The Washington times., 1920-01-06
B B0ERSIANER'S
COM M ENT ON
BUSINESS
NJ soERsIANER.

The war strain here has not been
of such European intensity that work
10 shirked In the relaxation of the
strain. Extravsganee and Incidence
(profiteering and voluntary idleness)
are due 10 imitation. and initiation, let
II be acknowledged openly. is not
quickly remedisble. The cure 10 lei
surely. But much can be done In
other departments.
Taxation requires revision. An
American who 10 taxed from "a 10
i30 per cent is at a disadvantage with
the Englishman who pays a little over
90 per cent. Even the Ebert govern
ment dare not go beyond II per cent
Al the moment there 10 only one
alternative for the American inves-
tor. He may put his money In nom
taxable securities (some Government
bond. State and municipal loans) or
In taxa values which In net yield
him about zero.
Cas Play Golf By Day.
In the former case he can play golf
by day. assist at the theatrical re-
vues at night. and thereby leave the
conduct OF the worlds affairs exclu-
sively to the Almighty! Or he can
grow gray futileiy. II he renounces
the latter he will contribute to an in
vestment capable OF absorbing $l+,-
600 100000 which can be extravagant-
ly expended; spent In a way that will
not further the country's commerce.
A nations financial supremacy is
attained by tho amount, the fexi-
bility and the assembly OF Its In
vestment capital. The London money
market mdde Great Britain what she
is or was. Any big plan of common
honesty could be financed In London.
America must ofrer capital to all ell
gible bidders. She cannot offer cap
ital IL her capitalists are driven by
the tax laws to put $14 OO0. 900 900 in
ih and per cent Government. State
and municipal values.
America has not yet what France
had and the United Kingdom still
has-le petit rentier-the small in
yestor. The Govern nent bond ia
sues Of the last few years mado
many savings recruits. These are,
however. in embryo: must be care
fully nurtured lest they blighten. A.
best they know only a Government
bond. Their contribution to-the gen
sral money market is nil.
Chance To Rule worlA.
American capital still comes fror
he not too many American capital
lists, and IL they are compelled TO
olay golf and to delect themselves
with anatomical revues England will
have a very fair field to rule the
world economically. And econo mes
be IL well meditated, are now the
worlds contT olling force. The acono-
mist has superseded the politician
The supercession can do no harm. l.
may do much good IL governments
will requisition the change: II, In ex-
ample. the Washington Government
were to select half a score OF practi.
al economists-otherw expe rienc-
d, politically impartial business men
to advise the Government on a.. I'M
portant economic affairs. including
the important econo mic affair OF tax
alton.
This done, there were less anxiety
)f the future, less fear OF that which
has no economic cause in the United
States, Bolshevism; less apprehension
,f a slower pace in business, for. In
present conditions. II bu mess rsces
less rapidly IL will course less inse
curely. Abnormality Is not safe
vhen protracted.
Lastly. less rigid and onerous tax
would restrain liquidation in Jlnu-
Try on the part Of the people who ng-
ure that as the impost is not collect
able until 1921 they might better ell
and use the proceeds in divers ven
lures.