Indianapolis Times, Volume 34, Number 67, Indianapolis, Marion County, 29 July 1921 — Page 3

U. S. REVISION OF TAX LAWS CALLED VITAL Credit Chief Says Business Halts Because of Uncertainty of Situation. VIEWS OF J. H. TREGOE XfcW TORK. July 2l>.—Expressing disappointment that Congress lias failed to revise the Federal taxation laws, J. 11. Tregoe, executive secretary, National Association of Credit Men in a message to the 33,000 manufacturers, wholesalers and bankers who are members, avers that business will be in an uncertain state until it knows Just what burdens in the way of taxes it will have to bear. Praising the efforts of President Harding to reduce Government expenses, Mr. Tregoe declares that a budget exceeding 53..**0.000,000 will hinder industry. He says: “It is our intention to conduct a coun-try-wide campaign of education regarding the necessity of a revision of the present system of Federal taxation until we have sent our view s to every American business man and Congress has appreciated the importance of the subject in our program for the revival of business. A fair and reasonable revenue bill should have been produced before this and taken precedence of tariff legislation. This has been our Arm conviction and we are not only surprised but disappointed that the positions of the two matters should have been reversed. m SINESS MUST KNOW TAX. “Business will be In an uncertain state until it knows Just what burdens in the way of taxation it will he called upon to bear. There is no divorcing the revival of prosperity from a program of rigid economy in governmental expenditures and a revenue measure that is perfectly fair to business and equitable in the obtaining of sufficient revenue for the requirements of the Government. We emphasise again that a budget exceeding three and a half billions for the present year will hinder industries and every effort should be made to economize, to remove duplication in governmental functions and the attainment of dispatch and economy in ail matters wherein money must be expended. We appreciate the efforts of our President to accomplish this, an effort that Congress should fully appreciate, concur ir and assist. “.V taxation bill founded on the very closest economy should be produced Immediately an,] unless it is done the slumbering indignation will burst out and we will fail to realize that harmony which ought to prevail when we are seeking common ends and the nation’s progress. One thing we must know, that if the budget represents in dollars the same sum that was expended the previous y.*nr we shall be imposing upon the people greater taxation for the reason that the purchasing power of the dollar has increased about 20 per cent. The increased purchasing power of the dollar should be reflected in decreased revenue requirements. To seek the same sum in dollars would h*..to Increase the burden. Therefore, with the increased purehaOcg power of the dollar the needs of revenue as expressed In dollars should decrease. This will r-fle t the intention of the executive and legislative departments of Government to give business just treatment and to show value for every dollar received.” DOLLAR IX TAX RELATION. The August issue of the Credit Monthly under the caption. “High Taxes vs. Falling Prices.” presents a novel and new view of Federal taxation, saying: “The fact that for one dollar the gro- I cor will now deliver to his customer more groceries than a year ago and the depart- ; r.ient store will deliver more of its gen- , eral merchandise, has a very significant lararing upon th etax problem. A redu tion of 40 per cent in the commodity index number of the Bureau of Labor statistics means that one dollar today is equivalent to $1.t57 a year ago—thinking of money as the measure of command of commodities. To put it in another way, • 0 cents today commands as many commodities as one dollar commanded a year ago, using the index figure referred to above. “It Is obvious that this changing relation between the dollar and the amount of commodities the dollar will command in the market, has a bearing on taxes, because the people, in paying the same tax total in dollars this year are giving up a largely increased commodity :ot 11. “The process of the changing relation between the dollar and its command over commodities is still continuing Indeed, it is possible that before we begin to pay the tax levied for this year the com modify index number will be 50 per cent below Its 1‘.'20 peak instead of 40 per cent, as now. One dollar of wholesale commodities, when the tax comes due, will then be equivalent to twice the amount of wholesale commodities of a year ago. Since money is only a medium of exchange and a measure of commodities and service, a tax of SIOO would be equivalent to a tax of S2OO a year ago. IMPLICATIONS FAR-REACHING. “The implications from this fact are far-reaching. A tax of four billions today represents a tax burden measured by commodities of eight billion dollars a year ago. To be sure, our Government, like every government, has incurred debts In inflated currency that must be paid dollar for dollar in a currency that has Increased in buying power: but the Government must seize every opportunity to pare down expenditures for current and future commitments if the financial structure of the country is to remain sound. For to demand the same tax total in dollars this year as last is tantamount to doubling the tax burden as measured in commodities. We can reduct the tax burden only by reducing the tax total in dollars at a faster rate than the index number of commodities fills. “This principle applies to all taxes, whether they be Federal, State, county or town. Any department of government which maintains its tax levy this year at the last year's level of dollars Is laying upon the people the burden of delivering the equivalent of a largelyincreased volume of commodities. “Taxes are in the last analysis paid by commodities. To demand the same tax total in years of falling prices is economically a fallacious policy and is bound to bring serious financial and economic consequences.”

