and slight revisions
is printed in the first part of this pamphlet, followed by the letters.

O. H. K.

52 William Street,
New York, July 5, 1917.

SOME COMMENTS ON WAR TAXATION

_This is a reprint, somewhat amplified, of an article printed
recently in the New York Times. The original article was written
before the recommendations of the Ways and Means Committee of the
House of Representatives were reported._

In a time of patriotic exaltation and of universal obligation and
readiness to make great sacrifices to bring a most just and righteous
war to a successful conclusion, the voice of sober argument and matter
of fact considerations is apt to grate upon the ears of the people.

That voice is all the less likely to be popular when the arguments it
puts forth may easily lend themselves to the interpretation of being
actuated by solicitous care for selfish interests.

I am fully aware that by publishing the following observations I am
exposing myself to that interpretation and to criticism of, and attack
upon, my motives.

Yet, seeing that certain measures now under consideration threaten to
take shape in a way which, from my practical business experience and
after mature deliberation, I am bound to regard as faulty and as indeed
harmful to the country, I believe it to be right and proper to
contribute my views to the public discussion of the subject, for
whatever they may be worth.

I can only hope, then, that in what I am going to say I shall be given
credit for endeavoring to speak conscientiously and to the best of my
knowledge and judgment from the point of view of the welfare of the
entire country and not of the welfare merely of the well-to-do.

I shall address myself to the practical aspect and to a few phases only
of the question and shall not attempt to enter into the economic
theories and the broader and deeper considerations involved.

I shall assume in my argument that what Congress is seeking to
accomplish is to impose taxes justly, effectively and scientifically
with the desire to disturb the country's trade and commerce as little
as possible and to avoid as much as may be the evils of financial
dislocation.

I shall take it for granted that at a time when more than ever the
unity of the country should be emphasized, sectional selfishness will
find no place in the taxation program, and that, should it be attempted
nevertheless, the congressional delegations of the