Evening star., 1921-08-28

with $s5.o6s. .oOo. 900 in 1914. tell
story in a most amazing manner: the
per capita debt of the United states
Is s224.si. in In Great Britain. .sS14.0s:
plus. and Italy. $515.51.
The time has come when dollars
and cents. when pensions and broken
humanity. demand that peace mot
war appropriations further the cause
OF employment and peace at home
The world is sick of war and wars
wreck.
Local Securities,
Local securities are giving a good ao-
count of themselves these davs. com
pared with the low prices prevailing
on the New York Exchange.
Bonds. as well as stocks, are hold
ing well. With the advent of fan
and winter months. there should be
some Improvement. as the summer is
dull in stock trade and utility pro-
ductivity also.
Aenry Foea's R.slread.
The so-called miracle" the turning
OF the Detroit, Toledo and Ironton
railroad from a rundown loser to
q great successful winner has some
features to it that rather dispeI any
miracle features and bring the whole
matter to case of the man. with the
freight doing a clever thing.
q
brokerage concern. has this to Say
on Henry Ford's Railroad"
Relieving the Rich.
W. J. wollman & Co., referring
to the action of the minority
in the House on the tax question, have
this to say:
''It is unfortunate that considera-
tion of the new tax bill should have
been befogged BY such demagogy as
characterized the resolution adopted
by the caucus of the House minority.
The bill. it was stated, was opposed
on the ground that it relieved prof
tteers and taxpayers of large in
comes from their just share Of the
load of taxation etc. This. of course,
signed for public consumption. It
shows not the slightest appreciation
OF the country's plight or the prin-
ciples that should underlie taxation.
The trouble with the excess profits
is cumbersome. that it piles tax on
tax. and that the impost is passed
on to the ultimate consumer The bur
den does not fall on the individual
who pays the tax except in that 1t
hampers the general course of busi-
ness The tax is In the price of the
thing that is sold. and that is why
prices are high, and # IN because
prices are high that people are not
Duyfng. Because people are not buying
business is bad. That II the story. and
son why business men are opposed to
the excess profits tax. There are sew
eral other reasons. and IL In fairly
SAFE to prophecy that II the obnOx-
ious provision is ever on the statute
books It will be difficult to get It back
there. war or no war.
Assuming. however, that the bill
old what the minority resolution said
II dld. the country would be the
gamer. The very rich are escaping
taxation through investment in tax
exempt securities. They prefer q low
rate. safe income. free from the
harrassment of the tax collector, to the
risk of enterprise and the exposure
TO governmental sequestration. The
greater the pressure Of taxation the
stronger the effort to evade it.
Where the Burden Falls.
"As . result the community is the
real sufferer. The rich Who are the
objects OF revenue attack are in no
ed into exempt securities 10 not
needed for Living expenses. It repre-
eents the important reservoir Of
liquid funds to BE- used for productive
purposes: The beaver the burden
ScASCASA osC0 IN tui0 QU8SG&H the
stronger is the incentive Tor capital
to go into hiding and the smaller 10
the supply for productive agencies.
ANY one Who does not zee in the
present distribution of taxataon the
occasion TOR the present depression
Is blind to the operation Of cause
and effect. The prngram fails Of its
purpose. The very rich spend a
much money for their own personal
gfatmcation as ever. but their capital
is no longer the servant Of society.
It Is like the talent in the parable.
hidden in q napkin-dead and un.
productive. The reaction on the rest
OF the community 10 found In smoke
less chimneys. idle factories and MIL
lions of unemployed.
Look at the situation from another
angle! Suppose the taxation laws
were modified and the billions now
locked up were released for enter
prise! Who would beneAt moro than
the persons Of moderate inponee.
small incomes and no incomes whom
political sehcitude % urgently de-
Bires to peofeetr