Milford chronicle., 1921-10-07
NEW FADS ARE LACKING
in HOUSE REVENUE BILL
Measure Based Upon Sound Common
Sense and shuts" and ''Bugs"
Had No Say in Its Makeup.

ashingtOn-Defense of the new
revenue bill passed by the House and
of the financial prospects of the coun-
try is made by Representative J. NJ.
/ c. Smith, of Michigan, formerly chair
man of the Committee on Labor. He
/ says:
81 want to mention one feature of
the bill that impresses me in reading
it, and that is there is no new exper-
iment, fad, or chance work in its
makeup. The single taxer, the sales
taxer, the tax on spending, the theor-
list, and the experimenter have all
been heard, but their new ideas must
wait, for they have not been engraft-
ed into this bill. This bill is based
upon sound, well-established, and
good financial business principles. 1t
imposes no new system of taxation.
1t imposes no new tax. 1t travels
along no new road. The committee
knew what they were doing and just
what they wanted to accomplish. L
was privileged to attend some of the
hearings. 1t seemed to make no diff
ference whether the witness was an
export or a layman, he received care
Reduction of taxes was what the
committee sought to accomplish. Not
more taxes, but less taxes and still
have enough left to pay the expenses
of Government, economically run, and
makepayment on our national debt.
Taxes cannot be reduced like finance,
to an exact science. They ought to be
imposed equitably, uniformly, and as
far as possible so that each person
would pay his just proportion, no
more, no less.
Responsible estimates show that
under the provisions of the bill taxes
will be reduced in the aggregate $193,-
$4,000 for the fiscal year of 1921,
$377, ,990OO0 for the following calen-
dar year, and S79O,33OOOO for 1928.
Economists in their writings affirm
that all taxes levied against the pro-
ducer and manufacturer are paid by
the ultimate consumer. If this is a
sound doctrine, it can readily be OBJ
served that the great reduction made
by this bill will bring relief to all the I
people Economically considered, /
adds taxes to his fixed
and overhead charges. These charges .
in turn are added to the cost of his
product and correspondence increase .
the price to the consumer.
The transition from a large war
footing to peace is a great change.
There are many problems to solve.
Much can be said about many of them
but 1 have every faith that in due
course we will be back to normalcy /
and our country go forward to that
destiny which makes for superiority
among the nations of the earth. +.
I'VE are the greatest nation on
earth: First, in inventive genius; in
inc arts; in manufacture; commerce;
md agriculture; in high, lofty, and
purpose for the uplift of
and the betterment of the
human race. Our churches are more
and schools and colleges =.
,etter attended than in any other ma
ion. Here the blessings of liberty are
ecured to us and to our pOsterity by
he greatest charter ever penned by
he hand of man. If need be, we can
eed and clOthe a large portion of the ~
World. We have a population of over u
100000 of people. We have in
reased in population three times
ince the Civil War, and can support II
billion inhabitants. Our national II
,ealth is estimated at $35O,OOO, 900, 900 D
rhich is more than that of all our
European allies in the late World
Var save Russia.
with national wealth of $35O,OOO,-
100000 and net national Indebtedness
f $14,OOOOO0,000; with twenty-five
mes more wealth and resources than
le debts we owe, it will only be Il
atter of short time in our national
fe. when our Indebtedness will all be
quidated."