The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1914-09-04
resident
Addresses
Congress
&ES PASSAGE OF EMER.
GENCY REVENUE
LEGISLATURE
5 Imperative That $1oo,ooo,.
900 Be Raised Annually
To Meet Deficit In
Teasury
(By Associated Press. }

ashington, Sept. President
on today before a joint session
congress personally urged the
Age CT the emergency internal
niue legislation to raise $780,
900 annually to meet the treas
3@6y deficit threatened by the Eu-
IUUoan conflict. He declared that
lf*Was dangerous under the circum
ices to create a doubt of the
EkDhgth and sufficiency of the Unit
- States treasury. He pointed out
kN0 perilS of the government with
living $75,000,O0O balance from
~ National banks and advised
INST borrowing money or selling
Ids. The House ways and means
mittee met to perfect a tenta-
W bill already drawn.
he president in his address said:
come to you today to discharge
which l wish with all my
ri might have been spared; but
|S duty which is very clear, and,
fefore, perform it without hesi-
lon or apology. come to ask
~ earnestly that additional rev.
lie be provided for the govern
1T.
the month of August
|Aore was. as compared with the
month of last year, a
~ off of $1O,629,53S in the reve-
- collected from customs. A
lntinuation of this decrease in the
l1dte proportion throughout the cur
~ fiscal year would probably
IN loss of customs revenues OF
|lN to one hundred millions. 7
(a not tell you to what this fall
NJ off is due. Conditions have
zen which no man foresaw; they
(lHct the whole world of commerce
lNn economic production; and they
1T be faced and dealt with.
Unwise to Postpone Action
1T would be very unwise to post
NE dealing with them. It would
,eSNery dangerous in the present
to create moments
lQnbt as to the strength and sufti-
aoncy of the treasury of the United
Itates, it's ability to assist, to steady,
nd sustain the financial operations
e the country's business. If the
reoDury is known, or even thought
b be weak, where will be our peace
e mind? The whole industrial ac-
lvity of the country would be
|hilled and demoralized. Just now
16% peculiarly difficult financial
l1ohlems of the moment are being
ae1essfully dealt with, with great
nlGpossession and good sense and
No1 sound judgment; but they are
~ in process of being worked out.
{ The process of solution is to be
no one must be given
e6oon to doubt the solidity and the
ldequacy of the treasury of the gov
I9nment which stands behind the
hole method by which our difficult
~ are being met and handled.
Treasury Not Cramped Yet
treasury itself could get
hg for a considerable period, no
bit, without immediate resort to
sources of taxation. But at
1t cost to the business of the
munity? Approximately $751;
900. a large part of the present
sury balance, is now on deposit
national banks distributed
pughout the country. I need not
1t out to you what the probable
Bequences of inconvenience and
ress and confusion would be If
diminishing income of the treas
should make it necessary to rap
withdraw these deposits. Such
IS are not necessary and ought
to be run. We cannot too
hpulously or carefully safeguard
financial situation which is at
!, while war continues in Europe,
cult and abnormal.
Should Not Borrow
And we ought not to borrow.
ought to resort to taxation, how
we may regret the necessity of
ting additional temporary bur-
3 on our people. To sell bonds
lid be to make a most untimely
unjustifiable demand on the
hey market situation; untimely
huse this is manifestly not the