Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-09-07

of over s125,OOo,oOo in the curr.,,
year.
He pointed also to the aid IN. a
ministration has given 10 the fa-,s
ers by providing additional works..
capital for farm loan banks with
reduction of the rate of interest "a
to the provision of $500. 600, 900 n ~.
War Finance Corporation to be pss.
by bankers and dealers to carry t.r
commodities.
Mr.. Hays asserted that the mos,
important one thing in process of a.
justment was taxation. He said tha..
must and of course will be a re,n,a
ing of the entire war debt and !.
must be spread over a great numb
of years. He added: Taxes viii.
kill initiative must and will bs :.
pealed and steps are being taken :.
rapidly as possible to that end
While the method of raising rerann.
can probably not be fundamentau,
changed. he said. the idea was !,
readjust that method by proyidir.
newer and lower rates. with the ;.
peal OF abortive features. such an ,ss
excess profit tax.
Definite steps were being taken IA
adjust and evidence the amounts An,
this country from other countries y.
declared that the country-coula ma,
go on indefinitely during peace tins
with either the form or the degree a,
taxation which was originally IA
vised to meet the war. This wou,a \.
intolerable.
Il believe We should change nm,
system of taxation so as no Longer !,
put such handicap on saving sutb
as the present system does" he sas
Our present system of taxation do,
stroys the incentive to save. Tia
present excessive income tax has In.
troduced a differential OF anywhe,s
from per cent to so per cent, work,
ing against the man who is trying to
accumulate competence. Thu,
must not be. 1t should be the bus.
hess of the government to make the
accumulation of competence less
difficult. To make it more difficult |,
q pervision of government.
The Treasury Department, IN.
derstand, estimated that it would
take five months to accommodate II.
self to any considerable change AZ
method. The time is too short and
the governments need OF money teo
great to turn around immediately |,
this regard, but express the hon.
and expectation that soon we shall Ne
able to change our system Of tara.
ton so as to raise less of our revenue
through burdensome income taxes
and more of il through some Other
forms of direct tax on the production
or consumption of goods"
Passing to the tariff, Mr. HAYS
said, that 1t seemed to him that the
present state of mind OF Congre.
and thoughtful men on that subject
amounted to feeling that the pres.
ent year was not a good one in which
to write a permanent tariff bill to
last for many years to come Con.
ditions throughout the world were
too chaotic. He spoke Of the attempt
TO solve this tariff question by adop-
ton of the system called American
valuation and pointed out that we
have appropriated 800. ooO to inves,
tgate this device and otherwise De.
termine what might be done to help
US toward writing a permanent Tar.
If"
i Mr.. Hays added: The matter o,
legislation to relieve the railroads
and the earnest purpose OF the ex-
ecutive in that regard and his be-
lief in the consequent certain re.
newed employment of labor are all
we'll known to the country. ard this
and other similar salutary Legislation
may be expected as rapidly as posi-.
BILE"