El Paso herald. (El Paso, Tex.) 1901-1931, 1919-05-20

rivals, rather. and common servants,
very much needed, and very welcome
our great shipyards, new and old. viii
be so opened 70 the use OF the world
that they viii prove immensely ser
viceable to every maritime people in
restoring. much more rapidly than
would otherwise have been posi- Die.
the tonnage wantonly destroyed dur
ing the war 7 have only to suggest
that there are many points at when
we can facilitate enterprise IN Foreign
trade BY opnortune legislation and
make it easy for American merchants
to 20 where they viii be Weleomed
las friends rather than as dreaded am
Ia gonists. America has a great ana
honorable service to perform IN bring
ing the commercial and industrial un-
.derta kings OF the world back to their
old scope and swing again and put
ting a solid structure Of credit under
them. All our legislation should be
friendly TO such nlans and purposes
Urges Tax Adjustments.
and credit and enterprise ailNe
Will be duickened by timely and
helpful legislation with regard TO tax
alton ] hope that the congress VIII
find Il possible TO undertake an early
reconsideration OF federal taxes in or
der 10 make our system or taxation
more simple and easy OF adminisrra-
tion and the taxes themselves as lit
tie burdensonle as they can be made
and yet suffice to support the gov
eminent and meet all its obligations
The figures to which these obligations
have arisen are very great indeed but
they are not so great as TO make it
difficult for the nation 10 meet them
and meet them. perhaps, in single
generation, by taxes which VIII Meth
Ter crush nor discourage These are
not so great as they seem. not so great
as the immense sums we have had 20
borrow. added TO the immense sums
we have had TO raise by taxation.
would seem to indicate; for a very
large proportion 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 viii, Of course constitute
assets. not liabilities. and viii not
have 10 be taken care OF by our tax
payers"
aThe main thing we shall have
TO care for Is that our taxation
shall rest a lightly as possible
on the productive resources OF the
country that its rates shall be
stable and that II shall be constant
In It's revenue yielding power.
We have found the main sources
from which IL must be drawn I take
1t for granted that its mains-ays viii
hencefOrrh be the income tax. the ex-
cess profits tax. and the estate tax
yield constant and adequate returns
and yet not constitute a TOO grievOus
burden on the taxpayer. s revision OF
the income tax has already been pro-
vided for BY the act Of 1918. but I
think you viii find that further
changes can be made to advantage.
Doln IN the rates OF tax and the meth
Cd Of its collection. The excess prof
us tax need not long be maintained at
the rates which were necessary while
the enormous expenses Of the war had
70 oe borne; but IL should be made the
basis OF permanent system which
VIII reach undue profits without dis
couraslng the enterprise and activity
Of our business men, The tax on in
heritanee ought no doubt. TO be recon
sluerea in its relation TO the fiscal svz-
tens Of the several states. but II GER
lalnlT ought 70 remain a permanent
part Of the fiscal system Of the federal
government also.
Excise Taxes Not Now Needed.
Many Of the minor taxes provided
Tor IN the revenue legislation Of 1917
ana 1913, though no doubt made neces-
sary by the pressing necessities Of
war time. could hardly find sufficient
justification under the easier ciren-n
stances OF peace and can now hauDf1--
be got rid Of. Among fhesa 7 bo,e
YOU VIII agree. are the excuses 1Ipon
various manufactures and the taxes
upon retail sales. They are UNEQUAL fu
the incidence on different industries
and on different individuals Thef-
eollectlon IS difficult and EXPENSIVE
nose Mnlcn are levied upon articles
sofa az retail are largely eVaded bv me
readJustment OF retail prices. on he
otner nand. ] should assume that 81 h
eApeQlent TO maintain a consider hi .
range or indirect taxes. and the 700
-Aa- aicohollc liquors VIII presently no