Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1920-08-07
COX'S SPEECH
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,(Coutinued from LIST Page)
a single law to lift from the American
people a load Of war taxation that can
not be tolerated in time OF peace
Federal taxation unjust be heavily re
Siuced, and it will be done at once, If a
Democratic administration is chosen in
November. Without hampering es-
sential national administrative depart
'lnents, by the elimination of all others
and stttct economy everywhere, nation
al taxes can he reduced in excess OF
two billion dollars yearly. Annoying
consumption taxes. once willingly
borne, now unjustifed, should be re-
pealed. The incomes from war-made
fortunes, those of non-producers and
those derived from industries that ex-
list by unfair privilege may be able TO
carry on their present load, but taxes
ON the earnings of the waGe earners, OF
the salaried and professional man, OF
the agricultural producer and OF the
small tradesman should be sharply
modified / believe that better form
of taxation than the so-callsd excess
profits tax may be found and L suggest
u small tax, probably one to one ana
one half per cent on the total business
of every going concern. 1t IL TO De
understood that the term business as
used does not include income received
by wage earners. salaried men, agricul-
turists and small business man who
ne exempt from this tax. The profiteer
and some of the highly capitalized
units have used the excess profits tax
as a favorite excuse for loading on the
consumer by means of highly inflated
selling prices many time the amount
actually paid the government. A ne
Aessary condition to the national con-
tentment and sound business is just
proportion between fair profits TO bus
tness and fair prices TO the consumer
1t les unquestioned that the enormous
expansion of public and private credlt
made necessary as a part of war finan =
cling, the diversion of the products OF
many Industries from their usual chan
nels as well as the disturbance 10 gen
eraI business caused by the withdrawal
of millions of men from producing
Fields, all contributed to the rise in
prtces. ReVersion of these various
agencies to a more stable condition will
tend toward a recession in the enor-
mously inflated present prices of many
commodities and property values and
there are now evidences that a sane ttd-
halstment is not far distant Deep pa
tgtotic sentiment CENTRALIZED our people
during the war and slight attention
was given to the enormous economic
changes that were then in progress ana
Mhen observed these changes were
generally accepted as one of the trials
necessary to be endured and they were
submerged in the thought and purpose
for victory While millions of free
men, regardless of wealth or condition,
were giving their blood and substance
many corporations and men seized the
very hour that civilization lay pros
trate to secure for themselves fortunes
wrung from the public and from the
government, by the levying of prices
ihot in many cases were a crime. IN
der present taxation laws much CAPT
tai is >.r1wins, o&t Od industry ard find
ing investment in non-taxable securi-
ties. This win cease il the changes
suggested are made.
In the analysis of government as the
events of today enables US to penetrate
the subject we see the difference be-
tween the old and the progressive kinds
of thinking. The belief of reacttonartes
is shat government should not function
more widely than lit did in the past.
but they seem to forget that the iunda-
mental of our plan is equal rights Cor
all and special privileges to none. Mod
ern life has developed new problems.
civilization continues to build along
the basic lines and altruistic as we
may all be disposed TO be, the fact re-
mains that except for the exchange OF
products between Individuals, CONNER
cial units and nations, Qua development
would be slow. ALI of this growth
goes on under the protection OF. and
with the encouragement of govern
ment. The least therefore. that might
he rendered unto government for this
continuous service is "a policy of fair
dealing. Too often the genius of man
prompts him to play for governmental
advantage. and the success which has
achieved in this particular, has led to
the formation of groups which seek
this very advantage. We are a busy
people, preoccupied in too large degree
with purely commercial considerations,
and we have not recognized as We
should, that the failure of government
to prevent Inequalities has made it pos
sible for mischievous spirits TO develop
prejudice against the institutions of
government. rather than against ad-
ministrative policy. There is a very
important difference here. This diff
erence bears directly on profiteering.
which is today the most sinister infiu
ence in American fife. 1t is not new
teers has simply multiplied under the
the favoring circumstances, of war. For
y0ars. large contributions have been
made TO the republican campaign fund
for no purpose except to buy a govern
mental underhold, and to make illegal
profits as the result of preference. Such
largesses are today a greater menace
to our contentment. and our institutions
than the countless temporary profiteers
who are making "A mocNery of honest
business, but who can live and fatten
only in time of disturbed prices. If
am called TO service as President means
will be found. If they do not already
exist for compelling these exceptions TO
the great mass of square dealing
American business men, TO use the
same yardstick of honesty that governs
most of us in our dealings With our
fellowmen. or in language that they
may understand TO suffer the penalty
of criminal law.
There is another reason for the fab
ulous contributions to the present re-