The Western news. [volume] (Libby, Mont.) 1933-current, 1940-08-15

Morgenthau and equipment. The
treasury wants the most money pos
sible.
AS indicated in a previous dis
patch, President Roosevelt will have
to get little tough with Henry
Morgenthau if the defense commits
sion is to have its way.
General discussion among mem
bers of the committees indicates
/ that the bill likely to be laid be-
fore congress will raise somewhere
between $500, 600, 900 and s700, 600, 600
in revenue from excess profits per
year. It is realized that no large
amount of revenue will accrue for
1910, even if the bill is made retro
active, as seems probable.
The probability at the moment is
that no rate higher than 40 per cent
will be fixed for excess profits, but
it seems likely that this will be
divided into four brackets rather
than the two brackets prescribed IN
the amendment proposed by Sen.
Robert LaFollette when the new
tax law was under consideration.
Another factor playing on this
problem is that many small COM
panies have not had many good
years in the last five, some of them
even having deficits. The effect Of
comparison with these, in comput-
ing the excess profits they might
enjoy next year ,Aor instance. would
be very hard on them indeed.
HUMOR In iva APPROPRIATION
There is a bit of humor in this
EVA national defense appropriation
which the administration had SO
much trouble getting started. For
instance, Speaker William B. Bank
head, who went to Chicago hoping
passionately that he would be the
vice presidential nominee. He knew
the left Wingers suspected him OF
being in sympathy with the south
ern conservatives-so he tried ap-
peasement
1--WE established, financed and Sc,
up on firm and enduring founda-
tion,' he said in his keynote
speech, 1.-The great Tennessee Val.
ley authority which, for all time,
will furnish a great vehicle for the
development and conservation of the
commerce and resources of thai
great geographical area which il
served which will be a potentia
factor in food control and naviga
ton, and which OFFERS NOW
READY ASSISTANCE IN THE
PREPAREDNESS PROGRAM fol
the manufacture OF many of the es
sential ingredients Of national de
Tense"
But it so happens that, aftel
months OF searching, the ONLY pow
er shortage which the New Dealer!
have been able to dig up in theil
arguments for the grid system OF
the excuse OF national defense is ii
iva territory. Which would seen
to make this nov ready assistance
notion Of Mr. Bankhead the heigh
of something or other.
SPEED WAS STRESSED N
incidentally, there is at least tn,
suspicion that the New Dealer
pulled rather fast one in thus con
vincmg the defense commission. Il
his report to the President, Stettin
ius uses the words. Delay OF a few
weeks in authorizing this undertak
ing (TVA damn might delay yea
in filing the dam for generation 0
power as 1t is necessary to catcl
the food waters next spring"
Obviously Mr.. Stettinius did no
mean next spring, though as thi
is written there has never been
correction to this effect. But pre-
viously in hearings Stettinius ha,
made it clear he was thinking o
water storage in the spring of 1912
Asked about the prospects, MAJ
familiar with IVA operations sine
they started said
If the dam were started tomor
row, construction could not be com
pleted to the point of storing waite
for two years. Based on TWAS dan
building record at Norris, simila
project, 1t would be three years aft
er the project is approved befor
water could be stored.
Maybe they are going to &c
work done faster, because of tn
emergency, but there was no reasc
for delay at Norris Moreover, Nor
ris dam was built at time of grea
unemployment, when there was n
possibility of priority for any othe
project, and when all the labor tina
could possibly be used was eager TO
hobs.