The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-02-18

trumtut war oNUtN ana, IT th'N
ar permitted to exercise their own
Judgment free from the interior
enc, OF petty politicians, should
mako substantial prugrcas. See
rotary Mellon has already Indicated
{ the trend ct the government
methods boz offering to refund tht
go per cent Victory noteH a
similar step has been authorized
in connection with the payment ,f
Income tax when the treasury de
purtmcnt granted authority 10 re
criVc Victory notes in settlement
of tuN payments Il Is evident
that the department is determine
Co have the Victory notes retired
and nHt Of the way as soon o.
possible.
In It's utest offering of notes.
the treasury department command
lu the market an interest ratio ut
approximately ~ per cent on DO
thrvc-ycur basis or a. on IA ahor.
term basis, as against the 80 prr
cent which D. wuH pnyinE rt,ch
Jess thuu q year on i.s ahur'
term securities and the more thai
@ per cent which represented III,
return on long term bonds in the
New York market Within the
past twelve months the longer term
bonds have advanced nnywhcra
from D. tu % points aud the who'll
haris of government financing ma
Leon altered
TWO reasons may be assigned Tor
this situatiun-tho rapid distrlbu.
ton Of the bonds and notes to IN
vvsiors who have taken them out u.
the hands OF the banks and thY
face that the government eviccntll
was going TO Ice ublu to maiuta %
the volume OF tax receipts. which
would permit the meeting of La
obligations without rcsorting iu
new borrowing How long the rat.
viii go IN government bonds In tiU
nca future would be impossibl.
Co say. but careful observers b..
licve that u has by no mean
reached bottom When the tim,
comes FOR "a new long term issu.
ct rDfundlHg bonds there seems bu'
little question that they can b,
plncvd, say, at 4 per cent without
any more thar normal tax eNemp.
tion..
TaN exemption. in fact. has beer
proven highly undcslrable A. 81
means Of government money ruls.
Ing. % was objected to In tn,
first Instance when the original ~.
sue of Liberty bonds under tlu
first loan act was placed on rho
market. Timld cuunsels % treds
ury officials prevailed nj the time
there being feat that the whole is.
sue could not be sold and that u
market for the bonds could not he
insured unless the government were
Go pay an extremely high raic OF
interest In the absence of tax oN.
II fHUHH#.W NAfHI Fh. NI.FaraH r.fus
Qua 20! the way % VIII bee po-- blI
Geo make "a substantial start toward
e. new policy.
Congress.
congressman have been showed
uudor hy the avalanche OF prutcs'
that huH come from every ~ tior
ut the country against any and ev-
cry tuN impost That has yet nvci
suggested 10 pay the soldier bonus
~ congress is really DESTROYS OF fol.
lowing the Wishes uf the country II
viii make better provision for Ia,
sick and disabled soldiers and post
panc IT, gratuities until such Inn,
as the national pucketboOk can af.
ford the strain.
Ia actual business session onlj
nfty days the present sitting ol
%cpngrcrs has produced ltH u-uu
crop Of PROPOSALS Tor new lcgl-lu.
ton. ip 20 the end Of the nrsI
week 10 February there have beuI
3l2i bills introduced IN the sen.
ate and 1854 In the house.
la the senHt. bills have u,cr
paanrd 90 put 70 ART farmer uf
the federal reserve board, To- per,
nit railroads to issuo itorehaaso.
able mileage hooks; to establish i.
r station on iiazzoll Island. st
q ThomnH IN the Virgin Islands. q,
supply fuel oh To- vessels, aud
bill Tor the relief of tho starlint
people ~ Russia Ia the houae
progress has been made on tho uu
r nuni appropriation bills. and
measure tn expedite the work 90
2 Oh" puttnt office by increasing thl
fore" Of examiner there. and az
anti lynching bill have beci
n passed.
The finance committee Of IA,
% senate b. still working on tho tnrf
Z bin with the prospect that It vii
I not Do" able 90 report before Marcl
% g. but not later than March 10. r.,
g avoid the difficulties involved 10
tho adoption 81 a now policy %
taxing importH ON the basis %
American valuation the committed
iH transforming as many ad ~vaiureu
: rutrs us possible into specific ratos