Show STATES GIlTS OPPOSE RE 11 the defenders of states right rights have rushed forward to oppose president hording harding a constitutional amend ment designed to end the issuance ot of tax tree free securities it was to be expected that the proposal would antagonize tag tac onize the spokesmen of the local governmental bodies which now enjoy the privilege of tax exemption it Is not even certain that the administration can mobilize enough strength in congress to assure the bassage of the resolution A strong case the issuance of tax exempt bonds was mad made b secretary mellon in his annual report he asserted that I 1 the most outstanding avenue of escape from the surtax exists in the form of tax ex empt securities the effect of the exemption Is to provide a perfect means of escape from federal surtaxes sur taxes which Is naturally most valuable to the wealthiest investor and especially to one who Is not engaged in business and Is therefore tree free to convert his investments into tax exempt securities curi curit ties les and thus avoid paying the income tax As the chief fiscal officer of the nation secretary mellon has professional interest in the loss of taxes in the debate in cong congress estimates were quoted indicating that the na clotial loss in taxes may be some where between and a year from the treasury standpoint this ta Is serious enough to warrant a constitutional amendment there are furthermore still other considerations not less weighty remember the days of thy youth you worked hard and received little AZ pay but now you vt ant a scalf fortune I 1 tor for doing nothing 14 I 1 don ion t be too hasty in taking offense when people turn the cold A shoulder find out the reason and correct it to hasten the departure of an un unwelcome guest ask him for a contribution trib ution to your favorite charity the lany lazy mm man iwo many senses js rt ms OR v IRI |