The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-09-14


strata thai 1nzsite 20 all and NOT favor.
itsm have been sought and obtained
~Sufrfi~yt A .sps,.~' stand.
Mr.. Kelley was shown q -teno-
efnphit report 81 sist ADDRESS Of sena.
Tor JoAtsat ihe afmafs Monday nisht.
which NJ resd with Intertet Reach
inE senator Jones defense o. me "a
CESS rruftt iux he expressed surpfiat
nj tht aNnatui'a stand
= ali uet know shat thcrc wa.
anyone hft who champlnnsd .hc ex~
rtsH Profits tax Mr Kelley said. IT
--- -ea.ea 10 lnnnlinl ~ 4 reNenuu
Producer Carter Giass. when seffe-
tafr ~ sht. treasury un6ef prefident
NfIepn. ard SECRETARY Houston. his
dc'nuffate saccesspr. both faVnrrd it,
repeal pnd ! think with the aperasht
- their chief. ~ was the most 1o-
rtruciisr TAX n our history. n was q
tax upun rrodnctlse enterpr 49,. n
sioprrd Industrial developments and
checked tmp afIneu 1T wa passed
on 70 The conenmers al Of n, " fmised
the roNf ~ living All along thc line.
A. The peak J think - TO 50 per cent
u Twins Gusts cuusd he directly traced
10 a. n mpmofed the Initiation BIZ
capital stock. M a means 10 escape
tAxhfipn and a favored the speculn.
tive. wild cat enterprise a. AGAINST
r~oneeryuf3yc business and industrial.
effort. Not \ ntiic % the Wild npecn-
alton 81 The latter stages % the war
boom period was due 10 is Influence.
Il had much 70 do with the Inevitable
reaction and depression out Of which
We = nov Fighting our way.
HiGh Suriaxcs Destructive.
" have In this country around
fifteen billion dollars OF tax rec Sc
ruritirq. The abnormaiiy high taxes
tnnt rcrc fixed upon large incomes
had driven thosc Incomes into the in
rqntmrnf In taN~free securities. The
money was Withdrawn from business.
The lnconps reased to be productive
81 revenue for the government. We
had 10 lind u way to get the reve-
. and 20 get money hack into
productive enterprises. 40 that !atAr
might b. Employed. A workable fcvc-
nue. law was AZ first essential and
hat Ia What the house has sought and
what the senate Il now at work upon.
We will get n. too. Its effect vii he
eeen. not la favoritlsm everywhere.
hut IN the resumption OF business
everywhere and n the consequent
restoration Of employment and pros
perity. We must work out the reye-
a law. enact the tariff law and
"utie he railroad knots. when that
has been accomplished business and
industry Viii move forward again.
Business viii he moving in the spring.
Studying American Valuation Plan.
The American valuation plan. a.
applied IN the Fordney tariff hin.
which senator Jones rriticizes. II ad-
United an experiment. II II being
s1udled with great care. Just before
th7 recess we appropriated s1oo. oo0
fc- the Use OF the senate finance com
ittee y making a detailed check OF
~ actual effcct upon the transfer
- imported articles into terms Of
American values. u must be kept in
r''nd that under former thrift laws
rrf-H ~ foreiFn exchange wero reason
p y stable. The present exchange
= t~nation u abnormal The whole
- 'iafiou has changed. Rates or OK
change varv - greatly that a tariff
that Il reasonable against n country
be OF no effect whatever against
when measured In terms OF
Its money at current rates OF exchange.
had to consider that. The answer
to be to ind the value OF the
In the American market. and
measured ny our standards or pro-
du-ftnn md nx tho rate npon the
tasis 90 the cost OF American produc-
ton W. vsrst ra 'tariff what VIII
rrofoct our. Industries. and We viii get
fhat. TOO.
IT, Armament 7 Imitation Conference.
I'll h. y M surprising. IS n not.
- find rfnilefucn who forcsaw world
dfsarmament End mn end 20 al wars
year IN the League % Nations
proposed by President Wilson. critic
the conference for the limitation
u armhmcnts proposed by President
Harding. IN advance ~ the event
~ do not know all hat ~ expected
to result from the conference Tor the