, 1921-10-19
A BUSINESS PLEA.

One of the most forceful statements on the Iimita-
ton Of ornaments including indisputable and logical
reasons in favor comes from the San Francisco Cham
Der Of Commerce. 1t is the business mans plea and
to this interest from which the greater share of pres
emit taxes comes, we owe the most respectful consid-
GRAFTON. When the business interests of the country
are jeopardized because of excessive expenditure of
the peoples money for war costs and taxes resulting
from war it is then time for America to take the lead
as President Harding has done to bring the world to
a realizing sense of the bankruptcy toward which all
of the nations of the world are drifting. The state
ment of the California chamber and its resolution
follow:
"In 1898, at the first Hague conference, an unsuc-
cessful attempt was made to stoa the growth of arma4
ments. The rivalry, continued, military and naval
budgets grew, year by year. More and more taxes
were imposed to provide for unproductive expendi-
lures. Fears and mutual suspicious kept pace with
these war preparations, and finally in 1914 the great
explosion came.
4But the war to end war has left the burden of
ornaments more staggering than ever.
"In some countries the paper currency has become
worthless; investments have been confscated; credit
has disappeared; trade is at a standstill.
Even in the United States the heavy taxation for.
unproductive purposes has begun to restrict consump-
ton. The people are spending less because the tax
~gatherer is taking more.
"Nor can American business men afford to neglect
their foreign trade. Our exports were valued at near
ly eight thousand million dollars in 1920, and more
than half went to Europe. They are now shrinking
rapidly.
THE present depression cannot be expected to dis
appear unless the burden of ornaments Is substantial
ly diminished
FOR Illustration, q reduction OF military and naval
expenditures by even one-half would set free probably
not less than four thousand million dollars annually
for trade. and credit would speedily revive with an
increasing sense of security.
IF the armament rivalry among the allies con-
tinues, further confscation of wealth is inevitable; the
victors will share the financial ruin of the vanquished.
The business men of Japan and of Great Britain have
already taken action showing their governments the
need for public retrenehment- American business men
should now move to assure President Harding of their
support in his great effort to relieve the world of its
SfaOpeY1nO hurdopa and 70 enforra aa1ufary econornv
for the benefit Of the people,"
The resolution in support Of the position taken by
Harding is worded as follows:
THAT this Chamber of Commerce attributes the de-
cline of our foreign trade and the reduced domestic
consumption of manufactures and Injuries to excess
i've taxation and to the exhaustion of capital and
credit It places hope of a substantial and worldwide
upon the success of the conference for the
limitation of armament and urges the administration
to use every effort to bring about a drastic reduction
Of naval and military expenditure, so that all countries
and all classes may be relieved Of a staggering bur-
den which threatens some with insolvency and con
and all with trade stagnation and unem-
ployment-"