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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, December 18, 1920, Image 5

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-12-18/ed-1/seq-5/

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Big Bond Issue
Urged to Co ver
All IT. S. Debt
J. W. Bache, Banker, Tells
House Committee Refund
of Liabilities Would Aid
in Equali/ina: Tax Burden
Offers New Revenue Plan
1 Per Cent Lew on Sa!e*
Would Net 2 Billions a
Year; Opposed to Surtax
WASHINGTON, Dec, 17.?Flotation
of a bond issue into which would be ;
refunded virtually the entire bonded ?
indebtedness of the American govern- !
ment was proposed to the Ways and
'?Car? Committee of the House to-day
by Jules W. Bache, a New York banker,
as a means of equalizing the burden
of taxation resulting from the World
War.
Bonds of the new Issue proposed
by Mr. Bach? would run for fifty
year?. They would bear a scale of in?
terest rat?s starting at rt per cent
?'or the first five years, 5'4 per cent
the second five years. 5 per cent the
:h;rd period of fivo years and a perma?
nent rate of 4-\i per cent a year there
after until maturity. Mr. Bache de?
clared that such an i?sue would serve
to bring Liberty bonds back to par,
while at the same time permitting le?
nt o: 2 per cent of tho outstand?
ing Liberty bonds each year.
The New York banker also submitted
a revenue program which he declared
would easily produce $3,500,000,000 an?
nually. Included in it was a sales tax
o? 1 per cent, which, ne estimated,
would yield $2,000,000,0u? annually.
Continuation of tne excise taxes yield?
ing about $300,000,000 a year and the
enactment of a tariff whsch would pro?
duce $'?00,000,000 annually income also
were embraced in the program.
Would Abolish Surtaxes
As regards an income tax Mr. Bache
rec( mmended the enactment of a flat
normal rate of 6 per cent on all in?
comes, with an exemption of $5,000.
Taxes on incomes below $5,000, he de?
clared, were small and did not come
from persons from whom the govern?
ment should seek revenue. He declared
that the supenncome or surtaxes had
resulted in driving wealthy men to in?
vest all their money in tax exempt
securities and in "causing every cross
roads tVown in the country to issue a
lot of securities that some day will
cause a lot of grief."
In discussing the sales tax the wit?
ness declared that probably after the
first year, only one-half of one per
cent would be required. The sales tax,
he said, would bring in more money
and with less disturbance to banking
and business than any other tax that
could be levied. He advocated, how?
ever, that a Federal licensing system
be created in connection w3th it, re?
tiring every person or firm doing a
isiness of $6,^00 a year or more to
be licensed. This ?would provide a
?ystem of checking up on all persons
upposed to be paying taxes, Mr. Bache
declared, as well as supplying the gov- !
<*rnment with other information rela
tivi to its own resources.
Abolish Tax in China, He Urges
The Way3 and Means Committee also i
heard testimony to-day from H. H. j
Arnold, of Shanghai, president of the j
Ar-erican Chamber of Commerce of
China, who advocated the removal of
ti e application of excess profits and
other taxes to American corporations
doing business solely in China. Appli?
cation of the taxes, he said, worked to
the benefit of competing foreign firms,
who were not taxed by their govern
ments.
In connection with consideration of
tax revision by the Ways and Means
Committee one of its members. Repre?
sentative Treadway, Republican, Massa?
chusetts, introduced in the House a bill
which would provide for a tax of one
fourth of 1 per cent on ail bank de?
posits except savings accounts. He
estimated that the tax would produce
$1,500.000.000 annually and his bill
would have the tax collected by the
banks at the time of deposit.
J. J. Klein, a New York public ac
countant, urged the creation of region
n&m
Drink
Bakers Cocoa j
Every Day j
It is so delicious, ?
so strengthening, j
so healthful, eon- j
tains so much !
valuable food ?
material that :
it should j
tX be used i
W every day. !
\
BOOKirr or CHOIM
?( i mana svrx nun
I Waiter Bakcr&Cottd
{ IMSMUSHtO t?OO-QOWHSttS HAU |
mdJM ^.-??
tk; ow.g?nal
Safe
Milk
For fofaat*
* IoTilida
COOKING
rw "Food? Drink" for All Age*
Quick Lanch ?at Home, Office, ?cut
Fou&tAina. Ask Ur HORUCICX
mtkni? Iaitatioat a fcfadfart?
al committees to hear tax ?revision
suggestions throughout tho country.
Ho advocated requirement of a Bimple
return from every person twenty-one
years of age to detect tax evaders and
establishment of a tax court, a substi?
tute for the excess protits tax, repeal
of the tax on corporate, contributions
to charitable, educational or similar in?
stitutions, and made various proposals
for simplification of the tax system.
