Show WORLDS WORLD'S DEBT TO LAST EVER SAYS SMOOT Senator Tells reUs Deseret Bank Bann America May l MayBe Y Be Only Land to Cancel All Its War Obligations s THAT HALT AT the United States will n never CT see sec a return to the old system of or taxation but will bear for generations genera genera- lions the burdens of indebtedness contracted during the war was the opinion Senator Reed Heed Smoot expressed expressed expressed ex ex- pressed last Jast night at the Hotel Utah in the principal speech at the banquet ban of of the Deseret N National National Na Na- a. a bank From now on on Senator Smoot de declared declared declared de- de the people must expect to pa pay at least four times the amount of ot taxes that common in war pre pre war r times Obligations of ot at least he pointed out ont must be paid ald by this country and nd this Indebtedness Is offset only by the loaned to foreign nations for war pur pur- Heretofore he said saM the poses na nation nation na- na tion lion has been called upon to pay about a a. year for tor the tha purposes of or government In future this sum will Ul never be less than annually Responding to th th toast When shall we bo be relieved of or the burdens of or taxation that have e been Imposed upon u us by reason of or the war Senator Smoot said New Bank Stem AIds Aide Gr Greatly Modern banking banking- methods as prat pra practiced tried through the federal reserve system system system tem ma made mado o possible tho the financing of or the tho war and without the tho present system the war could not have ha been financed without wrecking business In general This nations nation's banking system formerly was the worst of ot any country In the world now it Is tho the best Under r the old system in time of t panic the banks halks held It as their duty to keep their funds In inn reserve and tho the lack of gold forced banks to fail TInder Under Under Un Un- der the federal reserve system the entire en- en tire tiro resources of or the twelve federal reserve banks con can be placed at the disposal disposal dis dis- of ot member banks tempo temporarily aril under strain This con condition alone alon made it possible le for this country countr to finance not only its own war preparations preparations preparations but those of or its allies The Tho burden of or taxation now resting on the world was placed there b by one mans man's an ami one ono country's ambition for domination This debt totals and that obligation will wUl never be lie met The interest alone enormous as It is Is will be bo paid but there al always always always al- al ways will Hill be bo the original obligation Other Other- Hunger Munger er Utah Fed European nations are calling calling- for tor help and more help hundreds of or thousands thousands thou thou- san sands s are arc suffering for lack of food while in this country and in this state we are living living- In plenty Is it not wonderful to o 1 know now that no matter malter what happens In the tho world there thero are here thousands of or blessings to be bo had blessings placed hero here by our Maker The bonded Indebtedness of the United States of or all the nations will willbe willbe be the tho only one to be paid It can bo be paid through only one system and I r hope to see a bill passed at the next session o of Congress making such payment payment payment pay pay- ment possible When the tho present Victory Victory Victory Vic Vic- tory Liberty Libert loan Joan has hag been subscribed and I am confident that it will bo be tull fully subscribed the people of or this country still sUll will be called upon to lend their government at least To liquidate the enormous bonded Indebtedness ness of this country paying not only tho the interest but also tho the principal principal prin prin- cipal I hope to see a a. bill p passed sed by Congress creating a a. sinking fund f to care t for r the principal This sinking g fund can be raised by setting aside a year ear for tor twenty-four twenty years ears the amount being being- raised by taxation taxation tax tax- atlon under a new type of or revenue bill bUl Culls Call Tax System SM em Unequal The present revenue bill Is discriminatory discriminatory dIscrimInator I hope to see a now new system evolved to make taxation equal both as to locality and as to business Un Un- Un der vier the tho present system two businesses in Chicago for example engaged In inthe inthe the tho sumo same line Jine scarcely two too blocks distant distant distant dis dis- tant from each other and having the tha same amount of or profit showed a 3 dif difference difference ference of or in the amount of or t taxation taxation tax tax- x- x atlon paid because one was a partnership partnership partnership part part- the other a corporation Such Sucha a law is unjust We Wo must roust have havo taxation taxation taxation taxa taxa- tion that Is not discriminatory but places the burden equally equall on tho shoulders ders of all Senator Smoot recounted briefly th the history of or the present federal reserve banking system recalling the visit visit- o of ofa a 1 monetary commission of or which he was a 1 member to Europe In 1909 when European banking methods were stud stud- led fed Tho The report of or this commission ho hI said was rejected by Congress but the system recommended d was the same sIme In principle as present methods of or banking bankIn banking bank bank- In ing the only exception b being ln that tho the monetary commission favored the es establishment os- os of oC a central bank at Washington ton to be stronger than the combined national banks of the I European European Euro Euro- uro- uro nations while the federal reserve system established such a bank divided into twelve districts 10 Attend Dinner About es of or the Deseret National bank and their friends attended attended at t tended the banquet which was given to celebrate the completion of or the now building at First South and Main streets Besides Senator Smoot those re responding responding re- re to toasts included form former or G GO or John C C. Cutler G George org Romney Lo Grand Young YounS' Elms ElIas A A A. Smith an and Lyle Smith t t 4 |