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uv take pleasure In submitting Mow our plan* for handling I ,K)ltv itoiidH for our customer*. ' r v ltmi> 8TATKB OF AMKHIOA No. liberty loan club CKKT1FICATK OF I'LUCllASB Tin* Indenture wade between THK F1KMT NATIONAL HANK ( \MI)KN und U)? undersigned purchaser, wltnessoth: ('I ? i i v' ? j ,'/That tlio said purchaser hereby agrees to purchase ouo l ,,'c the I'nlted States of ^inerka of the denomination of One i Dollar*, being ^mrt of tho Issue known as-(ho Ml',I'ri\ l.oan. and to pay the huiu of Ouo Hundred Dollars tliere k, in 1 i(r> weekly instalments of Two Dollar* each, commencing ^ il?. Monday next following the tin If of these presents and "" miniux thence consecutively from week Jo wwk on each Mon l," thereafter- until the said sum of One Hundred Dollars shall l?. paid i" full. , ?? That upon the payment of tlie* said sunt to \he said Hank, f,PlVsald, or In anticipation as hereinafter set fort It and mh-Ii ' ici?-i as shall have accrued on the said hond, whether due " not Hi*' *ald I tank will deliver the said hond to the said pur luU. i "t such other*person as he shall In writing direct, and |H",n iIn* surrender of this certificate. That the said bond shall remain the pro|>erty. of the sahl It ink until the sahl purchase price shall he paid in full, as afore |M,| in the event the purchaser shall fail to,make all of the p'i\infills as herein stipulated, he shall notwithstanding such de fault have the right to have such payments as he shall have made refunded ^to him by the said Bank, without interest, at but lhlt i,,'fore the time herein limited for the completion of hi* said inc.-. and shall have, no other right whatsoever in t!u> prejp I It is further understood and agreed that time is of the essence of this Indenture, but that the said purchaser shall have tin' riu'ht to anticipate the payment of the sums herein covenanted to i?c paid. l> ? ^ \Vitnc? the said The First National think of Camden by Its Cashier or Assistant Cashier, hereunto duly authorised, and the sid<l purchaser, this .......... .day of 1017. The First National Bank OF CAMDEN, S. C i; v v" - ? Cash id" rt , i .-. j '. ? Purchaser. -THE UNIVERSAL CAR A little extra attention to your Ford car, a lit tle adjusting now and then, will help to keep It In prime, condition and add to its ability to serve you. Hrlng your Ford car her. Why take any chances? Let those who know liiw, those who use genuine Ford parts, take care of your ear. To be sure of getting the best service front/Sjfour Ford ear let skilled Ford men take care of it. Phompt attention assured. Touring Ctor $300, Runabout $.'{45, Sedan $G45, i'oupelet $505. Town Car $505?all f. o. l?. Detroit. On display and for sale by KERSHAW MOTOR CO. Phone No. 140 East DeKalb St. Do You Feed For Do you get the highest per cent of service from your horse? ?' y Does your cow yield the highest per cent of milk and butter? . Does your poultry show a/^satisfactory return for the feed and care you give itr^ FEED FOR BEST RESULTS Come to us for your feed. We know just what your horse needs, what your cow needs, what your poultry needs. - ? We have the feed that will fill the bill every time and tfive the mthe highest per cent of efficiency. ? # ? +> -rr The Store That C?JTie? The Stock ' ' > f # HOW SHALL WE PAY FOR THE WAR? A Constructive Criticism on the House Revenue Bill. LOANS BETTER THAN TAXES Five Rontons Why Exc???ivi Taxee at the Outvtft of War Ar? P<*ad vantage out??Groat Britain gx^mpla Worthy of Emulation?'How tha Taxes Should Bo Apportioned. By EDWIN R. A. 8ELIUMAN, McVickar I'lofesaor of Political Kcon omy, Columbia University. On May 23. 1017.' the House of Hep resentatives passed an act "to provide revenue to defray war expenses sad for other purposes." In the original bill as presented by the Committee or Ways nnd Means, the additional rove uue to be derived was estimated at $1. 810,420,000. The amendment to*tho In come tax. which was tacked on to the bill during^ the discussion In the House, was expected to yield another f4tt,000. 000 or $50,006,000. in discussing the House bill, two problems arise: I. How much shouid be raised by taxation? il. In frhat manner should this sam be raised? I. How Muoh Should B# Raised by Taxation? IV)w was ttio figure of $1,800,000,000 arrlved'UtV The answer is simple. When the Secretary of the Treasury came to estimate the additional war expenses for the year 1917-18. ho calculated tbat they would umount to some $0,000, 000.000. of which $3,000.01)0.000 was to be allotted to the allies, and $.'1,000, 000,000 was to be utilized for the do incstic purposes. Thinking that It would be a fair proposition to divide this latter sum between loans and taxes, he concluded that the amount to be raised by taxes was $1,800,000. 