Pershing, Lane, Hoover
Will Be Dinner Hosts
?.
Meal Fed by U. S. Charity Each
Day in Europe Will Be Served
on December 29
A novel dinner will be given at the
Hotel Commodore on December l!cJ. with
Genera] Pershing, Franklin K. T.ane
and Herbert Hoover as hosts.
Every table at the dinner will repre?
sent $10,000 in gifts to the European
?elief Council, or tho equivalent of
food and medical service Tor 1,000 per ,
sons until the next harvest. The New
York City committee of the council
has accepted as its quota 850,000 dis
titute European children.
Probably + he most, interesting fea
; turo o fthe dinner will be the menu. It
?will consist of tho one balanced meal
1 that is fed by American charity each .
? day in 17,000 clinics, hospitals, feeding
stations and orphanages in Kastern and
Central Europe. There will be cocoa
and soup, with a slice of white bread,
which is a luxury to the children who
get it in the hunger countries. A
cookie, served only on great occasions
overseas, may be added for desert.
At the speakers' table will be a va?
cant chair, visualizing the scores of
thousands of unseen guests.
While leaders in New York's social
and business life are expected t* at?
tend in great number there will be no
test of admission to the dinner except
largeness of heart and energy. Any
persor who has obtained $1,000 for the
[ council, thus saving Ihe lives of 10C
children, cm ?get a ticket from t.he
New Vork commi tee's headquarters, 42
1 Broadway.
Mr. and Mrs. John T. Pratt, Mr. and
? Mrs. William Fellowes Morgan, Mant?n
B. Metealf and John H. McClemenl
! were arnonp? the first to reserve entire
j $10,000 tabl-s.
i Middy Hazers to Remain
; Congressmen Informed There
Will Be No Dismissals
WASHINGTON, Dec. 17.?Informa?
tion reaching members of the House
! and Senate to-day was that none of the
, students at the Naval Academy now be
?? ing tried for hazing practices would he
dismissed. It is understood the ac
! cused students are to be punished by
1 one method or another, but. the danger
| of dismissal ha3 been ended, for the
present, at least.
The information was regarded as he
? ing so authentic that Senators and
Representatives, who have kept up a
i constant bomhardment of the Navy
! Department and academy officia!", and
who have made many threats within
' the last few days, now tike the attitude
that the controversy at the academy
[ should be permitted to take its course
: without outside interference.
Report on Flayti Completed
WASHINGTON, Dec. 17.?The naval
? court of inquiry which investigate,!
: charges of indiscriminate killing of
! natives by American marines in liayti
! ha? completed its report and it is now
[ in the hands of the judge advocate
j general of the navy. Secretary Dan
| ;e!s said to-day he expected to receivp
I the report to-morrow or Monday and
that he would make it public as soon
as he had reviewed it.
Education and Welfare
Department Is Favored
Expense of Creating Two New
Federal Bureaus Makes the
Combination Probable
from The Tribune's Washington Bureau
WASHINGTON, Dec. IX.?Out of the
agitation for a new department of
Social Welfare and also a new Depart?
ment of Education may come a single
department to be known as the Depart?
ment of Education and Social Welfare.
Senator Kenyon, chairman of the
Education and Labor Committee, con?
ferred with a number of Senators to?
day about this matter. Senator Ken?
yon has offered a bill fov a department
of Social Welfare, which ^ias the ap?
proval in principle of Senator Harding.
Mereover, there is pending in Congress
the Smith-Towner bill for a Depart
ment of Education. The pressure for
both of the propose?! new department*
is ptrong.
i Reasons of economy will prevent the j
i establishment of two new departments.
! Such speeches as that of Senator War
ran to-day, giving warning of the nee?!
? for economy, make it difficult to get
; even one new department or any new
| agency of irovernment established.
However, Senator Kenyon has come to
[ the conclusion that if his bill for a
: department of Social AVelfare 73 com
j bined with features of the bill for a
I Department of Education, the measure
j for the. combined Department of Edu
I cation and Social Welfare will bo
: passed in the new Congress.
i Senator Kenyon has been assured by
I a number of Senators they will favor
I the combined department and he will
! revise his bill accordingly.
The proposed Department of Social
j Welfare or Public Welfare is intende i
to include all agencies concerned in
promoting social justice or social wel
; fare. Senator Harding spoke in favor
of such a department 111 the campaign.
Merchant-tailored?Ready*to~wear!
Merchant Tailor
CstabnihtJ lSo3
39TH &> BROADWAY
On Sale This Morning!
The last of our $100
Large and Luxurious
T
Reduced to
In other words?
A machine-made price for a
merchant-tailored product!
