Show SE SEEN E N and H HEAR EAR around the f NATIONAL CAPITAL CAPITAL CAPITAL- fAMOUS By aay WASHINGTON Carter CORRESPONDENT Field to e Washington It It Is II a s common commOD saying say IllY t ing Ins In h. Washington that nobody un- un J IlInd the administrations administration's ell all silver tv ver policy except Roose Ronse Roosevelt 81 8 t 1 velt yett and Secretary of ot the Treasury At the present tnt mot too roo- t z ro wont nt the government Is paying hyc t ng like 12 32 cents an en D ounce I I above abuse the rho market price for tor all newly new new- ly 11 mined silver allver obtained In the I United States Slates This follows the ac ac- 1 by by commandeering ot of all V the silver held some lome time back at ath atto h 60 W et cent an AD ounce which now stands the treasury a net loss lose In of ot five nye cents renu an ounce not Dot noti i counting Interest t Yet the once famous sliver silver bloc 4 In the senate and house bouse makes maker no outcry It seems to have forgotten 4 V N all shout about the alt all Inclusive claims of 4 benefit which would follow the en en- of the sliver silver pu purt pur- pur t 1 chase law law rocking making It U mandatory on A the treasury to buy sliver silver on the f world market until the till world price had lied reached 15 an ounce or until un I- I tit til the ratio of ot stiver to gol gold l In the thet t treasury treasury's metallic reserve behind our In paper r currency had reached one oneto oneto to four Real Heal sliver silver enthusiasts those enthusiasts those i who WM agreed with William Jennings 1800 theory are theory are frothing at t the mouth They think they have hove u been worse betrayed by stupidity or In 10 the treasury's handling of ot the situation They Thel think was so 10 smart In t trying to buy bay world 1 silver cheap that he defeated the 3 w t real purpose anI and put the price r l i f down Instead of ot up op fet c i Meanwhile of ot course coarse there are ore i two elements to which the silver r t theorists do not give sufficient V i J value aloe One Is I. that this II Is an nn elec elec- year Most 1011 of ot the sliver silver bloc members are Ire Democrats Democrat and end many maDl r of ot them are running for tor re election f Hence If they thel broadcast at this time their real thoughts about Morgen- Morgen Ir than hall It might tend lend to discredit the administration and end make tanks their own te re election just that much more dlf- dlf C t I N. N p el Have Ilave No Backing t 1 c The other point ii ia Is that the silver allver f. f theorists have hue no backing at l the moment moment moment-as as they did when the ill ill- Ar If r Ter ver act was passed passed from from the silver producers The silver producers now flower Are receiving some 82 cents an ao r ounce oune ounce U III 81 excess of ot the world price h n v. v Even Enn the the most Olt enthusiastic ent silvert sliver silver t theorists among the actual sliver silver f rr producers in n the United States v r doubt seriously If the most mUll t gent rent manipulation by the r. r if J f would have resulted In 10 the present y 4 world 82 cents cent price higher t than It i ls I. now Hence fence they do not t. t f feel teel the they have any complaint Quite the contrary It ft la le rather significant that on the very da day that Secretary tr announced that thai the silver nYer policy was a working very well shares hares of ot beneficiaries of ot the Ibe high price for silver mined In this country shot up ap one of or them Hunker Dunker till lull anI and v Sullivan more lOore than U III points point I Critic Clitia of ot this sliver silver subsidy on the Ibe other hand Insist that It la is merely a gift to special Interests more narrowly restricted In Its hen than any subsidy ever granted or ever yer even Inn prop proposed sed In 10 this countr country country coun coun- try tr and end should hould be he stopped Tile The chief point Olot Is II that there are areso i so 10 few mine ml mt res In 10 this country of ot which silver stiver Is II the chief product r. r r c that they thel merit no special Iw conald- conald at all aiL The bulk of r silver mined In this country la Is obtained as Ca a product by-product of ot lead copper still and Inc cine Hence they Insist the Increased In Iu creased price for tor domestic silver silvera a does docs not oot actually result In 10 miners mIner 1 i being heinie given alveo employment It ft merely spells 1118 a larger profit for the mine miner r r owners owner It If this Is II not true they ther r contend then the case cille Is II still lUll worse wore yf M for lor the silver subsidy leads to 10 overt over over- t production of ot the more Important i Ii metals I All of ot which hleb la Is rather depressing 1 f when one remembers the grand Irand 4 I v drum of ot the treasury's revaluing 1 sliver Silver as II It did gold old once It had x 1 pushed the world II price rice up high blab enough and realizing a of ot a billion or 10 sol aol I t r. r Piling Palmi Up Tax Load Careful estimates 4 as al to the addi additional Donal taxes to be b. Imposed before I f th the present congress adjourns adjourn and more Important before election Agy Oi Ag 1 y i t a ure ore the minimum 1 at J I This Is II figuring the cost COlt of ot the new agricultural sol soil erosion scheme at approximately the some same as a. the theold theold old AAA plan around plan around a year Jear It Is le figuring the cost coat of ot the soldier bonus bonu at It around 1110 a year ear for Interest In 10 terest eret and IntI for tor amortize r This works out whether the thes s soldiers bold hold their government bonds bands or whether they cash th them In because In 10 the tatter latter case the government co would merely merell borrow the money monel and aud tha Interest rate J would 1 be about the tame same This of ot course Is I. the minimum It Jt has I no DO connection