The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-09-05

customs A continuation OF this de-
crease in the same proportion through
but the current fiscal year would prob
ably mean a loss Of customs revenues of
from sixty to one hundred millions. l
need not tell you to what this falling on
is due. II is due. in chief part, not to
the reductions recently made in the
customs duties. but to the great de-
crease in importatiOns: and that 10 due
to the extraordinary extent OF the in
dustrial area affected by the present war
in Europe. Conditions have arisen which
no man fOresaw; they affect the whole
world OF commerce and economic pro-
duction: and they must he faced and
dealt with.
1T would be very unwise to postpone
dealing with them. Delay in such a
matter and in the particular circum-
stances in which We now find ourselves
as a nation might involve consequences
OF the most embarrassing and deplOrable
sort for which. !, for one, would not
care to be responsible. II would very
dangerous in the present circumstances
to create a moments doubt as to the
strength and suficiency OF the Treasury
of the United States, its ability to assist.
to steady. and sustain the financial OPP
erations Of the Country's business. II the
Treasury is known or even thought to
be weak where will be our peace OF
mind? The whole Industrial activity OF
the country would be chilled and de-
moraliZed. Just now the peculiarly diff
fcult financial problems OF the mo-
ment are being successfully dealt with
with great self-possession and good sense
and very sound judgments but they are
only in process Of being worked out II
the process OF solution is TO be COM
Ia given tn
doubt the solidity and adequacy Of the
Treasury of the government which
stands behind the whole method by which
our difficulties are being met and
handled.
The Treasury itself could get along
for a considerable period, no doubt, with
out immediate resort to new sources OF
taxation. But at what cost to the bust
ness of the community?
Not the Time to Borrow.
and we ought not TO borrow. We
ought to resort to taxation. however we
may regret the necessity OF putting ad-
ditionaI temporary burdens on our people.
To sell bonds would be to make most
untimely and unjustifable demand on
the money market: untimely. because this
Is manIfestly not the time to withdraw
working capital from other uses to pay
the governments bills; unjustifiable. be-
cause unnecessary. The country is able
to pay any just and reasonable taxes
without distress. And to every other form
of borrowing whether for long periods
or for short, there is the same objection.
What We are seeking is to ease and
assist every financial transaction, not to
add a single additional embarrassment
% FC
country are both intelligent and pro-
foundly patriotic. They are ready to meet
the present conditions in the right way
and to support the government with
generous self-deniaL They know and
and will be intolerant only OF
those who dodge responsibility or are
not frank with them.
THE occasion is not Of eur own max
ing. We had no part in making it. But
Il is here. It affects US directly and pal
pably almost as II We were participants
IN the circumstances which gave rise to
L. We must accept the inevitable with
clam Judgment and unruffled spirits, like
men accustomed to deal with the uneS-
pected. habituated to take care of them
selves, masters of their own affairs and
heir own fortunes. We shall pay the bill.
though We did not deliberately incur it.
IN order to meet every demand upon
The Treasury without delay or peradven-
.ure and in order to keep the Treasury
strong, unquestionably strong, and strong
throughout the present anxieties, I re-
spectfully urge that an additional revenue
II HO000o.000 be raised through internal
axes devised in your wisdom to meet the
The only suggestion l take
the liberty Of making Is that such sources
II revenue be chosen as will begin to
Yield at once, and yield with a certain
and constant flow"