The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-12-10

be disposed to show little patience with any
further quibbling on the part of leader who
has won a great victory for his people, but
obstinately refuses to accept the olive branch
extended by the British government.
u y
THE NATIONS GROWING BURDEN
OF NON-TAXABLE SECURITIES
President Harding realizes the menace of
non-taxable security issues and has recon-
mended that Congress consider proposal for
an amendment to the constitution preventing
future issues. These securities inevitably drift
into the hands Of the wealthy and money which
pilng up to defeat the tax gatherer. The de-
ficit must be met out of industry.
In his message to Congress the President
said:
81 suggest the consideration (of the amend
ment) because the drift of wealth into nom
taxable securities is hndering the flow of cap
ital to our industries, manufacturing. agricul-
tural and carrying until we are discouragins
the very activities which make our wealth.
"No action can change the status of the bill
lions outstanding, but we can guard against fu-
ture encouragement of capitals paralysis"
No one can blame the rich for buying tax
exempt securities. 1t is an exercise of the
The mistake is in issuing tax-exempt securities.
Each issue creates void that must be filled by
taxation. Only the rich can purchase these Sc
curities. They are blow to democracy and
the equal distribution of the tax burden.
The nation, the state, the municipality that
issues tax-exempt security in order to effect
a prompt sale at low rate of interest, pays
for it in the long run by other taxes and higher
rates of interest tax-bearing securities.
The New Orleans Item informed Foch that
'toute la Louisiana" greeted him. Down IN
that part of the country the natives have
French vocabulary that extends further than
"oui, QUIZ
Delegates to the conference are making
preparations to go back home, but they freely
admit that American hospitality rises above
prohibition. f~
King George is given some of the credit
for settling the Irish problem. Nowadays it's
pathetic to see king trying to make himself
useful.
Heium gas will make drigibles safer than
the family flivver, particularly when the said
flivver is approaching a railroad crossing.
The fact that the United States government
has not yet recognized Mexico is not proving
barrier to that countrys rapid recovery.
Mr.. Arbucke's return to the screen was in
definitely postponed by woman juror who was
"sot in her ways
We Judge from a Closeup" of DIR. Sawyer
that he is the kind of man who will never
write book.
The movement for beardess Santa Claus
and Christmas trees without lights is one kind
of propaganda that won't go far.
The writing gentlemen who frequent Wash
ington don't let little thing like closed door
prevent them from getting news
DeValera is overlooking fine chance to get
on the band wagon and incidentally save his
face.
4
If it is necessary to squelch DeValera to in
sure peace in Ireland, let the squelching proceed
When Senator Watson of Georgia gets into
action senatorial dignity is torn to tatters.
To all intents and purposes the Anglo-Japa-
nese treaty is as dead as the "Holy Alliance"
Still, Americas iliterates don't miss much by
not being able to read film titles.
The bootlegger who sells his wares on credit
has darned poor head for business.
POINTED PARAGRAPHS