The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1932-06-02

less nights" President Hoover per-
sonally appeared before the Senate
TO urge that the revenue bill be
adopted without further delay with
an extension of the special manu-
facturer' 'exise taxes.
IAN emergency has developed
which is my duty to lay before the
Senate" Hoover declared adding
that THE continued downward trend
in the economic life of the country
has been particularly accelerated"
Call for More Taxes.
The great engineer" suggested
that the budget be balanced through
drastic reduction of expenditure and
through the adoption of an sde-
quate revenue bill capable of coping
with the degeneration in the eco
nomic life" In other words he
called for new and more drastic taxes.
IF we are to have the absolute
assurance of the needed income with
breath of base which would make
a certainty of the collections, we
must face additional taxes to those
now proposed .."
Hoover stressed the necessity Of
Balancing the budget, he said because
of the exaggerated fears" existing in
foreign countries in regard to the eco
nomic stability" Of America. Behind
this refernce was his own anxiety, as
chief executive of the American bour-
geoisie over the run on the dollar
which stands at a serious discount in
the markets of the world for the first
time in half century" he said.
The necessity of balancing the
budget so much emphasized by Hoover
appears therefore as being dictated by
the imperialist policy Of the U. S. bent
upon reacting to the blows being de-
livered on the dollar by the finance
oligsrchy of France in order to I'M
dermine the position of the U. S. A.
in the international arena.
One OF the outstanding features
of the financial crisis, OF which the
budget deficit is result, is the strug-
gle of the financial oligarchies Of
the most powerful nations among
themselves. And in the course of this
struggle France directs her blows
against the U. S. A. especially in
view Of the impending inperialist
war against the Soviet Union, in
which the U. S. A. cannot play a
leading part unless she is able to
counterfeit these blows by rendering
her economy somewhat invulnerable.
Naturally enough the American
capitalist GLASS does not want to
bear the cost Of this financial battle
against its rivals The American
capitalist class wants to assure
America leading part in the prep
aration for war against the Soviet
Union through comparative con-
solidation Of its financial position
which however does not mean an
economic recovery, but does not
want to make any sacrifice.
That's the reason why the balanc-
ing Of the budget is being carried
out by adopting revenue bill which
implies more drastic taxes on the
American masses. The senate re-
jected--it is true-Hoover's plan to
incorporate in the revenue bill a
but that does not mean that the-p-n
general manufacturers exise tax;
but that does not mean that the ifs
cal measures of the bill as passed
by the senate are less heavy,
The senate bill calls for a general
increase Of the taxes already estab-
lished in the house bill-and these
were already much higher than those
previously existing. Furthermore it
calls for new exisc taxes on commo-
dities Of general consumption, as
tax of 2 per cent on chewing gum,
a tax on gasoline beside the tax Of
3 per cent on automobiles and per
cent on trucks and automobile ac-
cessories, q tax Of 3 per cent on dis
stribution Of electricity for home
c1..~,,a.,AA,a..