harts which occur in every home—cuts, barns, scratches, etc. can be quickly healed by Resicol Ointment. It stops the smarting at once and cools the inflammation. Your drusei*t S' - "* 4 . Keep s i&r on \ Resinol

Any Straw Hat JißSKin Stockman ■ GOT! '**> 9 o ur entire big stock to f | X/ '-'?***. • c h° ose f rom —kinds \ S * ia P es s * raws - / lab. JiL

Saturday Marks the Exit of All Summer Apparel

Sleeveless Dresses Chambrays Ginghams Linenes Ramies $ 1.98 $ 2.98 $ 5.00 (Many have extra waist included.)

New Sport Oxfords In the Popular Black and White Effects t' and-white footwear |K9 IB "* A continues—and in this ■ Special .Saturday Sale we are offering the utmost in values. Fine grade Sea Island canvas, with black kid trimmings, white ivory sole and heel. CANAS PUMPS BAREFOOT SANDALS Good looking White Canvas Pumps, with Sizes, 5 to 8; Bt* to llt£ to 2.

Women’s Pure Thread Silk Hose . y—.Pure Thread f W Jj W K silk hose, rc- m M Mty inforced; in 1 M M black, brown \(p (p and white. J

Mi3\ Everybody's Talking About Our Palm Beach Suits at It’s little wonder for they are /h^^l such amazing values. They’re E 2& HA well worth the regular price f|§ ffigf I||| Don't swelter in the heat, be |Sgg km| fejjjgji cool and at ease in one of these mM All Wool Serges included $2.49 TROUSERS. Stripes and $7.50 TROUSERS'. All wool plain patterns. Good qual- worsteds, Pencil stripes, Flanities. Sizes 30 Cl /4Q nels and Ser K es - Sizes 28 to to 42 50. (Made with dou- d>n qp ble seat) $3 OVERALLS AND JACKETS —Carhartt, Sweet Orr and $5 TROUSERS. Worsteds and Lee'B Overalls and Jackets. Flannels, made with double Best quality, blue d*t rn seat. Sizes 28 qj“ white back denims... 1 .D*7 to 50 $2.00 WORSTED PANTS, suitable for work or dress, $1

Up to sls Summer Dresses An extraordinary group of £ AQ dresses. Dotted Swisses, Voiles, J) # * Organdies, Tissue Ginghams, etc. * Lovely summer shades combined with white or plain colors. Up to $lO Summer Dresses Dresses suitable for any occasion. £p| aa Organdies, Ginghams, Voiles. Fou- A FZ" # UvJ lards, Linenes. Many charming ■ styles. For women and girls. One Group of Summer Dresses Splendid Dresses for practical ,- v q wear; offered at decided savings, j| . Linenes, Ginghams and Tissues. * g| .. - Many .lumper Dresses included. Sizes 16 to 44.

A Several Groups of \ Aflt DRESSES Ginghams, Cham ha /a 'fir brays, Voiles, cool, crispy /vl/* dresses, several pretty stvles... f VOILE DRESSES. Plain and fancies. (/ / Floral and checked pat- /&% nn Wf terns, pretty summery v* I jaJL ~yIM

INDIANA DAILY TIMES, FRIDAY, JULY 29, 1921.

'STORE OPEN UNTIL 9:00 SATURDAY

tew. TWAUaOTT BROTHERS* 311-321 W. Washington St 2 Pair 98c OVERALLS^ fi || Heavy blue Denim Overalls, bib style, > double sewed seams. Saturday, 2 pair l for jIL

.Extra Specials for Saturday

$2 SILK GLOVES. 16-button length Milanese and AA Tricot Silk $2.50 Crepe De Chene Envelope Chemise. White and colors 1 .o*/ WOMEN’S VESTS, fine gauze, crochet or lace tops. or? 2 for ZSC $1 UNDERMUSLINS, Gowns, Petticoats, Chemise, d 9 ! etc D/C

