The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1921-01-06

nations at Geneva for the establish
ment of an international commission
70 consolidate the credits OF some of
the central European powers and Htil-
ize them in the purchase Of American
commodities, IS an important step and
offers a new opportunity for helpful
service by the war finance corpora
ton.
Every influence OF the government
should be promptly eXerted to secure
prompt determination Of the
amount Of the German indemnity. So
long as this question remains unset
tied, it is undoubtedly true that there
can be economic rehabilitation Of
Germany anG Of the central powers,
and so long as this continues their
credit and buying power is reduced
to a minimum.
If the German indemnity were fix
ed, it would enormously help the eco
nomic situation throughout the world
an Immediate market would be op-
ened for American food, cotton, and
manufactured products which would
not only relieve great suffering in Eu-
rope, but rebound to our own pros
perity. 1t is great pity that the
peace treaty was not ratified prompt
ly, as this would have put an Amer
ican representative on the repatria-
tions commission and would have en-
abled our government long since to
have brought about a settlement of
the German indemnity with benefit
to the entire world
| have long been convinced we
ought to reestab blish trade relations
with Russia. 1t is not necessary to
recognize the soviet government. to
do this. Why should We refuse to let
people in distress in Russia or else
where buy our products, if they can
pay for them, no matter what form
Of government they may choose for
themselves We have always stood
for the right of peoples to determine
their own form Of government and |
must say l have never been able to
see any reason for our stand that we
must not trade with Russia because
we do not like or do not recognize
her existing government. The open
ing up of Russian trade-and l am
sure that it can be accomplished un-
der conditions that will reasonably
protect our citizens-Would be very
helpful to our business situation.
Of course, taxes ought to be read
justed and reduced. Last March
publicly advocated funding a large
part of our floating debt This could
be done, and should be done, so that
it's pressure may be taken off of the
American people, and especially off
of business at this time of unavOida-
BILE readjustm The tax burden
should be ightened and can easily
be by funding two billion dollars of
the floating debt during the next two
years. Why should we continue high
taxes merely because relatively few
people think it sounder policy to COM
pei the present generation to pay still
more of the war cost than to pass a
reasonable amount of it on to future
generations?
Unfortunately the present congress
has refused for two years to do any
thing to relieve the tax burden or to
prepare for this inevitable period of
readjustment. Taxes should be re-
duced at this session of congress.
There is no excuse for delay. 1t is
essential that the business Interests
of the country know at the beginning
instead of at the end of the year. the
basis upon which business must be
conducted so far as taxation is con-
cerned, and be able to go forward
with certainty and confidence. One
of the grievous faults of the tax leg
islation of the last several years was
it's enactment by the congress at the
end of the year with retroactive ef-
feet for the entire year.
The congress should address itself
unsparingly to economy in expendl-
lures. Genuine economies can be
effected by intelligent investigation
and legislation. The responsibility,
however, rests upon congress itself,
because it controls the. purse-strings
and. therefore, has the power to limit
expenditures. The congress should
no longer make gifts or authorize
loans directly from the public treas
ury to any class or business in this
country. 7 refer particularly to the
Il l,1y