Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-10-19
TAXES MUST COME DOWN.
Bankers Of Nation Say Federal Bur.
den Must Be Eliminated.

NSu tHNSS DC Gu0ltU0IeOs
BY Associated Press.
Washington, Oct. 19.-Reduction of
federal taxes. cooperation OF the
bankers in solving the problems of
the railroads, and economy in gov
eminent and private expenditures
were urged in the annual report OF
Richard S. Halves, president of the
American Bankers Association.
which was presented today at the
opening session Of the associations
forty sixth convention.
Other recommendations made by
Mr.. Halves were that the Transports
ton act be amended so that bankers
and business men could become di-
rectors of railroads, that agriculture
and foreign trade be encouraged and
that steps be taken to relieve the
present industrial unrest.
Taking up the tax question, MI
Halves said the need was not only
for a reduction of federal taxes, but
also for a most careful supervision Of
the expenditures Of the proceeds Of
the taxes.
"A slogan recently coined" he said
'is appealing: More business in gov
eminent; less government in bust.
ness
Mr.. Halves declared that mo taa
itself should interfere with the &C.
emulation of wealth, or the develop
ment of the industrial life Of the ma
ton.
"Any tax system which discourag.
es savings, which discounts accumu-
lation of capital, is to be deplored,'
he said, "for all capital is used ant
enjoyed primarily by society at large
and not particularly by the one II
whose legal title it's ownership rests
Mr.. Halves hailed the enactment Of
the transportation act as "a distinc'
financial victory" He declared thai
railroads and that this could be made
available only thru the cooperation
Of the financiers Of the country, en-.
couraging the investing public ane
guiding their Judgment.
1.-THE passage of the transportation
act" he said, "has taken railroad Sc.
curities out of the highly speculative
field and Stabilized conditions 81
that just returns on investment may
be received and proper service rem.
dered the nation"
Bankers and business men, he con
tinued, should be permitted to serve
on the boards Of directors Of thu
roads, regardless Of their dealing!
with the railroads, but they should b,
charged with full responsibility il
their duties.
Mr.. Halves sounded an optimistic
note regarding industrial unrest. H,
expressed the opinion that there wa!
needless alarm that America would
see changes in it's industrial societ.
similar to those undertaken in some
other countries.
with a prospective decrease IL
prices and increase in the disposi.
ton of industrial and labor leaders Il
recognize their mutual obligation,
and duties, both to each other ani
the public" Mr.. Halves continued
1--WE must reasonably look forward
without alarm, to better adjustment
OF the forces of labor and capital.
Labor by fomenting strikes, en-.
ccuraging disagreement with EN-.
blowers is, in fact, striking at the
heart of it's own future progress, am
inpairing the prosperity of thu
country. Capital should recognize the
results of the toilers and improv.
working conditions and wages in ra.
ito to the production and investment
Every man should be free to worl
out his own salvation and not b,