The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1921-07-02
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" "
o00o 100000 o0
Washington, d. G. - "The sugges-
ton Of Senator Watson, of Indiana,
that tax revision be given the right of
way over tariff revision, will be greet
ed with an 'Amen!' from the great ma
jority of American business men," de-
clares the Republican Publicity AS
ISOLATION. This country il in the
midst Of an intense economic reac-
tion,' declares the Senator. This is
not the fault of legislation. The coun-
try can rest assured that the tariff
and revenue bills will pass, but my
own thought is that we cannot revive
business until we first repeal the ex-
cess profits taxes and the higher sur
taxes upon incomes
Chairman Penrose, Of the Senate
Finance committee, Is quoted as say
in gthat the tariff bill will come out of
committee about the first Of July and
be passed after about two weeks de-
date | nthe House. But that his own
committee would require one or two
months to consider the measure when
1t reaches the Senate, and that supple
mental hearings would be held on the
bill. Meanwhile, unless the tax bill is
disposed Of, business must continue to
mark time until about the end of the
year. The present taxes ARE depres-
siye influences on business says SEN
ator Watson, even though they are
not to be paid, because the business
depression will reduce their yield to
the vanishing point. The situation
condemns lobar to idleness and the
train Of economic woes
1.-THE question as to whchish ould
take precedence in legislation the tax
or the tariff bill, created considerable
controversy early in the session. The
year closed with a total of imports in
to this country of s5,279,OOO,OOO which
was a record-breaker in the trade his
tory of this country and one calculated
to excite a great deal of uneasiness IN
the minds of American producers. But
lcomparing the first five months OF the
current year with the similar period
| for 1920, it will be seen that there has
been a large slump in our import trade
and the danger from that quarter has
been lessened:
1920 - Imports 1921
January s474 100000 5000, 900 ,OO(
February 49,. 465,OOO,OO0 214,5OO,OOC
March ....,. 524,OOO,OOO 252,OOO,OOC
lApril ..... 496OOO,OOO 254,5OO,OO(
Nav ~ 431,OO0,OOO 205,OO0,OO(
"With this falling off of over 50 pei
cent. in imports, exports appear to d.
maintaining satisfactory showing
those 70 rthe II months ended May 3.
totaling s6,179 100000, or GA per cent
O fthe total trade for the period named
"The thing which is holding bust
= ness in letters more than any othe
, factor is the Democratic system or tax
alton and until that is wiped out l
. will be impossible for business to pu
r the slogan Of the day Let's Go! int
I action. On the other hand, trade con
@ dit,ons the world over wages and pre-
4 duction casts, and all the other inc
e dents of commerce, have by no mean
recovered from the demoralizations
s the war, though they are slowln
n roundling into recognizable form
, Again, as Senator Watson very per
% inently remarked: we can formula
h a tariff bill, but with the present oil
" turbance of international exchang
If the arrangements of economic life a
l. over the globe, conditions will inesi
l. ably make some details of any bill "
IS hiring out obsolete With nsiN months
,e at Is the hope of the producers
If the country that the net Republica
tariff law will lremain in force f(
some time. Therefore, it must requll
e infinite pains and study to perfect
), II need be, the emergency tariff la
= can be extended for few months 81
= the country is almost unanimous
e its demand for relief from present tai