The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1920-11-04
THE NATIONAL CAPITAL
BY ] e. Jones

BY J. r. Jones
Secretary Of the Treasury Houston
told the American Bankers associa-
ton at their Washington meeting that
there should be a repeal of the excess
profits tax, with a suitable substitute.
The secretary voiced the opinion that
the menace Of uncertainties" should
be removed from the taxpayers. After
e~xcusing the present indiscriminate
tax laws of the federal government
because they were rapidly assembled
to meet the emergencies Of war, Mr..
Houston urged the wiping out Of the
irregularities existing in the present
credit and financial schemes Of the
government. He advocated a prompt
~re-survey of all tax laws. This senti-
ment was heartily applauded by the
bankers Of the nation who were as
sembled in great numbers.
Secretary Houston cited many in
stances u prove that genuine progress
Is being made In the industrial and
financial affairs of Europe, as well
as in our own country. He told the
bankers that the foreign Investments
OF Great Britain amounted to 49,
600. 900 900, of which $4,000. 000, 900 is
invested in securities in the United
States. Even bleeding France" has
$4,000, 000, 900 invested abroad, and a
small portion of this is in Russia. AS
Uncle Sans big banker, Secretary
Houston's statements showing how
"the world is getting on her feet"
was received as good news by Amer
ica's captains Of finance.
A cabinet officer who has made a
hit with the nations bankers at the
Washington convention, was Secre.
tary Of Agriculture Meredith, who EN-
must secure his cost Of production
plus a reasonable profit He de-
described agriculture as the basic in
terest of America, and declared that
individual bankers in every commu-
nifty must use their strongest endeay-
ors to promote the welfare of the
farmers. Mr.. Meredith told of the
constructive work done by the de-
partment in preventing wheat rust,
checking the cattle tick, the boil
weevil, and other pests. He de
nounced the false economy of congress
which put several divisions Of the
department of agriculture practically
out Of business, while $3.50, 900 was
voted for free seeds" for COMPRESSION
al distribution. The secretary said
that he was sorry that he could not
say that free seeds" are good seeds"
He explained that at the close of the
season that the department of agri-
from the big seed houses of the coun-
try. These institutions will not guar.
antee the seeds sold to the V
ment, which in turn are distributed
throughout the country. A good many
people have believed that the gov
eminent seeds have special merit, and
think that they come from expert
mental farms and places that insure
their quality. The head of the agri-
cultural department dispells this illu.
sion. He describes the free distri-
button of seeds as a custom unworthy
of being continued, and as a piece
of wanton waste of public money.
John Shelton Williams is controller
of the currency, a position he holds
without having been confirmed by the
senate. He cen to be the prickly
brier bush of the administration. Just
the bankers were about to assem-.
BILE for their Washington conference
Williams broke loose in one of his
outbursts and charged that
excessive interest rates of New York
banks have been "a potent influence
In depressing seriously the prices of
all investment bonds and standard
shares" His statement was promptly
challenged by bankers who pointed
that money is a commodity, and
in that light it has increased
ess in the rates charged for it than
my other commodity.
The bankers OF the country are in
constant touch with the federal gov
srnment, because OF national bank
,ontrol, the federal banking system.