000. " There are two extreme theories, each of which may be dismissed with scant courtesy. The one is that all war ex pendlture8 should be defrayed by lonjis. and the other is that all war expend! tures should be defrayed by laxes. Each theory Is untenable. It is Indeed true that the burdens of tho war should be borne by the pres ent rather than the future generation, but this does not mean that they should be borne by this year's taxation. Meeting all war expenses by taxation makes the' taxpayers in one or two years bear the burden of benefits thai ought to be distributed at least over^i decade within- the same generation. In the second place, when expendi tures approach the gigantic sums of present-day warfare, the tax-only pol icy would require more than the total surplus of social income. Were this absolutely necessary, the ensuing hav oc in the economic lifo of the communi ty would have to be endured. Hut where the disasters are so great mid at the same time so unnecessary, the tax-onlj' policy may be declared Im practicable. Secretary McAdoo had the right in stinct and highly commendable cour age in deciding that a substantial por tion, at least, of the revenues should 1k? derived from taxation. But when he hit upon the plan of 50-50 per cent., that is, of raising one-half of all do mestic war expenditures by taxes, the question arises whether he did not go too far. The relative proportion of loans to taxes Is after all a purely business proposition. Not to rely to a large ex-' tent on.loan* at thf outset of a war la a mistake. The disadvantages of excessive taxes at the outset ot t ho war are as follows: 1. Excessive taxes .on consumption will cause popular resentment. 2. Excessive taxes on" industry will disarrange business, damp enthusiasm and restrict tbe spirit of enterprise at the very time when the opposite is needed. 8., Excessive taxes on incomes will de plete the surplus available for invest ments and interfere with the placing of the enormous lpatta which will be neces sary in any evenf. -?4. Excessive taxes on wealth will cause a serious diminution of the in comes which are at present largely drawn upon for the support of educa tional and^ philanthropic -enterprises. Moreover, these sources of support wdbld be dried up precisely at tbe time when the need would be greatest 6, Excessive taxation at the outsot of the war will roduco the elasticity avail able for tho Inoreaolng demands that are soon to eomo. Great Britain'? Polioy. Take Great Britain as an example. During tbe first year of the war she Increased taxes only slightly, in order to keep industries going at top notch. During the second year she raised by new taxes only 9 per cent, of ber war expenditures. During tbe third year she levied by additional taxes (over and above the pre-war level) only slightly more than 17 per cent, of her war. expenses., .If we should attempt to do as much in the first ^ear of the war as Great Britain did in the third .year,it would suffice to raise by taxation $1,250,000. 000. If, In ottSer tO be absolutely on tbe safe side, it seemed advisable to lnereaae the sum to $1,500,000,000, this should, tn ear opinion, be the max!* mam. In considering tho apportionment of the extraordinary burden of taxes la war times certain sclentltio principle* ? re definitely established: How Taxee Should Bo Apportionsd. (1) The burden of tuxes must bo spread as far as possible ovor (ho whole community so as to cause each individual to aha re in the sacrifices ac cording to his ability to ppy and ac cording rto his share in tlio Government C) Tuxes on consumption, which are necessarily borne by the community af large, should be impose* as far as pos sible <?p articles of ijuafff-luxury rather than ion those of necessity (3) Kxelses should be Imposed as fur as (xtsslble upon commodities in the hands of the final consumer rather than upon the articles which serve pri marily as raw material for further production. t4) Taxes upon business should be imposed as far as possible upon uet earnings rather thuu upon gross ro eclpts or capital invested. (ft) Taxes upon Income which will necessarily be severe should be both iTlfforeutlated and graduated. That Is. there should be a distinction between earned and unearned Incomes and there should be n higher rate upon the larger incomes. It Is essential, however, not to niako the income Vote so excessive as to lead to evasion, administrative difficulties, or to the more fundamental objections which Intve been urged above. (0) The excess profits which are due to the war constitute the most obvious and reasonable source of revenue dur ing war times. But the prlnciplo upon which these war-proflt taxes are laid must be oqultable In theory and easily calculable in practice. Tho Proposed income Tax. The additional Income tax as passed by tho House runs up to a rate of 00 per cent. This Is a sum unheard of in tho history of civilized society. It must be remembered that It was only after the first year of tho war that Great Britain increased her incomo tax to tho maximum of 34 f>er cent., and that even now in tho fourth year of the war the income tax does not exceed 4 per cent. It could easily be shown that a. tax with rates oit moderate Incomes sub stantially leqp than in Groat Britain, and ou the larger incomes about as high, would yield only slightly less than the $582,000,000 originally estimated in tho House bill. It Is to bo hoped that the Senate will reduce tho total rate on tho highest hi-, comes to 34 per cent, or at most to 40 per cent, and that at the name time It will reduce the rate on the smaller in comes derived from personal or profes sional earnings. If tho war continues