McNairy County independent. (Selmer, McNairy County, Tenn.) 1902-1969, 1920-12-24

keE.
"The fundamental fact which at
present dominates the Governments
| financial situation is that S7,500,000,-
600 of Its war indebtedness mature
| within the next two and a half years.
OF this amount $2,500,000000 are float
ing debt and $5,O00,0000O0 Victory
notes and war savings certificates. The
fiscal program of the Government must
be determined with reference to these
maturities. With rigid economy, Wig
| orous salvage operations and adequate
revenues from taxation, surplus of
current receipts over current expenfi-
lures can be realized and should be
applied to the floating debt.
Would Cut Expenses.
ut cannot overemphasize the neces-
sity of economy in Government appro-
priations and expenditures and the
avoidance by the Congress Of prac-
tees which take money from the treas
ury by indefinite or revolving fund
appropriations. The estimates for the
present year show that over a billion
dollars of expenditures were author
| lied by the last Congress In addition
TO the amounts shown In the usual
compiled statements Of appropriations.
"This strikingly illustrates the i'm
portance of making direct and specific
appropriations. The relations between
the current receipts and current ex-
penditures of the Government during
| the present fiscal year, as well as dur
ing the last half Of the last fiscal year,
have been disturbed by the extraordi-
| nary burdens thrown upon the Treas
ury by the transportation act, in con-
necti0n with the return of the railroads
to private control. Over S600000,000
has already been paid TO the railroads
under this act-$350, 100000 during me
present fiscal year-and 1t Is estimated
that further payments aggregating pos
sibly $650,000,000 must still be made
to the railroads during the current
year, 1t is obvious that these large
payments have already seriously lin
tied the Governments progress in re-
firing the floating debt.
Tax Revision Urged.
"Closely connected with this, 1t
seems to me, is the necessity for an
immediate consideration of the revi-
! sion of our tax laws.
"Simplification of the income and
profits taxes has become an immediate
necessity. These taxes performed an
Indispensable service during the war.
The need for their simplification, how
ever is very great, in order to save the
taxpayer inconvenience and expense
and in order to make his liability more
certain and definite.
| ut Is my privilege to draw to the
attention of Congress for very SYM
pathetic consideration the problem of
providing facilities for the care and
treatment of former members of the
military and naval forces who are sick
or disabled as the result of their par
ticipation In the war The nations
gratitude must be effectively revealed
to them by the most ample provision
for their medical care and treatment,
as well as for their vocational training
and placement. The time has come
when more complete program can
be formulated and more satisfactorily
administered for their treatment and
training, and earnestly urge tat the
Congress give the matter Its early con-
sideratiOn.
"Cold Storage Law Advised"
Permit me to emphasize once more
the need for action upon certain mat
tiers upon which dwelt at some length
in my message to the second session
of the Sixty-sixth Congress: The
necessity, for example, of encourag-
ing the manufacture of dyestuffs and
related chemicals; the importance of
doing everything possible to promote
agricultural production along economic
lines, to improve agricultural market
ing and to make rural life more atirac-
tive and healthful; the need for law
regulating cold storage In such way
as to limit the time during which goods
may be kept in storage, prescribing
the method of disposing Of them If
kept beyond the permitted period. and
requiring goods released from storage
In all cases to bear the date Of their
| receipt.
ut would also be most serviceable
If 1t We're provided that all goods re-
| leased from cold storage for Interstate
shipment should have plainly marked
upon each package the price or mar
ket at which they went into storage, in
order that the purchaser might be able
to learn what profits stood between
him and the producer or the wholesale
dealer. Indeed, 1t would be very serv-
icesble to the public If all goods des-
tined for interstate commerce were
made TO carry upon every packing case
whose form made 1t possible plain
statement of the price at which they
left the hands OF the producer. l re-
specially call your attention, also, to
the recommendations of the message
referred to with regard to a federal
license for all corporations engaged in
Interstate commerce.
Loan to Armenia Favored.
"In response to what I believe to
be the impulse of sympathy and opin-
inon throughout the United States, |
earnestly suggest that the Congress au-
thorize the Treasury of the United
States to make to the struggling Gov
ernment of Armenia such lo;n as
4 was made to several Of the allied Gov
i ernments during the war; and would
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4 Substitutes.
They've closed up the mouth Of the jug
and the bottle
Il :. And spalad the retortS and the still