How About Shirts at There’s a genuine oldtime value for you. M r \ Sport shirts and collar n m C-1 f mtll! ■[TiS& band styles. Every M ® rfittllililililM&K wanted material; all aJFA WM g / IJ£m clean and new. V \ z 77 IP yxpi UNION SUITS. Up to $1 garments included ijw WJm. fTI, I j. lJjf/yy/ in the lot; Balbriggans, ribbed and [*p /J $ nainsook ODC jj | SHIRTS AND DRAWERS. Men's separate \ L \ 1 garments; good qualities; all on / I \ I w sizes JvC 1 | ''//? \ \ \ y

Jersey Sport Coats A popular garment for early Kali wear. All the wanted colors tL k lIS I and sizes tDtseV/vr

Bathing Suits CHILDREN'S BATHING SUITS— Popular models; *+> -m g\£\ black trimmed IL I 1111 with white y X BATHING SUITS—For men and women; cotton, with black and Nk I I I white trimming X • 1/ %? BATHING SUITS—AII wool in various colors O O and combi- nL < Um nations tf/t/# l/U BATHING SUITS—In all the pretty bright colors AO and combinations. M UV All sizes tj Jbdm /U

Dresses for Little Girls SASH BACK DRESSES. For tots 2 J®} to 6 years; all the dh 1 O A pretty summery % I /M shades p 1 L. U v ms DRESSES. Sizes up to It -J ]KT I years; Ginghams, I | Lawns and Organdies ... X • <Lr */

CHILDREN’S 25c SOCKS; white lisle with fancy t p tops IDC $2.00 FIREMEN’S SIGNAL BRAND SHIRTS, d*| A A dark blue SILK CAMISOLES, satins and crepe, de chenes; lace Q A _ trimmed Oc/C BRASSIERES of basket weave materials feiDC

Stunning Satin Hats Up to $6.50 Values jj j j J J A To See Them “ to Want ° ne!: !|h Mr • JNew ones for mid- l' ! summer wear—• vjpj | jfjjr ehie little shapes J k, M i ll becoming \ / .fW 1 fIBHB styles. Or. / j Most of them are !/ > ' ' white or with \ // touches of trimming. At this price every \i a woman can afford one. \< K

SKIRTS at Big Reductions TUB SKIRTS of splendid quality materials, r A Really excellent skirts formerly SI.OO for... oa/C TUB SKIRTS. Good looking skirts of splendid quality gaberdine. Smartly plain or rt-| aq trimmed models, formerly $5.00 FANCY SILK SKIRTS. Baronet Satins, Dew-Kist, etc. In models for street and sports wear /\/\ Reduced to Half Price, formerly SIO.OO

New Fail Suits New arrivals in stunning embroidered or tailored models for early Fall wear. Handsome Navy blue Tricotines. (Sizes,d*T£ *7r 16 to 44) 'PiO.f D

Higher Priced TUB BLOUSES Grouped in One Lot Tomorrow at m Attractive blouses, the QQ ■ very kind women want y | is to wear with sleeveless ■■ /ij |j| Plain and fancy weaves; all sorts of col- j A r / WjL lars, many with touches of lace or cm- f V \jt jj 1 j broidery. Blouses formerly selling for n/xl\ \\ |Jj T ii]) to $3 included in this special event at $1.29

Canton Crepe Dresses Fashioned of rich, heavy Canton Crepe—• richly beaded. Black, Navy blue and brown. Extra special, SaturT. $13.75

Women’s UNION SUITS TWO for _| Pink or white / W B ■_ cotton union > m I suits. Loose i B §§ or tight knee j I styles. /

Prices Slump on BOYS’ SUITS $/j.95 i®. 7-“| m I In each group are suits §f with two pair of trou- V sers, and all the wanted materials. At these savings it would be a good investment to anticipate Fall needs. $4 KNICKERS. All $3 KNICKERS, of all wool good serv-(pO QC wool, also bluest QC iceable quaiityJb^.*/) serges TROUSERS. For every- g JfS fau y nde? r .. .. . ”.'."51.00 • • ; ; SI.OO BOYS’ $3.98 BASEBALL UNI--69c WASH HATS, on or FORMS, extra spe- /\/\ sale Saturday at uu C cial at q)I.UU $2 AND $2.29 WASH SUlTS— light and dark j /T/\ patterns; all the wanted styles M*UU

Special Sale for Stout Women VOILE DRESSES, in sizes 42V2 to 54 1 /o- AA tractive models. SATIN DRESSES, new fall models; sizes (tl /* HT* 42V” to 541/2. . 10 I U GRAY WASH SKIRTS, in " t 0 SI.OO SILK FAILLE SKIRTS, 5o es . 32 . to . $5.00 WOOL MOHAIR SKIRTS, sizes 32 to d>o Ah 40 JZ.95

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