we shaH have to depend more and more upon the In como tax. By imposing excessive rates now we are not only endangering tho future, but are inviting all manner of difficulties which even Great Britain has boon ahlv to escape. Conclusion. Tho IIousts l)ill contains other funda mental defects which may l>? summed up as follows: (1) It pursues an erroneous principle in imposing retroactive taxes. (2) It selects an unjust nn<) unwork able criterion for the excess-profits tax. (3) It proceeds to an unheard-of height in the income tax. (4) It imposes unwarranted burdens upon the consumption of the commu nity. (5) It is calculated to throw business into confusion by levying taxes on gross receipts instead of upon commodities* (0) It falls to make a proper use of stamp taxes. ? (7) It follows an unscientific system iujts flat rate on imports. (8) It includes a multiplicity of pet ty and unlucratlve taxes, the vexatlous ness of wlftch Is out of all proportion to the revenue they produce. ? ? ' ? ? ? * i The fundamental lines on which tho House bill should be modified are sum led Up herewith: [) The amount of new taxation ' should be limited to $1,250,000,000?or at the outset to fl.gOO.OQOXXK). To do | more than this would be as unwtoe at it is unnecessary. To do even this would be to do more than has ever been done by any civilised Govern ment in time of stress. (2) The excess-profits tax hated upon a sound system ought to yield aboutI $500,000,000. (3) .The income-tax schedule ought to be revised with a lowering of the rates on earned incomes below f10,000, and .with an analogous lowering of tbe rates on the higher inconiea, so all not to exceed 34 per cent A careful cal culatlon shows that an income tax of this kind would yield' some $450,000, .000 additional. (4) The tax on whisky and tobacco oifebt to remain approximately as it is. with a yield of about $230,000,000. These three taxes, together with the stamp tax at even the low rate of the ,'HoftM/rill, and with an improved au ?tomobiie tax, will yield over $1,230, 000,000, vfhlch Is the amount of money thought desirable. The above program would be In har. mony with an aj>prov?d scientific sys tem. It will do away with almost all of the complaints that are being urged against the present. It Will refrain from taxing the consumption of the poor. It will throw a far heavier burden npon the rich, but will not go to the extremes of confiscation. It will ob viate interference with business and will keep unimpaired the social pro ductivity of tho community. It will establish a just balance be-: tween loans and taxes and 'will not succumb to the danger or approaching either the tax-only policy or the loan only policy. Above all, it wltl keep an undisturbed elastic margin, wblcb ?must be more and more heavily drawn (iDon as the war proceed*. Slighted. "I ?h> wish," olmtnTrd Mlhlivd "lhn( Snnla Ohuis had brought mo m now Moll for Christmas." "Hut your ??i<i ?h?u," her inolhor ?w uusywred, *M<< hk iroort ms ever." "So am I a>( ?>s ovor," the lit tlo tfirl retorted. "Jiui I ho doctor brouglll you H iif? Itulty " Tit lilts. The Human Factors In Good Service There are three parties to every tele phone conversation?the party calling, the trained operator, and the party who answers. All three share alike the respon sibility for quick and accurate telephone service. The calling party should give the cor rect number in a distinct voice, speak ing directly into the transmitter, and wait at the telephone until the party an swers or the operator reports. The called party should answer promptly. \ Patience on the part of the telephone user and the telephone operator is also es sential to good service. IVben you Telephone?Smile SOUTHERN BELL TELEPHONE AND TELEGRAPH COMPANY J. A. HOUGH, MANAGER. flies Breed sn Filth Bed Devil Lye Ekt) ruth Kill the Cause Germ-carrying flics bring disease direct to your home from the privy and outhouse. They wipe their germ laden fbet on your 'food, bathe J*i -the baby'%?milk> and leave many fofms of sickness ? then come the doctor's bills ? and you know what that means. Flies carry on their foet filth nnd the ^orms of typhokl fever, malaria, coneuinpiion-'perhaps infantile paralysis and other dread disenqes. Destroys The Fly Eggs SPRINKLE RED DEVIL LYE FREELY 'once or twice a week In your privy or outhouse. You can't use too much.. It will clean up these places, remove the foul odor and atop fly-egg* from hatching. RED DEVIL LYE im a/ae mlmply wymttmrfm/ for mmkittg momp, oendV/aa/nc apd oompmmt for fmH!U*mr. Start Using RIP DEVIL LYE Now, Bafor* Ply 8 END POSTAL FMI FKCMOKXXT Wm. Sehlald Mfg, Co., RED DEVIL LYE !? Sold By Al| v* * V decidedly the vogue for Summer, have a1 ami- II prominent place in McCALL DESIGNS FOR JUNE ^ The simpiictt^.^ of McCal! Patterns for these smart little summer jj frocks- appeals tO' The Home Dressmaker The McCall Cut ting and Construc tion Guide furnislv ed free with each pattern, insures a perfect-fitting gar ment. & jL McCall Patterns For Juifce Now on Sale. McCall Pattern# W?!if No. 77*. Skirt NO. 7767. Many other new <1 cairns for June McCall 1'attara No. 7787. Many'other attractive ? designs for June THE McCALL COMPANY CHICAOO NUW YOHK BOSTON ? ATLANTA ' SAN FKANCI8CO TORONTO