Every evening, Wilmington daily commercial., 1920-06-11

repeating wartime legislation, no longer
necessary, evidences his determination
not To restore to the nation and 20 the
States the form of government provided
for by the constitution. This ustrpation
il intoerable and deserves the seyerest
condemnation.
TAXATION.
The burden Of taxation imposed upon
the American people is staggering, but
in presenting true statement Of the situa-
tion, we must face the fact that, while the
character of the taxes can and should be
changed, an early reduction Of the amount
of revenue to be raised Is not 20 be expect
ed.
The next Republican administration
will inherit from its Democratic prede~
cessor floating indebtedness OF over
So 900 ,000, 900, the prompt liquidation Of
which is demanded by sound financial
considerations Moreover, the whole
fiscal policy Of the government must be
deeply influenced by the necessity Of
meeting obligations in excess Of s5,0UO,-
000, 600 which mature IN 1923 But sound
policy equally demands the early accom-
plishment Of that real reduction Of the
tax burden which may he achieved by
substituting simple for complex tax laws
| anu litOIEdbltt HfOiitHt anu w tthiti w
termination Of the tax liability for delay
| and uncertainty, tax laws which do
| excessively mulct the consumer or need
| lessly repress enterprise and thrift.
FoR TAXATION REFORMS.
We advocate the issuance Of simpli-
| fed form Of income return; authorizing
| the Treasury Department 70 make
| changes in regulations effectively only
from the date OF their approval empower
ing the Commissioner Of Internal Revenue,
with the consent Of the taxpayer. 20 make
| final and conclusive settlements 0f tax
claims and assessments barring fraud, and
| the creation Of tax board consisting Of at
| least three representatives Of the tax
paving public and the heads Of the prin-
| cipal divisions OF the Bureau Of Internal
| Revenue to act as a standing committee
on the simplifcation Of forms, procedure
and law, and to make recommendations
to the Congress.
/ BANKING AND CURRENCY.
The fact is that the war, 20 great
extent, was financed by a policy Of infa-
| ton through certificates borrowing from
the banks and bonds issued Mt artificial
rates sustained by the low discount rates
established bv the Federal Reserve Board
| The continuance Of TINS policy since tht
arrnistice hays the Administration oper
TO severe criticism. Almost up to present
time the practices OF the Federal Reserve
Board as to credit control have beer
frankly dominated by the convenience
of the Treasury
The results have been a greatly in
creased war cost a serious loss TO tho mil
lions Of people who in good faith bough
Liberty bonds and Victory notes ~ par
| and extensive postwar speculation, fol
lowed today BY restricted credit 70
legitimate industrial expansion A.
matter Of public policy We urge al bank
to give credit preference to eszeniia
industries
The Federal Reserve system should b
free from political influence which i quit
rs important rs lts independence Q
domination BY fnsncial combinations.
FOREIGN RELATIONS.
The ineffective policy Of the .presen
administration in Mexlcan matters ha
been largely responsible for the continues
loss Of American lives in that countr.
and upon orr border; for the enormou