The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1925-07-01
CALVIN COOLIDGE
is NOT AT ALL
LIKE'ROBIN HOOD
Tighthsted Towards The
Poor-Generous To Rich
BY LELAND oLDs.
Federated Press Industrial Edltor)

Tight-fisted toward the poor but ex-
ceedingly generous toward the rich is
the policy of President Coolidge, as
shown in two statements issued a
week apart bearing on the financial
policy of the government
When advised by tho tariff commits
sion to tighten The cost of living for
every household in the land by cut
ting the sugar tariff one-half cent a
pound Coolidge answered that the gov
eminent could not spare the 100000
900 revenue. HE said:
Money must be found to meet the
appropriations by the representatives
Of the people. It is estimated that
the sugar import duty yielded the ma
tional treasury last year $135,O99, 1O6
out of a total revenue from all i'm
ports of merchandise of $541, 231 1853.
To make the proposed reduction would
cost the treasury about $40,00O,000
year." H
But when asked by his multimillion-
aire secretary Of the treasury to light
en- the rich mans tax burden by re-
ducing the surtax extra taxi on un-
earned incomes Coolidge suddenly dis
covered a treasury surplus of over
$200,000,O00 ready to hand. Before
leaving Washington for the summer
he expressed his determination to use
this surplus to reduce income taxes
in accordance with the demands of
business.
This 5000, 100000 treasury surplus
exceeds the entire revenue derived
from sugar by SIS, 900. It amounts
to five times the proposed reduction
in the sugar duties.
The s135,OOO,OO0 collected by the
government from its duty on sugar
means at least s216,00O, 900 taken from
consumers. The additional $50, 900, 900
goes to the sugar interests as extra
profits thru the arbitrary prices the
tariff enables them to charge for sugar
produced in the United States and its
possessions. 1*
This fact makes the sugar duty an
extremely antisocial source of govern
ment revenue For it burdens the
people out Of all proportion to the
return the government gets.
The joy with which the sugar in
terests hailed the presidents favorit-
ism brings new evidences Of the profits
which the dominant beet sugar con-
Germ expects as a result of continued
government protection. According to
the Wall Street Journal the stock of
the Great Western Sugar Co. is being
bought on the belief that the directors
will either increase the present 80
per cent dividend rate or declar a rs
per cent stock dividend.
In twenty years the company has
paid S19,273,000 cash dividends on its
SIT, O00,0 900 preferred stock and $685.
939 900 on common stock which repre-
sents no real investment at all Shares
of common were given away as a
bonus to the purchasers of preferred
In other words, this company which
Coolidge is so anxiously protecting has
paid cash dividends totaling $72,212,-
800 on an Investment of s15,OO0,OOO
or about 480 per cent. In addition it
has accumulated s3s.OOO.0O undivided
profits which amount to more than
two and one-half times the original
investment.
Taken as whole, Coolidge's series
of reasons why he didn't carry out
the recommendation Of the tariff com
mission look very much like the hur-
ried fishing for excuses characteristic
of boy caught in the act Of swiping
cookies for his gang.