n is not what sacrifices capital should and would be willing to
bear if called upon, but what taxes it is _to the public advantage_ to
impose.

Taxation must be sound and wise and scientific, and cannot be laid in
a haphazard way or on impulse or according to considerations of
politics. Otherwise, the whole country will suffer. History has shown
over and over again that the laws of economics cannot be defied with
impunity and that the resulting penalty falls upon all sections and
classes.

I realize but too well that the burden of the abnormally high cost of
living, caused largely by the war, weighs heavily indeed upon wage
earners and still more upon men and women with moderate salaries. I
yield to no one in my desire to see everything done that is
practicable to have that burden lightened. But excessive taxation on
capital will not accomplish that; on the contrary, it will rather tend
to intensify the trouble.

We men of business are ready and willing to be taxed in this emergency
to the very limit of our ability, and to make contributions to war
relief work and other good causes, without stint. The fact is that,
generally speaking, capital engaged in business is now being taxed in
America more heavily than anywhere else in the world. We are not
complaining about this; we do not say that it may not become necessary
to impose still further taxes; we are not whimpering and squealing and
agitating, but--we do want the people to know what are the present
facts, and we ask them not to give heed to the demagogue who would
make them believe that we are escaping our share of the common
burden.

May I hope that I have measurably succeeded in demonstrating that the
allegations with which the propagandists of disunion have been
assailing the public mind are without foundation in fact. And may I
add, in conclusion, that the charge of "big business" having fomented
our entrance into the war is one which, apart from its intrinsic
absurdity, is a hateful calumny. Business men, great or small, are no
different from other Americans, and we reject the thought that any
American, rich or poor, would be capable of the hideous and dastardly
plot to bring upon his country the sorrows and sufferings of war in
order to enrich himself.

Business men are bound to be exceedingly heavy financial losers
through America's entrance into the war. Every element of
self-interest should have caused them to use their utmost efforts to
preserve Am