The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1924-01-03

average member of Congress has no
intention of increasing the power of
the Chief Executive over the legisla-
tive branch of the government. Con-
gress is jealous of its prerogatives.
AS the matter now stands, the, Presi-
dent must either sign or veto the en-
tire bill which gives certain groups
advocating the pet items on appro-
priations measures considerable pow
err as the President must veto the en-
tire bill in order to express his dis
approval of an item which passed
both the House and Senate.
The House committee on Ways and
Means must draft tax bill which ap-
peal to all classes, and at the same
time be politically safe and economi-
,ally sound. The bonus question
dds to the completely of the situa-
ton. The committee is now consid-
,ring the administrative features of
The tax measure. The draft of the
Dill prepared by the Treasury Depart
nent will be altered in committee as
considerable opposition has developed
.gainst certain proposals. 1t is be-
ieved that members of the House will
,ndeavor to revise the appellate pro-
isions. The text of the Administra-
lions proposals show that the Treas
ury favors the creation of board
of tax appeals consisting of 28
members. 1t is proposed to give the
membership ten years at salaries OF
$4,000 each, without regard to the
civil service laws but solely on the
grounds of fitness to perform the
duties of the Office" On the surface
it would appear that these berths
would be in great demand in political
circles.
The tentative bill provides for
tax rate changes which would re-
duce the assessment on small incomes.
1t is expected that the minority mem
bers of the Ways and Means COM
mittee will submit separate bill
differing in many particulars from
the Treasury draft. Democratic Con-
gressmen have made the charge that
the Mellon program of reduction in
the high surtaxes benefits the wealthy.
The Treasury Department points out,
however, that the majority of wealthy
men have their money invested in
securities, aggregating
about eleven billion dollars. The Sec
rotary has advised the committee that
it is necessary to prevent further in
vestment in these securities which
escape federal surtaxes and keep the
money invested in productive enter
prises which provide employment and
additional taxes.
II"
At the beginning of the new year,
it is significant to note that the two
foremost government agencies, the
Federal Reserve Board and the De-
partment of Commerce, are in agree
ment that the United States has made
great progress in all lines during the
past year and is commercially sound
at the outset of 1924. Secretary of
Commerce Hooyer declares that never
in the history of this country has
there been a higher standard of liv-
ing and comfort, nor so great de-
gree of commercial and industrial eff
ficiency as today, or so wide an UNI
derstanding of the forces which con-
troll the ebb and flow of business.
The Federal Reserve Board points
out that in the business and banking
developments Of 1928, the outstand
ing fact has been the high level of
industrial and agricultural output and
the demand for bank credit to finance
a volume of production and trade
never previously equaled. This
agency believes that the year as a
whole was characterized by a large
industrial output, practically full en-
sustained consumers de-
mand for goods and level of prices
more stable than in any year since
1915.
The boards report indicates that
the income of industrial workers
exceeded that Of 1922 and the total
value of agricultural production
was above 5000, 100000 greater than
the previous year. The board makes
clear the fact that this increase in
income was not accompanied by a
corresponding rise in the cost of
living, and large growth in saw
ings deposits indicates a considerable
margin of income above expenditures.
D.
In the opinion of Secretary of Agri-
culture, sthe year 1924 comes with
the promise of continued improve
ment in the material prosperity of
the farmer. Those who stay by the
farm and do good farming can look
forward to better times as a reward
for their years of toll and hardships.
Those whose businesses depend di-
rectly upon farm purchases can find
decided encouragement in the grow
ing gross income of the farmer, for
he will buy as his income expands"
H.
Although President Coolidge has
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