New-York tribune., 1921-10-08
Oppose
Valuation Plan
OF Tariff Bill
Conventions Resolutions
Favor Repeal of Excess
Profits Tax; Against Ex-
tension of Postal Savings
Indorse Federal Budget
Government Is Urged to
Fund Floating Debt: Wage
Reductions Held Essential
From a Star CORRESPONDENT


LOS ANGELES, Oct Reimbursement
~ the Federal budget the Interna-
tional Chamber of Commerce. and the
Ter Meulen international credit
scheme, and denunciaticn of the Amer
lean valuation principle OF the pend
Ing tariff bill, and of the proposed ex-
: tension OF the postal savings system
wee contained in the report OF the
resolutions committee of the Amcri-
can Bankers Association, which was
adopted at the closing session of that
body's convention here to-day. The
report, which expresses the opinions
and recommendations Of the associa
sion, said in part:
aWe urge the early enactment Of
equitable laws affecting our system
Of taxation and revenue. We believe
a repeal Of the excess profits tax. eff
f.ctive for the year 1921, is essential
to an early stabilization of business
conditions.
ave are strongly opposed to the
principle of American valuation as
contained in the present tariff bill, be-
cause of the radical changes Of ad-
ministration required, as we'll as the
additional uncertainty which it iniects
into business.
More Business in Government
Economy in government must be
carried out and we approve the budget
law now in operation as bringing more
business into government. We dis
approve Of all Legislative proposals
tending to inject further government
activities into business.
"A question of great Importance in
the economic and financial life of our
country has arisen through the CON
tnued creation of new tax exemptions
and tax exempt securities, which tend
toremove capital from industry and to
Essen the initiative of investors, nc
iarther tax exemptions should be
authorized and no further tax exempt
securities should be issued by the Fed
.rai government or by the states, mu-
inequalities or quasi public corpora
tons. (Ihis clause in the report was
opposed by delegate, but his opposi-
llon to its inclusion was overruled.}
Against Postal Savings Extension
IN sympathy with every movement
which will promote the thrift and
Industry of our people, we are never
!heless opposed to the proposed extern
sion of the postal savings system on
.he ground that it will not and can
lot draw out of hiding any consider
,ble sum of money. The result will be
ae Introduction of government into
he banking business and will not as
afe to local communities the use of
their savings fund for thir own de-
yslopment
@We believe it is sound economic
policy for the Federal government to
fuad its present large floating debt at
tie earliest possible moment, but we do
not believe that the present is an op-
perfume time for carrying out this
policy.
International Credit Plan Indorsed
Believing that the restoration OF
sormal conditions in the world and in
our own country depends upon the re-
establishment Of proper balance be-
tween nations, and that the co-opera
ton therein Of the United States is
desirable and necessary for the re
establishment OF normal conditions in
American business life, we approve the
principles Of the plan for an interna-
.Ional credit organization, known as
the Ter Meulen plan.
Processes Of our economic life can
not proceed in an orderly fashion when
wages Of labor and prices of commodi-
ties are seriously out of adjustment
Lahcrs interest in proper adjustment
p IS Just az keen as that Of the pro-