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Friday, January 11, 1924
Will the Senate consider the
Bok peace to b o k?
The Eok peace plan seems to ;
be productive o*f anything else
but peace in political circles. .
In other words de la ^-.isrta
doesn't stand much higher with
Coolidge than the other Huerta
did with Wilson.
Bryan says he is glooming a '
Florida man for president and
our guess is that this man has
been groomed three times al
ready.
Even if the Climate did slip up ,
a bit, it wasn't a circumstance •
compared to the terrible weath
er that has afflicted other and
less fortunate sections.
“The Republican slogan is ex
pected to be "Keep Coolidge."
Some, however. will shout >
"Hire Hiram"' — South Bend
Tribune. And a lot of the Demo-;
crats will yell “Let McAdoo it."
Right along with the glad
New Year come Collector Gris
som's charming assortment of ■
puzzles, understood presumably
by Einstein, and reffed to in
our calmer moments as income
tax returns.
- i
“Inquire and hew to the line" ■
says General Leonard Wood
anent the proposed Congres
sional investigation of his ac
tivities in the Phillipines. Better i
not, General they might knock
a chip off the old block.
According to the bug-ologists
the boll weevil has been killed
by the billions by the recent cold
wave. The next cotton crop will
probably sell for eight cents a
pound if the experts are correct
in regard to Brother Boll Wee
vil’s demise.
The Democratic Substitute
The immense popularity of the
Mellon plan for cutting down
taxes will not let certain
Democrats in Congress sleep.
The minority members of
the Ways and Means
in Congress sleep. The minority
members of the Ways and Means
Committee have hastily put out
a half-baked scheme which they
think will outbid the Secretary
of the Treasury. It is evidently
intended as a notification to the
country that the^ Democratic
Codlin is the friend, not the Re
publican Short. Does the Ad
ministration propose to do some
thing for the great body of citi
zens? See, cry the Democrats,
how much more we will do. So
they without a blush begin to
count noses. The raising of the
individual exemption to $2,000
and $3,000 will relieve some
thing like a million persons from
making any tax return at all.
With great gusto the Democratic
members figure it out that they
will also relieve 1,646,000 labor
ers and small farmers and mer
chants. Likewise they will come
to the aid of thousands of heads
of families now in the $2,000 to
$3,000 bracket. What a mass of
votes ought to be won in this
way!
It is a great drive for the
favor of the common people that
these Democrats believe that
_THOSE NOISY MINORITES •
1 V*/ IT'
k A jA
I they are making. They print a f
ible showing how much greater I
I heir reauctions are in the taxes
of certain classes than those of
' the Mellon plan. But where do
they draw the line" At an in
icome of §60,000. All relow that
they apparently consider the
proletariat, all above it. the pro
fiteers. Beginning with §60.000.
the proposed Democratic reduc
tion is progressively less than
that of the Mellon plan, and so
on up to the higher brackets.
At the very top the Demo
cratic tax reviser falter. Till that
point they have gone on the i
theory that the rich may be i
heavily taxed with impunity be
cause they are few in numbers.
Why, then, do they stoop to -uch
a compromise as reducing the
present 50 percent surtax to 44
percent? This is to admit the
soundness of the principle laid
down by Secretary Mellon, but
to deny its proper application,
the contention of the Treasury.
amply sustained by official
figures, is that the surtax of 50
percent steadily yields less and
less revenue, while diverting
jfrom commerce and industry
| great sums which would be spent
on new enterprises were not the
tax so heavy. It was on this
basis that the Secretary pro
| posed to make the maximum
! surtax 25 per cent. His predic
! tion was that it would both
I bring more money into the
, Treasury and make available
(for new business undertakings
large amounts of capital which
now are driven to take refuge in
securities. As we say, the Demo
crats tacitly confess the ac- ■
curacy of this diagnosis. But
they refuse to act upon it The
concession of 6 per cent off the
maximum surtax would have
little practical effect, while it
would show that the Democrats
are really compelled to admit the
financial truth which Secretary
Mellon lays down, but are afraid
to live up to it. On the theory by
which they have framed the rest
of their taxation rates they
ought in consistency to keep the
maximum surtax where it is, or
even to raise it. Their makeshift
compromise simply shows their
muddled and worried state of
mind.
