, 1921-09-08

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the board and are to be relegated to
the limbo of war levies not justified
in times of peace. With these reduc-
tons comes the repeal of the excess
profits taxa tax that has worked
hardship and injustice upon the
people of small means engaged in
new and ventuEesome enterprises in
innumerable cases; a tax which even
when paid by those who actually
made large profits has unquestion-
ably been passed on to the ultimate
consumer more successfully than
any other tax we have collected; q
tax which has prevented free trans
fer OF properties, or the Inauguration
Of new enterprises out of a fear that,
even II successful, the fruits Of years
Of effort may be claimed by the tax
gatherer.
Still retaining an income tax of
40 cents on the dollar on large in
comes the war levies above that
amount are repealed. to take effect
next year. These repeats follow the
spirit of the declarations Of both
party platforms and the specific
recommendations Of Presidents Will
son and Harding, Of three Secretaries
Of the Treasury under the Wilson
administration - McAdoo, Houston.
and Glass-as well as of the present
Secretary of the Treasury. Mr.. Mel
lOn. These high levies which have
been repealed are clearly levies Of
war and emergency prevailing no.
where except under stress of war
burdens. In time of peace they
drive funds needed in productive in
dustry and for the employment Of
labOr into tax-free securities, dry up
sources from which, in the absence
OF such a tax, housing and building
enterprises, mine and land develop
ment and Improvement projects. and
new ventures of all kinds secure a
considerable portion of their funds.
I'm the presence OF the enormous
overland Of war expenditure it was
o possible to bring Federal taxes
to what should be their normal
and peace level. This will be the
work to be accomplished in the next
revision which. II all goes we'll,
should not be long delayed. In fact,
it was necessary to place temporarily
some new levies to replace a small
portion of the very heavy reductions
in revenues which the provisions Of
the bill would produce. These in
clude an increase OF ~ per cent in
the flat tax ~ corporations from
January next: a small tax to be paid
by the manufacturers Of carbonic-'
acid gas, fruit juices and fountain
and cereal beverages, and the
of a small tax on candy and
jewelry.
THE measures are now in the
hands OF the Senate During the re-
cess the Senate committee will give
them careful consideration and at
and on our return a month
hence we hope to have speedy action
On these measures, with such modifi-
as may be agreed upon be-
tween the two Houses.
"~Sixty-five bills and resolutions
have become law since Congress met
On the 18th of April. more than one
bill Tor every two days of the session
and while the number of bills passed
ls not, considered by itself, a proper
Of the value Of the labors of
Legislative body, when the impor-
lance of a majority of these bills is
the number which have
become laws is a striking illustra-
lion OF the diligence and activity of
The session. In addition to these 65 ,
laws, rs bills and resolutions have
the House and are now. before
The Senate. and one bill has passed
both bodies is now in conference,
and can be promptly considered on
Considering, approxi-
mately in the order of their passage,
he nor important bills that have
become laws during the session. they |
are:
The emergency tariff on agricul-
tural products, a measure the enact
.sut Of which checked, to a certain
extent at least, the threatened flood
Ing of our markets at q time when
the reaction from high war prices
had brought many of the agricultur-
products of the country to a price
far below the cost Of production.
which no legislation could
change or modify have continued
their depressing effect on many
agricultural products. and yet
the emergency tariff promptly passed
and recently extended has undoubt-
eddy SO steadied the markets as to
prevent wide fluctuations and
further low levels Of prices which,
while infinitely harmful to the pro-
Queer, would have brought but little,
II any benefit to the ultimate con-
sumer. An important feature OF thiA
measure is the dye-embargo provi-
sion. essential to the development Of
h exceedingly important dye and
chemical industries OF the country.
The recent extension OF this cot VIII
carry Its benefits to tie tima when.
permanent provision may be made Ia
the enactment Of the Fordney tariff
bill. .4d u
THE immigration restriction bill
provides In . pfaetfcai and WorkablS
way for the staying q the crest
volume OF the tide OF itamixration
threatsned . IA aftef effect of III
war. While Amsrisa rsersts p esen
partially Gloss her tgat1e aGa1ng&
those who In good fAith - With
good intonti0ns Deek 0ur sAofeD, tAA
moAsur1 was necessary ~ . nGoaAn ~
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