The Ely miner., 1914-09-11

SOC 10 doubt the solidity ena aue, aacy
Of the treasury of the government
which stands behind the whole method
by which our difficulties are being met
and handled.
Could Get Along.
"The treasury itself could get along
for long period, no doubt, without i'm
mediate resort to new sources of taxa
tion. But at what cost to the business
of the community? Approximately
S75,OOO,0O0, a large part of the present
treasury balance, is now on deposit
with national banks distributed
throughout the country. 1t is depos-
tied, of course, on call.
What Might Result.
Il need not point out to you what
the probable consequences of inconve-
nience and distress and confusion
would be if the diminishing income OF
the treasury should make it necessary
rapidly to withdraw these deposits.
And yet, without additional revenue,
that plainly might become necessary,
sary could not be controlled or deter
mined by the convenience of the busi-
ness Of the country; 1t would have to
be determined by the operations and
necessities of the treasury itself.
''Such risks are not necessary and
ought not to be run. We cannot too
scrupulously OF carefully safeguard
financial situation which is at best,
while war continues in Europe, diff
cult and abnormal Hesitation and de-
lay are the worst forms of bad policy
under such conditions.
Ought Not to Borrow.
"And we ought not to borrow. We
ought to resort to taxation, however
we may regret the necessity Of rut-
ting additional temporary burdens on
our people. To sell bonds would be to
make a most untimely and unjustifi-
able demand on the money market, un-
timely because this is manifestly not
the time to withdraw working capital
from other uses to pay the govern
ment's bills, unjustifiable, because un-
necessary. 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 objec-
tion. These are not the circum.
stances, that is, at this particular mo-
ment and in this particular exigency,
not the market to borrow large sums
Of What cnnlyino ic n
ease and assist every financial trans.
action, not to add single embarrass-
ment to the situation.
People Are Patriotic.
"The people of this country are both
intelligent and profoundly patriotic.
They are ready to meet the present
conditions in the right way and to sup
port the government with generous
self-denial. They know and under
stand, and will be intolerant only of
those who dodge responsibility or are
not frank with them.
"The occasion is not Of our own
making. We had no part in making
it. But it is here. 1t affects us as d.
rectly and palpably almost as if we
were participants in the circumstances
which give rise to it. We must accept
the inevitable with calm judgment and
unruffled spirits, like men accustomed
to deal with the unexpected, habitu-
ated to take care of themselves, mas
ters of their own affairs, and their
own fortunes. We shall pay the BILL
though we did not deliberately incur it.
Urges 500, 100000 Levy.
I'm order to meet every demand up
on the treasury without delay or perad-
venture, and in order to keep the treas
ury strong, unquestionably strong, and
strong throughout the present ankle
ties / respectfully urge that an add,
tional revenue of $1O0,00O,000 be rails.
ed through internal taxes devised in
your wisdom to meet the emergency.
The only suggestion take the liberty
of making is that such sources Of rev.
enue be chosen as will begin to yield
at once and yield with certain and
constant flow.
Confident of Congress.
'T cannot close without expressing
the confidence with which l approach
a congress, with regard to this or any
other matter, which has shown so I'M
firing devotion to public duty, which
has responded to the needs of the ma,
ton throughout long season, despite
inevitable fatigue and personal sacri.
fee, and so large proportion of whose
members have devoted their whole
time and energy to the business of the
country"
Damaged Ships at Kiel.