Politically, this hurried alter
native of the Democratic mem
bers of the Ways and Means
Committee was supposed to be
a bid for an alliance with the La
Follette group and other loose
fish in Congress. But it is now
evident that the bait will not be
taken. The unterrified Radicals
will denounce the Democrats
as miserable compromisers,
and already forward their
own plan to re
forward their own plan to re
store the excess profits tax,
keep up the surtaxes, and in
every show that they
mean to make “wealth”
pay through the nose so
as to cover all governmental
“wealth” pay through the nose
so as to cover all govermental
expenditure. Thus the ill-judged
Democratic appeal to the Con
gressional disturbers of the
peace is bound to fail, while on
the other hand it is highly pro
bable that it cannot have the
support of many clear-headed
and sensible Democrats in the
House as well as in the Senate
who have already announced
themselve- as heartily in favor
of the Mellon plan.
That would be the policy of
the Democratic Party if its
leaders were shrewd. They could
insist, if they chose, that the
plan was borrowed from Demo
cratic sources, could taunt the
Republicans with having taken
up what they reject when it was
urged by a Democratic Presi
dent, and make all the political
flourishes of this kind that
might seem to be necessary. But
they would then get the bill en
acted and out of the way b ore
the Presidential election, so
that the voters could be asked
to think about other thing.-.
Whereas, by obstructing or de
feating tax reduction, through
the proposal of insincere sub
stitutes, .they will make a pre
sent to the Republican-' of a vic
tory-compelling issue. The
Democrats in Congress and
throughout the country cannot
too soon wake up to the fact
that this way party ma le,
lies.—New York Ti.
TAX EXEMPTION FARCE
MUST END
Will Congress adopt Secretary
Mellon’s program for tax reduc
tion which includes a reduction
in income tax and the doing
away with future issues of tax
exempt bonds?
i The President and the people
are in favor of tax reduction.
The politicians, through their
! blocs and parties in Congress,
are pulling and hauling to try to
gain personal prestige through
delays and log rolling in the tax
reduction program.
A constitutional amendment
to do away with the tax-exempt
securities passed the House
of Representatives la-t winter
but died at expiration
of Congress. It is
now necessary to pa-- it again,
this takes valuable time and
shows waste to an 1 expense re
sulting where pub'.i officials
play politics instead of ex
pediting the business of the
nation.
At the present time it is esti
mated that the income from
approximately $30,000,000,000
in capital invested in govern
ment tax-exempt securities, es
cape- all forms of taxation. The*
fac-t that cities, counties, states
and nation can issue tax-exempt
■ .. drawing a low rate of in
terest has cau.-ed a reckless in
crease in public debt and has
furnished the loop-hole for bil
lions of dollars to escape tax
ation.
After an amendment to the -
United States constitution is
passed permitting the'taxation
ioi income from future issues of
public bonds, it will be necessary
for legislatures of the various
states to ratify the measure.
For this reason, quick action in
Congress is essential in order
that state legislatures which
are in session or which will be in
session in the near future may be
’ able to act on the measure and
put an end to the present lawful
put an end to the present obso
lete system which is an invita
tion for the reckless piling up of
debt on one hand and tax dodg
! ing on the other hand.
It would seem as if Republi
, cans. Democrats and Progres
sives would be on common
ground when it comes to a
measure of this kind which
would assure in the future that
every person would pay his share
grounds when it comes to a
for Congress to cut out politics
Schlichter Lumber Co.
of Littleton
announces that its corporation name
has been changed to
Littleton Planing Mills, Inc.
under which name future business
will be conducted.
1 and jret down to business on t’n:.
measure?
» - _ QnCe ? r
-* ft
*”• ‘ J ■*? *::e NVthwla -ne
r ■ -• n s*-a. 11m ' \ -h#
ai rman «Me by a rocky consr vhlch
r - shows itself tn the TuetoburfAr
Wa’d hillg.
Quite a Difference.
P-. : v who ger to the depot an hoar
*»:' rain time are bored. Lot they
don't v* their tempera like those who
get rh*re five minutes after.
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“Ask the Bank, Bill
You Know Them!”
Ever notice the prestige that comes from a checking
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The serv ce that this bank offers to its depositors will
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of Roanoke Rapids
Member of the Federal Reserve System
\
W. T. COUNCI LL. Prefl. S. F. PATTERSON, V-Pre*. T. W. M. LONG V.-Pr.* j, c„Ki e
R. L. COOPER, and G. W. EATON. Am. CaaW