The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-07-14

10 lNt lowest point CouSialtut VIII
efficiency a reorganization of gov
crnment bureaus to avoid duplication
and waste is also ordered, a commit
tee already being at work on this
problem.
In spite of all these efforts. uneX-
pocted war claims upon the treasur,
are coming in so rapidly that II
makes il impossible TO reduce the
yearly outlay as our people so con-
hdenty expect it to be done Whe-
Their this riot of expenditure. the re-
sun of obligations during the war
was necessary or not does not now
help us.
The evils of war live after it is
ended and the coming generation
will not see the end of this orgy of
war extravaganza, the liquidation of
which is now our burdensome duty.
To avoid governmental extravaganza
nj the future congress has passed
and the president has signed ma
honal budget system by which the
government is TO be conducted upon
la business basis from now on This
system which has just become a law
will take effect on the LIST of next
month the beginning of the fiscal
year of 1922
Since the attn of March congress has
been occupied with emergency legis-
lation. In addition to the budget bill
/ it passed the agricultural emergency
tariff. with an antidumping provision
1t also enacted a law further restrict
/ ing immigration. The army and navy
appropriation bills are now i'm con
ference and will become law before
the end of the fiscal year. The sec
ond deficiency bill has been passed
through both houses.
Besides these important measures
a vast amount of remedial legislation
has gone through one or the other
branch of congress awaiting action. of
the other branch
The two outstanding domestic ques-
lions are a permanent tariff law and
revision of the tax system. Hearings
have been held upon both of these
questions After months of labor the
committee on ways and means will
report to the house within a few days
the tariff bill 1t will pass the house
by the last of July if not by the mid
die OF the month While the senate is
working on it the house will take up
the taxation question upon which the !
finance committee of the senate has
already had hearings.
The tariff measure is framed upon !
the protection basis with due regard |
for revenue, which under the propos-
ed measure is expected to increase |
from the present amount to $SS7000 !
600 to at least $4,000 600
The tax measure win doubtless re- /
peal the war excess profits tax and /
lower the upper range of the sur
taxes to avoid driving income into the |
investment in tax exempt securities, |
thereby defeating the very purpose |
of the tax Hope is held out for the |
repeal of the transportation tax. de-
nendent upon our ability to find an
other and better source to supply the |
s33 OOOO 600 of revenue from that tax |
Whta substitutes are to be adopted is /
still to be worked out The hope that |
we might save enough through our |
economy program TO make it unne-
cessary to adopt any new tax is no
longer shared by the legislator due /
to the numerous unexpected claims
from the war days coming in for pay
ment
The treasury head is now dealing
with the floating debt of nearly three
billion dollars. in my judgment the
most dangerous item of our indebt-
adness. If a way can be found to pay
off this obligation it would at once
release over six billion dollars Of
credit for investment In
productive Industries. The lack Of
,apital on the one hand and the con-
,equent high rate of interest on the
,ther prevent construction work
which now demands billions of dollars
n railroad improvement, house build
ng and other construction work.
A refunding Of the public debt now
u bonded form is inevitable and will
be cared for in due time
However it is not agreed that the
loating debt can be funded without
-reat injury to the liberty bond hold
r.. Most thinkers agree that the .
resent policy of short time bank
orrowing is economically unsound 7
nd industrially unwise if not dan ,
erous. It has been suggested that {
n emergency tax on sales be laid for g
ne year to cancel this obligation e
his could not be done without ac- 2
ion of congress, which means delay 7
n the meantime the secretary Of the \
reasury proposes a longer time note {
f three years as a maximum at
err cent. one-year note at 81 per N
emit. This is much better than either
he present short term certificate or
he long time popular bond. How g
yer this policy will continue the gov
rnments debt to the banks as most O
f the notes will be taken by the 7
anlSs and will in a degree tie mp the
eeded capital for productive indus t
-y +
Our foreign situation is growing
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