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Lastly, it may be said that wage reductions might be reflected in the efficiency of the least favorably placed groups of workers. These objections should be overridden only if it is believed that a decline in the price level greater than that which could be secured without wage reduction must precede industrial recovery. Or that such a decline would, at all events, greatly facilitate the recovery.
In the case of Adams v. Dunseath, in February, 1882, it was held by the Court of Appeal, in the teeth of the obvious intention of Parliament, that the fact that a tenant had for a longer or shorter period of time enjoyed the benefit of his improvements might be taken into consideration by the judge as being an equivalent for compensation and as serving to limit the reductions in rent effected by the Commission on land which had been subjected to these improvements.
We can make our tax laws fairer, we can make them simpler and easier to understand, and at the same time, we can, and we will, reduce the tax burden on American citizens by $25 billion. The tax reforms and the tax reductions go together. Only with the long overdue reforms will the full tax cut be advisable. Almost $17 billion in income tax cuts will go to individuals.
When both parties would have grasped eagerly at tariff reductions from the United States, those concessions could not be obtained. When the tariff concessions were offered, Canada had already built up such intrenched interests of her own in factory, mill and transportation that she was not in a position to accept the offer.
Instead of being given power to lower duties in case reciprocal reductions were made, the President was authorized to impose duties on certain articles on the free list when the exporting nation levied "unjust or unreasonable" customs charges on American products.
I stated that it seemed the feeling in the army was excited more by the apprehension of further reductions than by the establishment of the half- Batta stations; that if concessions were made to the Bengal army, the other armies would be discontented and further demands would be made.
The last is supposed to be the preferable mode, and will, if not entirely, so nearly supply that deficiency as to make any further appropriation that may be found necessary so inconsiderable as to form no obstacle to the proposed reductions.
The tenants' representatives presented a concise list of their own essential requirements as drafted by Mr O'Brien. It was as follows: For landlords, net second-term income, less all outgoings. For occupiers, reduction of not less than 20 per cent. in second-term rents or first-term correspondingly reduced. Decennial reductions to be retained.
Combination was declared to be inevitable in modern life and reductions in the price of many commodities were pointed to as a justification for leaving the trusts unhampered. Public opinion, however, was reaching the point where it was prepared to brush aside theoretical difficulties. President Harrison, Senator Sherman and others urged action.
I told them that even with the China trade the Government could not now go on without great reductions of expenditure, and that I hoped the Cabinet would not come to a hasty decision upon a question involving so many important political and financial considerations.
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