Western news and the Libby times. [volume] (Libby, Mont.) 1920-1933, 1932-11-10

sons packed into the Capitol Plaza; the
gorgeous military parade from the
capitol to Washington Circle, along
Pennsylvania Avenue and past the
presidential reviewing stand at the
White House, these and the hope OF
getting jobs under the new administra-
ton, always bring crowds to Washing
ton at inauguration time.
When the weather is good the grand
stands along the avenue frequently
contain as many as 100000 spectators
who have paid anywhere from a dol
lar upwards.
Whether all of these inaugural af-
fairs can be handled as well in jan
uary as in March is the question that is
bothering Washingtonians.
According to report the treas
ury department has had big sur
prise in the failure of the tax on brew
ers wort and grape concentrates to
produce the revenue that was estimated
when the revenue bill was adopted. 1t
was estimated that the tax OF Is cents
a gallon on wort and 20 cents gallon
on grape concentrates would bring IN
So million dollars in taxes. So far the
income from this source since the law
went into effect on the first Of July
is at rate which would amount only
to about three million dollars for a
full year.
The failure OF this tax to produce
what was expected is III line with the
falling off of government income from
several other tax sources. The income
tax is not producing anything like the
revenue which was expected at the
time OF the increase in the income tax
rates
It becomes more evident every day
that the first Job of the next session
of congress will be, besides cutting
down governmental costs, to find
sources Of tax revenue which are more
certain and easy Of collection. The gen.
eral retail sales tax is gaining support
in all directions, regardless Of party
| lines It would not be at all surpris-
ing to see a sales tax bill put through
early in the coming season.
Deprecated Currency
/ Of more serious consequence from
the point of view of the protection
of American industry and labor are
the disclosures made before the COM
missioner of customs, Of the ability
of Japan and other countries operat-
ing on deprecated currency basis
to sell commodities in America at a
lower price in our money than they
could be made for in the United States
There are only half dozeD coun-
tries in the world today whose money
| is worth its par value In gold. Inc
only important nations OF which TIL.
/ is true are the United States anc
France English money is at dis
count Of more than 80 per cent from
par Canadian money is 10 percent be-
low par. japanese money is more thar
SO per cent below par.
The problem of stabilizing the cur
rencies of all Of the principal coun-
tries on a gold basis is an extremely
complicated and difficult one in which
the various nations concerned must al
take hand. For this reason grea
hopes are being built upon the out
come Of the World Economic Confer
ence, which is to consider this suplec
particularly and which will meet II
the course of the next two months
One outcome Of that conference ma,
be the restoration of silver to its form
or monetary position, thus increasin'
the available amount of metal on which
to base currencies.
II This inequality In internatlona
money values lends great strength 2
the argument that, by some mean
the currency of the United State
should be inflated. SO as to give GU
dollar lower purchasing power, thu
increasing commodity prices and en-
abling debtors to pay with less oil
ficulty.
Every other important nation IN tn
world has either officially reduced tn
cold value of its currency. or ma
found itself unable to maintain II
money at its nominal gold value Eve
ENGLAND is deliberately keeping II
money considerably below its nomins
val,,e and there is a strong movemer
II ENGLAND TO change the gold valu
of the pound sterling from its forme
nrice of Sd.86 to figure around tire
dollars and half
Washington expects the next con
press to be flooded with bills intende
T. reduce the gold value Of the Amer
can dollar. anv one of which, II adopte
would leave France the only importar
nation able to maintain the gold stan
dard. These proposals will range q
tha wav from a return to the tree an
unlimited coinage Of silver, which wa
s,,snended in 1873, to the printing
billions Of dollars of paper money hav
inc nothing back Of them except tn
promise o Of the government to pay
} Debt Situation Reversed
n the days when the United State
moe debtor nation and our bushes
and industry owed more none
a broad than was owed to us, Their
:, w a ! much stronger and wide-sprea
sentiment in favor OF cheap none
than there is today The situation ha
,s xa,yarSad The United State