El Paso herald. (El Paso, Tex.) 1901-1931, 1920-05-27
WILSONIAN TAX SYSTEM IS
CONDEMNED BY THE TREASURY

OUT OF the mouth Of the assistant secretary Of the
- United States treasury R. C. Leffngweu presiden
tai appoinee and no doubt good party man. comes com
plete denunaton of the profits In address
before the Academy Of Political Science he said recently
Experience has shown that the excess profits tax
discourages initiative and enterprise rewards
capitalization, and discourages conservatism in cap
ltalizatons confirms great corporations in their
monoPoles, encourages extravaganza and wasteful
management and adds to the cost Of living Capital
taxes, including retroactive war profits taxes, and
eessiVe surtaxes profits taxes, and sales
all these must be shifted sooner OF later-after
much economic disorder IN some eases-to the con-
sumer"
The Administrations handling of tax and finance nat
the armstice been responsible for much of
the tremendous increase in prices and the ACCOMMODATING
labor disturbances and upsetng of all commercial and IN
dustral calculations Business men do not know how to
plan for the future for the three months Capital
IS withheld from the most necessary commitments because
the tax policy has been nearly working out
Of vel considered and conservative plans of financing
stead Of investing men with capital led to speculate
II the hope Of taking huge profits out Of the careless public
while the disturbance induced by the administrations wild
The government at Washington has set the whole coun-
Try an example Of extravaganza The reins have hung
loose long that the administration cannot regain control
The Washington administration spent billions as If
there end to the supply Of money and credit The
redistribution has enormously profIted communities
ana individuals and corporations at the expense Of the
many but the spirit Of wasteful indulgence promoted and
examped BY the national administration curing these years
has taken hold Of the people everywhere.
The Washington administration some curious ways
Of gong after profIteers The administration recently
sought reopen its suit against the U s Steel corporation
for dissouon the supreme court declined to reopen the
But the curious fact is that this corporation produc-
ing A percent Of the counys steel products IS the only
steel the United States which advanced
prices and which has maintained its business steadily
rational basis the great advantage Of steel
the world over, while the independent" steel mills making
S. percent Of the American steel product charging pre-
NUNS above the Trust" prices This been the record
Of the big combination from its organization: 1t has been
the most powerful force in stabhzng prices and during
almost every year Of its life the ruling market prices would
H1ua
not held the market down Therefore since its influence
the American and word market has been altogether
good the Wilson administration naturally seeks to de-
stroy It
The administration has brought about the worst con-
dion in railroad transportation IN the country that
have ever known Its treatment Of labor and financial
matters during the upset the economic balance to such
an extent that Il viii take generation TO
America needs complete change Of executive and ad
rnustrave directors thorough houseceaning The
try through with wisconsin and would ike to return TO
q regime Of representative government