Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-09-05

for a considerable period. no doubt.
without immediate resort to new
sources OF taxation. Hut az what cosl
to the business Of the community ?
approximately $4,000. 900. a large
part Of the present treasury balance.
| Is now on deposit with national banks
distributed throughout the country.
III Is deposited. OF course, on call L
need not point out 70 you what the
probable consequences OF inconveni-
cnce and distress aud confusion
would be IL the diminishing income
,of the treasury should make II ncces-
sary rapidly 10 withdraw these de-
posits And yet. without additional
revenue that plainly might become
necessary, and the time when II be-
came necessary could not be con-
ltrolled or determined by the convent
ence Of the country. II would have to
be determined by the operations and
necessities OF the treasury itself.
Such risks sare not necessary and
ought not to be run. We can not too
lscrupulously or carefully safeguard
ia financial situation which is at best.
while war continues In Europe. diff
lcult and abnormal Hesitation and
delay are the worst forms OF bad
policy under such conditions.
Ought Not 10 Borrow.
And we ought not to borrow. We
ought TO resort TO taxation. however
I'VE may regret the necessity of put
ting additional temporary burdens on
our people. To sell bonds would be
to make a most untimely and unjus-
Itifiable demand on the money mar
Iket; untimely because this is mani
testify not the time to withdraw work
ing capital from other uses to pay
the governments bills unjustitiablel
because unnecessary. The country Isl
liable to pay any just and reasonable
taxes without distress. And to every
other form of borrowing, whether for
long periods or for short, there Isl
the same objection. These are mol
the circumstances; this Is. at this
particular moment and In this par
lticular cxlgency not the market tol
borrow large sums of money. What
we are seeking is to ease and assist
every financial transaction, not tol
add a single additional embarrass-
ment TO the situation. The people of
this country are both intelligent and
profoundly patriotic. They are ready
to meet the present conditions in Che
right way and to support the gov
eminent with generous self-dcnal.
They know and understand, and Will
be intolerant only Of those who dodge
responsibility or are not frank with
them.
Occasion Not Our Making.
The occasion is not OF our maxi
ing. We had no part In making 1t.
But II is here. II affects us as d.
rcctly and palpably almost us II we
were participants In the circum-
stances which gave rise to IT, We
must accept the Inevitable with calm
judgment and unruffled spirits, like
men accustomed to deal with the UNI
expected, habituated to take care of
themselves, masters OF their own ar
fairs, and their own fortunes. We
shall pay the bill. though We did not
deliberately incur It.
I'm order to meet every demand
upon the treasury without. delay or
peradventure and in order to keep
the treasury strong. unquestionably
strong. and strong throughout the
present anxieties, respectfully urge
that additional revenue Of 100000
600 be raised through internal taxes
devised in your wisdom 10 meet the
emergency. The only suggestion
take the liberty Of making Is that
such sources of revenue be chosen as
will begin to yield at once and yield
with certain and constant flow.
Il cannot close without expressing
the confidence with which approach
a congress. with regard to this or any
other matter. which has shown so
untiring devotion to public duty,
which has responded to the needs OF
the nation throughout long season
despite inevitable fatigue and person
al sacrifice and so large proportion
of whose members have devoted
their whole time and energy to the
business of the country.
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