a burden direct upon incomes would be more serious, I think, to the
people in general than to the individuals directly concerned. The
question of the individual is not the principal one. The essential
thing is that no undue strain be placed upon that great fund of
capital as a whole which is derived from incomes of all kinds. It
is this fund which in its turn is one of the vital forces necessary
for the normal activities and progress of industry. If that fund is
suddenly and too greatly reduced, the effect upon commerce and
industry is liable to be abrupt and withering.

I yield to no one in my desire to see the burden upon the poor and
those of moderate means lightened to the utmost extent possible.

I realize but too well that the load weighing at this time upon
wage earners and still more perhaps upon men and women with
moderate salaries is almost too great to be borne and certainly
much greater than it should be. I wish a commission might be
appointed, consisting of those best qualified in the entire
country, to apply themselves to this most serious, difficult and
complex problem, indeed to the entire problem of excessively high
prices. I hope they would discover means, if not to remedy the
situation entirely, at least to alleviate it.

But I am convinced that relief cannot be found in taxation of
incomes at rates without a parallel anywhere, and in unduly
burdensome imposts upon business activities. I am convinced that
certain theories being urged upon Congress and the people and to
which the House War Revenue measure is in part responsive, while
doubtless meant to tend and seemingly tending to a desirable
consummation, are in fact bound, in their longer effect, to bring
about results harmful to the community at large, rich and poor
alike.

It is only that conviction which has emboldened me to state my
views publicly. In doing so I fully realized that I was running the
risk of having my action misunderstood or misconstrued, and to be
charged with selfishness and lack of patriotism.

Yet, I feel certain that in the end just recognition of their
motives will not be withheld from those who, in defiance of the
fleeting popularity of the plausible, venture to point out the
dangers of impetuous action, however well intentioned, in the
present emergency, and to urge th