with balancing I the budget budt It merely would pro pro- r- r vide ride I revenue sufficient to meet the c. c r additional expenses sod sail keep the theFt Ft i 1 w present unbalanced relation of ex- ex JI and receipts at about 4 the same lAme ratio r II Taxes Tax to correct the whole elms d 1 thou to bring the balanced budget tJ y to make the federal government live lIe within Its Income will wilt be postponed post paned ever every one a agrees until after arter election As a matter of fact tact some commentators commentators com com- talk about the new farm tarm program eo costing coating the first year This Thill figure Is le by adding In only two temporary Items of ot expense one expense one the loss lose of ot revenue from the processing taxes taua outlawed by the Supreme court de de- The other relates to possible post ble return of ot processing taxes tarea already al really ready collected Together these two tWit Items may run to Rut nut that would merely merely mere mere- ly Iy be bl added to the deficit For tax lax purposes It would be figured gored that the Interest on 00 that sum um or about should be added to the annual tax Increase Increate in Excise Excises Most blost of the new taxes tas to raise this 1 minimum will be beof beof beof of the excise variety That Is III the thought not only In 10 the White WhiteHouse House and Treasury department but on Capitol lUlL Hill The general pattern will follow tollow that of ot the processing proc prow easing essing taxes but will he be on a much broader base There Is to no desire to rouse resentment for example about taxing fazing the poor mans man's breakfast breakfast break brent fast table to the tune of life flee cents a pound on bacon To raise the money necessary however a a- great many more articles arti artl des cles must be taxed than thao were affected af tested under the processing taxes especially as 1 there Is II eager enger desire to avoid very loud complaints complaint on 00 an any particular tax Every one In the treasury has baa been amazed during the tact last two years learl at the tact fact that while there were plenty of ot complaints about the processing tax tn there was wu nothing noth noh ing like the organized onslaught against It which attended the mere proposal of ot the sate sales tax lax And yet et the processing taxes tUell and for that matter the new taxes tues to be Imposed later after this year were and will be a fair target tarlet for tor the bitterest shots ever fired at the sales saIls tax In 0 fact It Is III a selective sates sales tax nut out selective In 10 precisely the opposite opposite site lite direction from what was proposed pro pro- proposed posed when there was wallO so much op- op position Advocates of ot the sales lax which was so ao heavily defeated a few years back tried to meet objections by concessions They Ther specifically ex ex- exempted exempted empted such products as bread brend and pork on the theory theor that they were the poor mans mana food Whereas bread bad and pork carried more than their share of ot the processing tax tRl thus thul running squarely against the old political axiom that It was wal suicide to tax tn the poor mans man's breakfast I table Business Improving With business obviously pot only much better but continuing to improve Improve Im im- prove so 10 that business experts are already figuring that HII 1 Is II going to be tremendously better beller than lo 1015 1935 President Intends to concentrate on that Issue to meet the attack he fears most that most that terrific ter rifle Increase In to government spendIng spend lag Ing as II a I result of New Is la dangerous and threatens serious trouble Both noli Roosevelt nna IIno Secretary of ot the Treasury believe the present tax tn structure will yield far tar higher returns to lo the treasury than any out outside aide critics figure They Thel believe that as II business increases In in- In Increases creases pushing up corporation and Individual Incomes an almost unbelievable un on believable flood nood of money will rollIn roll roil i In iii especially as al better beller times push Incomes Into higher tax tal brackets There Is to just enough truth In 10 this Ihla to make an argument possible Hu nut But the President will la lay ley his hla stress tre on 00 the actually Improved conditions Insisting that the New Deal I. I re te- responsible for tor lifting this country out of ot the tough slough of at despond especially espe espe- dally by the very experiments experiment that were the outlawed outlawed the flit NUA during Its high tide of ot wage boosting and hour cutting and the AAA with Its lu golden stream which whim quickened farm tarm buying borin of ot industrial products product Which m makes kea It look as a. though the Republicans will be crying We Weare Weare are drifting toward a financial abyss abys while Roosevelt will be answering an an- veering lA Look k at al that terrible bole we pulled pulU d you IOU out of Except of ot course courle that while all aU Presidents split Infinitives no President real dent ends i sentence with a prep prel tI Ill Every one now agrees that tb the budget message e of or January deceived a lot lilt of commentators with Its rosy outlook It u was pointed out at the time that the th President did not In la Include elude clude relief pellet nor make malee any allow sure ance for tor the bonus Replace Processing Tax Taz As a matter matler of or tall tact It Is not Dot fair lair to speak of ot the new taxes that must muss be Im Imposed to pay par for the farm pro pro-n program pro pro- gram as II additional In comparison with the Presidents President's message mella-e For that message was waa obliged to as- as 1001 that the processing taxes would continue So that actually about or of ot new taxes will merel merely take tAte the place of ot those thOle knocked out iut by br the high court |