Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
History
Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
League of Nations; Treaty of Versailles (1919 June 28); World War, 1914-1918; World War, 1914-1918 -- Economic aspects; World War, 1914-1918 -- Finance
"We can not get increased taxes unless the country knows what
they are to be and practices the necessary economy to make them
available. Definiteness, early definiteness, as to what its
tasks are to be is absolutely necessary for the successful
administration of the treasury....
"The present tax laws are marred, moreover, by inequities which
ought to be remedied....
"Only fair, equitably distributed taxation of the widest
incidence, drawing chiefly from the sources which would be
likely to demoralize credit by their very abundance, can
prevent inflation and keep our industrial system free of
speculation and waste.
[Illustration: Poster for Boy Scouts Who Worked for the Victory Loan]
"We shall naturally turn, therefore, I suppose, to war profits
and incomes and luxuries for the additional taxes. But the war
profits and incomes upon which the increased taxes will be
levied will be the profits and incomes of the calendar year
1918. It would be manifestly unfair to wait until the early
months of 1919 to say what they are to be....
"Moreover, taxes of that sort will not be paid until the June
of next year, and the treasury must anticipate them....
"In the autumn a much larger sale of long-time bonds must be
effected than has yet been attempted....
"And how are investors to approach the purchase of bonds with
any sort of confidence or knowledge of their own affairs if
they do not know what taxes they are to pay and what economies
and adjustments of their business they must effect? I can not
assure the country of a successful administration of the
treasury in 1918 if the question of further taxation is to be
left undecided until 1919."
Mr. Wilson's appeal for the practice of personal economy met with
widespread approval in England, as it did in the United States. The
_Economist_ considered that his manifesto to the American people on this
subject was among the greatest documents that the war has produced.
National self-sacrifice had gone far, but not far enough. To attain Mr.
Wilson's standard of individual patriotism much was still needed, the
_Economist_ says:
Public-domain text, read in full here on John Shaqi.
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