The Camden chronicle. (Camden, S.C.) 1888-1981, June 15, 1917, Image 3
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