The midland journal., 1945-09-14
LOOKING
AHE4D
y GEORGE S. BENSON
\ PresideHf--Eardixg college
Searey. ArkaSsas
Employment First

Feople VINO work IN the neldS, IN
mills, mines and shops, on railroads
and in industry generally, are to
be congratulated upon President
Truman's choice of Fred M. VIM
son, the new Secretary of the Treas
ury of the United States. His under
taking is enormous, delicate and
vital. But it is my belief that no.
body else in government is quite as
well qualified to handle the job as
Vinson.
The new cabinet member knows
taxes. Things he has said already
prove that he is keenly aware of
two things that are currently the
most important facts about taxes.
(D High taxes are necessary, now
and for some time to come. (2)
Wrongly devised taxes in the United
States can wreck the financial struc-
ture of the entire world in a few
months. Dark Ages might visit the
earth again.
A Dependable Thing
The yankee dollar" is one of few
known quantities left in the finan-
cial world. While this condition
lasts, there is a way for weak and
depleted countries to gain industrial
and then financial strength. The dol
lar will remain good so long as
Uncle Sam keeps meeting his obli-
cations promptly, fulfilling prom
ises and paying the interest on his
stupendous national debt.
Our debt is so big and Americas
moral obligations are so exacting
that taxes must be high after the
war, much higher than they have
ever been in peaceful years before.
Government has no way to get mol-
ey except by taxing its citizens. Con-
sequently the citizens haze to be
prosperous. There must be full en-
ployment, plenty of jobs at good
wages-otherwis not enough taxes.
Holding our Ground
The world is relying on the sol
vency of America, on the soundness
of the dollar, and it all depends on
jobs. Mr.. Vinson said: "Taxes
should be levied in such way that
they have the least harmful effect
on the expansion of business invest
ment and the creation Of jobs be-
cause productive employment is the
source of j.. revenue which the gov
ernment collects from taxes"
The Secretary's eye was not on
taxes alone. In a recently published
report he made it clear that pro-
ductive employment is the foun-
dation of Americas living standard
(highest in the world), the source of
all income and the basis of pros
perity for business and agricul-
ture. We may be assured that Vim
son will always do his best to pre-
vent ruination of jobs by taxing busi-
ness to a standstill.
A Rational Economy
Here is powerful and rational
sentence from Vinson's pen: "The
sooner uncertainties in the postwar
tax structure are removed, the soon-
er business management will be
inclined to make firm commitments
for expansion and the faster men
can be put back to work following
the wholesale cancellation of con-
tracts that will occur with the un-
conditional surrender of Japan"
Persons who would like to see
America in chaos, people who would
like to see dictator climb to power
over Americas wasted estates, may
call the new Treasury head a friend
of big business. He apparently is, to
whatever extent such a friendship
means jobs for workers, prosperity
on the farm, customers in the store
and food on the table for Ameri-
cas- plain people.