain amendments
oirohlu in connection with the admin
listration of the elaw--recommendatio
4 l,h;ch have my approval and suppor.
In u of the utmost Importance tnat
"a dealing with this matter the present
,n,,.s ohonld not be disturbed SO far
, 90 regards taxesfor the calendar year
I192o; payable I'm the caienoar yea1
1921. The congress might wen conH,"
,er whether the higher rates Oh IN
+ come and profits taxes can III pchoo
: times lie effectively productive OF 80
: luue. and whether they may not o'i ~.
contrary. be destructive Of business az
a tivitv and productive of waste ana N
! affic,ency. There is a point at which
!, - neace times high rates or income
20 and profits taxes discourage ehelsy'
a,,,o1,e the incentive to new enter-
I,,risa encourage extravagant expeno1-
,tt,,.os and produce industrial stasna-
N tinn with consequent unemploymehs
d. and other attendant eviis'
ne The problem is not an easy 80
ha A Fundamental change has taken place
-, ,y,th reference to the position OF Am
~ erica in the worlds affairs me pre-
th iudice and passions engenoereu Wy
I've decades Of controversy petweeh
ed schools of political and econoniie
one believers IN pro.ee-
ar zion NJ American industries; tne o.noi
of lha,ievers in tariff for revenue only
~, ,,,,.t be subordinated to the sihsie
~ oona,deration of the public interest "
,ve' INC lipht Of utterly changed conditions
Ia I,afn., the war, America was neavli.
~ dahtor of the rest Of the worie
|. a,,, M interest payments she had U
on. mako in foreign countries on Airieri
the can travellers abroad ana ,iie ooee.'
ave freight charges she haa 70 pas
red others, about balance the VaAuo v ~
mar nre- war favorable balances III 1ti.u' IA :.
gel During the war Americas eApD.' 3
bave been greatly stimulated anu 81
creased prices have increased oio'
az. ,,a,ua On the other hano. she 10
ain nnrchased a large proportioh oi -,
.,,ov A,,,erican securities previously he'
ated abroad, has loaned some hiho u.
the ~ dollars to foreign governments an
CO.. ,,as h,,ilt her own ships. Our favorao
have balance Of trade has thus peeii sios
an liz Increased and Europe has nfen "
a nr ,,r;,,ea of the means of meeung
,bc haretofore existing. Eurone ca" "a
nom. nn,v three ways of meeting the IA
oro,,e balance of trade in peace tini'
rain By imports into this country o. =.
re In or of goods OF Wy s,,,,,,;o, at !
obli- credits. Europe is in no p"s''ioh a'
.otion nrescnt time to ship gold 10 US ,
= a. could we contemplate large tur,i
aro- Iinnorts of gold into this country w
,a re- ont concern. The time has near's .'''
:, ora odd p-,r international government io'
o,,tiyelard II will take time to deveiop III +.
rhe,r Iconntrv a market for foreign securit
tknvth,ng. therefore, which wou'o y
.Saa, a. ,,rovent foreien countries from
ling for our exports hv sh'n",e'''s
aooda into this country wou'o =
!, ,,,,a tho effect of preventing tf
r. the from raying for our exports ana "
n,n,if;. FORE Of preventing the exnor's :
taxes being made. The prodncf'V,'S -
? It,, an,,,+rv greatly stimulated pV
'ess,s,, ,,,ust find an outlet by exp
7'i'sI"'N "t"''