Evening star., 1920-03-27
RAISED AGAINST
PROPOSED NEW BOND ISSUE

advantage which is enjoyed bv capi-
tai invested in tax-exempt securities
as compared TO capital invested I'm
business or corporate securities or
earned in salaries. Under the present
income tax law he says. IA taxable
security or business would have TO
yield the following percentages of re
turn in order TO bring the same net
income as Az per cent tax-frer
bond twithout calculating excess
profits. state and local taxes):
In the case Of incomes exceeding $50 600
o.3o per cent.
In the case of incomes exceeding sac. 600
,. 40 per cent.
In the case Of incomes exceeding SIC. 900
eos per cent
In the case of incomes exceeding $50. 900
In the case OF incomes exceeding SEQ. 600
In the case of incomes exceeding $40. 600
20. per cent
In the case Of incomes exceeding $50 900
S.33 per cent.
In the case of incomes exceeding $50 900
9.ls per cent.
80 In m the case Of incomes exceeding 500 900
-, 10 "a the Case Of incomes exceeding 5000 600
leao per cent.
IN m the ense Of incomes exceeding S3oo 600
IN The case Of incomes exceeding $500 600.
In the case Of incomes cxceodi,y G, ooo ooo
1856 per cent.
in the face of these comparisons
! '''N' is tnere Tor
10 take upon himself the risk and
drudgery. the worries and cares az
active business, in the expectation Of
| reasonable profitsg"
! Work for John $. Williams.
III is reported that movement is
under contemplation by Democrats
friends of John Skelton Williams
controller OF the currency, to have his
/ name brought before the Senate for
action. For months now nis nomina-
tion TO succeed himself as controller
mas awaited action. The committe.
on banking and currency. after ex-
hauStlNe hearings, by strict party
vote refused to report his nomina-
tion favorably. The vote came on mo-
tion of Senator Hitchcock, democrat.
| 10 report the nomination favorably 10
| the Senate. 1t was defeated 3 TO 4
| all the republicans voting against the
| democrats.
Since that time. IL appears. the NOM
! ination has never been reported to the
Senate with an unfavorable recon-
mendation, as might possibly have
| been done under action OF the COM
! mittee, but il has slumbered peace
fully in the Senate committee. The
| suggestion now made is that a mo-
| ton be made by a supporter of Mr.
| Williams in the Senate TO discharge
! the committee from further consider
alton of the nomination, thus bring
| ing the nomination into the Senate
| and placing it upon the executive cal
| endar.
Believe Motion Would Fail.
| The republicans are confident, how
| ever, that such a motion, il made.
| would be defeated. They do not in
| tend to permit the confirmation of Mr..
| Williams, and, what is more, they
plan to have no action taken upon
| the nomination. If no action is taken
Mr.. Williams will continue to serve al
I least until the close of the present
| administration. A new President then
| could appoint his successor. II his
| nomination was rejected by the SEN
| ate, then another democrat would be
nominated, and probably confirmed.
| The appointment is for a term OF five
| years. The republicans are intent
| upon saving this plum for a repub
| lican President to hand out, il a re-
| publican should be elected.
The Senate committee on appro-
| priations has stricken from the leg
| islative, executive and judicial appro-
pr1ation bill the House provisions do
| ing away, with the subtreasuries of
the United States. located in Balti-
| more, Philadelphia, New York, Chi
| cago and elsewhere. The House pro-
| poses to transfer the functions of the
| subtreasuries to the Federal Reserve
| Board and the United States mint.
| For several years the House has tried
| unsuccessfully to abolish these sub
! treasures. but the Senate in the past
has always succeeded in preventing
! this action.