The only apology we have
to offer is the limited quant?
ity?but that's because a man
takes more time (and hence
more pains) than a machine!
ci
No, Fur prices are not corning down to tins level. Manufac?
turers* prices are still at a high mark, We could not buy these Furs
now for the prices to which we have reduced them! The truth is,
the mild weather condition is responsible. As7 the need for F?rs
has not yet been felt, though the season is well advanced, we find
ourselves over invested and are forced to dispose of this overstock
at a distinct sacrifice. The woman who buys now economizes.
Hudson Seal Coat. 10 inches
long, selected skins with Skunk
collar and cuffs. 465.00
formerly 785.00
Black Pony Skin Coat, 36
inches Jong, soft, beautiful skins,
Natural Raccoon collar and cuffs,
formerly 285.00 145.00
Hudson Seal Coat, 36 inches
long, of salected skins, Skunk col?
lar and cuffs. 445.00
formerly 695.00
Mole Wrap, 48 inches long, of
choice full! furred pelts, large
shawl collar. 425.00
formerly 625.00
French Seal Coat, 45 inches
long, superior quality skins, self
collar and cuffs. 295.00
formerly 195.00
Skunk Scarfs of finest
skins 55.00
formerly 75.00
Beaver Cape Scarfs, 85.00
formerly 110.00
(Fourth Floor)
5th Avenue
34th Street
ti
?PII
??&. ::5::x::<:^''*;'":;w* v^tf-'^ ?
NEW
13 Park Row
Candy Stores
Broadway and Canal
59th St. at 3rd Ave.
135 West 42d St., nr. Broadway
Broadway at 103d St.
letter to Serve Christmas Candy Buyers
THIS addition of five mor? stores in one week
breaks even our own past records for growth.
We are now dispensing "Happiness" from fourteen
stores in New York, threo in Philadelphia, two in
Newark, as well as four in New Orleans.
This rapid development has been made possible only
through the whole-hearted appreciation of our efforts
by the public. This appreciation has its source, we
believe, in four well defined reasons:
The quality of our candy;
A belief in our sincere desire to provide the best
possible service;
Our policy of "Fall Weight?16 ounce? of
CANDY in Every Pound Box"f
Our stand for fair prices
Shop Sunday ? avoid the week-day
Rush ? All our Stores will keep open
on Sunday for your convenience.
A box of fine Candies from the Happiness Stores
?what could be more appropriate? Assorted
Chocolates are most in favor at this season.
One, two, throe and five pound boxes.
Compare them with the usual $2.00 kind.
Vogue Chocolates
One and two pound boxe?.
Compare with the usual $1.50 kind.
| A two pound box containing a selection
of our choicest "Home Made" Confections.
$1 50
A POUND
??p | d*o
A POUND
Evangeline Choce es $1 00
One, two, three and five pound boxes.
Compare with the usual $1.25 kind. A POUND
Club Chocolates
One, two, three and five pound boxes. M^^^
Compare with the usual $1.00 kind. A POUND
65c
A POUND
Arcade Chocolates
One, two, three and five pound boxes.
Compare with the usual 80c kind.
Jersey Milk Chocolates RQf
One and two pound boxes. *?^ v 'W
Compare with the $1.00 and $1.25 kind. A POUND
Home Made Assortment $1 50
2 POUNDS
Milk Chocolate Covered
Nut Meats, Assorted
One and two pound boxes--extrn fin?.
$|50
A POUND
Bitter Chocolate Butter Creams
An original creation for those who like a bitter
chocolate best.
75c
A POUND
Viennese Crystal Mixed
Our finest assortment of hard gloss candies.
Pure sugar, fruit flavored, satinettes, butter?
cups, dainties, chocolate straws and stuff
confections. Packed in decorated tin boxes.
75c
A POUND
Glace Fruits, Assorted
In five pound boxes.
Usually sold for five dollars a box.
$390
8 POUNDS
SPECIALLY FOR YOUNGSTERS
Pure Sugar Hard Candies and Stick Candies, Mo?
lasses Candies, Nut Candies of All Kinds, Mints
and Everything You Can Imagine, Per Pound
50c 60c 70c 80c
Full Weight?16 Ounces of Candy in Every Pound Box
32 Cort?andt St.?Hudson Terminal.
90 Nassau Sheet?Corner Fulton.
13 Park Row.
416 Broadway?Corner Canal.
64 East 14th Street?Near Union Square.
Happiness Stores
42 East 23rd Street?Near 4th Avenne.
200 Fifth Avenue?Fifth Are. Building.
25 West 42nd ?Street?Bet 5th and 6th Ayes.
135 West 42nd Street?Near Broadway.
1272 Broadway?New 32nd Street.
1343 Broadway?Bet 35th and 36th St?.
2249 Broadway?Near 80th Strwt
2690 Broadway?Near 103rd Street
3rd Ave., Comer 59th Street

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