The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-09-05

area affected by the present war in
Europe. Conditions have arisen
which no man foresaw. they affect
the whole world or commerce and
economic production: and they must
be faced and dealt with.
Delay Dangerous.
1T would be very unwise TO post
! pone dealings with them. Delay n
such a matter and in the particular
circumstances in which We now find
ourselves as a nation might involve
consequences OF the most embarrass-
! ing and deplorable sort, for which I,
for one. would not care to be respon-
sible. II would be very dangerous IN
the present circumstances to create
moments doubt as to the strength
and sufficicncy of the treasury OF the
I United States. its ability 70 assist. 20
steady and sustain the financial oper-
ations OF the country's business n
the treasury Is known. or even thought
TO be weak. where will be our peace
OF mind? The whole Industrial &c
tivity OF the country would be chilled
and demoralized. Just now the DC
culiarly difficult financial problems nf
the moment are being successfully
dealt with. with great self-possession
and good sense and very sound judg.
ment, but they are only in process OF
being worked out. II the process Of
solution is TO be completed. no one
must be given reason TO doubt the
solidity and adequacy OF the treasury
OF the government which stands be
hind the whole method By which our
difficulties are being met and handled
The treasury itself could get along
for a considerable period. no doubt
without immediate resort to new
sources Of taxation. But al what cost
10 the business community Approxi.
mately $4,000. 900 a large part OF the
treasury balance. r. now on deposit
with national banks distributed
throughout the country II is depo-.
tied. Of course. on call I need not
point out 20 you what the probable
consequences Of Inconvenience and
distress and confusion would be n
the diminishing income Of the treasu-
~ should make Il necessary rapidly
10 withdraw these deposits. And vet
without additional revenue that plain.
W might become necessary. and the
time when 10 became necessary could
not BE- controlled or determined by
the convenience Of tho business OF
The country 70 would have 20 be 10.
tcrmined BY the operations and mecca
stiles Of the treasury Itself such.
risks are not necessary and ought not
10 be run. We cannot too scrupu.
lousy or carefully safeguard n dnan.
cial situation which o. 81 best. while
war continues IN Europe dimouIf and
abnormal Hesitation and DELAY are
The worst forces % bad policy under
such conditions.
should Not Borrow.
And We ought not 20 borrow We
ought to resort 90 taxation However
We may regret the necessity Of nut
linz additional temporary burdens on
our people. To sell bonds would be-
90 make q most untimely and unlus.
iihable demand on the money market
untimcly because THIS De- manifestly
not the time 20 withdraw working
capital from other uses 10 pav tho
Governments bills. uniusunabie be-
cause unnecessary Tho country d.
able 90 pay any just and reasonable
taxes without distress And 20 every
other form o. borrowinr. whether Tor
long periods or for short. there ia the
a1mc objection These are not tho
circumstance this is az THE particu.
Tor moment and On thla particular ~.
igoncv not the market 20 borrow large
sums Of money What We are qcok
'nr o. 10 ease and assist every imam.
cIai transaction. not 20 add n single
additional embarrassment 20 the affu
alton. Tho people % thia country are
both Intelligent and profoundly "a.