The Washington herald., 1920-10-23
WILLIAMS CLAIMS
BANKERS CHARGED
ILLEGAL INTEREST
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imposing an unnecessary burden
upon business development under
the present schame OF taxing excess
profits. is expected to be followed
by a vigorous fight at the next ses-
sion of Congress to effect this re-
vision.
Endorse Treasury Policies.
Policies OF the Treasury Depart
mont and the Federal Reserve Board
in the matter OF the disburseme nj
of bank credit and the proper ad-
mistration of banking functions to-
wards the stabilization of conditions
in the country. received the whole
hearted support OF the convention
when n resolution of support was
submitted for a vote.
the committees report urged the
liquidation OF outstanding govern
ment obligations. and recommended ed
against the use of oank credit to
finance any scheme for the mainte-
nance Of prices. The credit re
sources of the banks must be used
to necessary purpose, the report de-
clared.
Pleading for the united support
Of the bankers for a thorough re
vision of the taxation laws. Sol
WeXler. o: New York, Of the firm OF
J. S. Bache and Company. predicted d
to the convention yesterday that un-
less such a revision were undertak
en- the country would inevitably en-
counter financial panic.
Tax Commission Urged.
One recommendation made by the
committee on the question of taxes,
which met with the hearty appro-
val of the convention was that for
the appointment of a joint tax as
soCistion. composed of representa-
tives of the business a nd financial
interests OF the country. which
would suggest for the guidance OF
Congress proper tax legislation.
Extension of adequate funds and
credit supply to the railroads also
was recommended by the commit
tees report.
Sane relations between capital
and labor to weather present indus
trial unrest was a keynote of the
committees report. The committee
pointed out the fallscy of reducing
working hours and recommended ed
itself as opposed to strikes
Want Budget system.
Recommendation Of the commit
tee on resolutions favored the de-
ivelopmcnt of American foreign
trade as an outlet for a surplus
supply Of domestic products. the
adoption Of the budget system as
the basis for government financing
opposition of the \. 3. A. to the
naturalization Of industry and the
adoption of the Plumb plan for the
operation of the railroads. and
against government mana cement OF
industry Of any kind.
Other recommendations made by
the committee favored strict CON
troll of immigration. the continuance
Of Red Cross work in the Near
East, the expansion of highway
construction, extension of irriga-
ton of arid lands. while the most
pressing problem before the country
was declared to be the conditions
arising from the war. Calm sanity
is needed by the country" said tho
report, in passing through the re.
construction period"
Tax Remedies Suggested.
Remedies for the present unsat.
isfactory scheme of taxes. recon-.
mended to the convention by thC
economic policies commission, were
! Revision of present rates and sChed
ules of. taxes: tax on und istributec
incomes of corporations: the excise
tax on the privilege Of holding
/ lands. and an increased stamp tax
Meet Next in Los Angeles.
The next annual convention o
| the A. B. A. probably will be helc
| in Los Angeles. Cal. it was de
Clared last night. Final decision
will be made by the administrative
committee of the association wher
that body meets next January.
About 1000 delegates to the con
vention, which closed yesterday
will be the guests today of tn,
| Fidelity and Deposit Company, o.
! Baltimore on trip to the Nava
/ Academy at Annapolis. Durins
| their stay they will be the guest!
| of authorities at the institution fol
time. and afterward will be re,
ceived by Gov. Ritchie at the state.
! house.
The delegates will 60 first tc
Baltimore on several special train.
which will leave the Union Station
| beginning at . o'clock this morn.
ing. They will board steamers al
Locust Point. Nd. make an inspec.
tion of the harbor of that city, and
then sail down the bay to An.
napolis.
To Have Naval Escort.
The escort on the trip down the
bay will consist of three torpedo
boat destroyers, two submarines, an
eagle boat and a fleet of seaplanes
from the naval aviation station at
Norfolk, Va The battleships Ohio
and Iowa will be at anchor in the
bay a few miles out from An
napolis.