The Leon reporter. (Leon, Iowa) 1887-1930, 1914-09-10
ASKS $10o,ooO,OOO IN.
TERNAL TAX.
Necessary, He Tells Congress, to
Prevent Doubt of Strength of
Treasury. N

{H}& 1FO&sSurys
Washington, D. G., Sept. 4-Presi.
dent Wilson personally addressed
Congress in joint session today urg.
ing legislation to raise $1OO,OO0,OO0
a year additional revenue through in.
ternal taxes to meet a Treasury def
cit threatened by the conflict in Eu'
rope.
The President told Congress that
he discharged a-duty which he wished
with all his heart he might have been
shared. but which he performed
without hesitation or apology, pc
cause of the danger of present CIT
cumstances to create a "momehI
doubt as to the strength and sum,
cheney of the Treasury of the Unlteo
States" ;,
While the Treasury, he said, coulo
got along for considerable perlou'
he pointed out tho peril of the 1ov-
arnment's withdrawing from the na-
tional banks approximately $75,ooO,,,
/. 900 of the Treasury balance deposlted
there: advised against the Govern
ment borrowing money or selinne
bonds which would make most ~
timely and unjustitiable demand upon
the money market" and appeared "
the intelligent and profoundly pa :
triotic public "to bear the burden VI
a special tax to meet the unforeseen
emergency" ,o,,, 20
Congress listened attentively 10
the address. Immediately upon 10
conclusion the legislative machinery
was set in motion to carry us rec
concentrations into effect.
i3ill Being Prepared.
Chairman Underwood called d
meeting of the Ways and Means
Committee to perfect an internal
revenue measure tentatively drafted
in preliminary conferences. A OH
will he introduced as soon as poss1-
BILE. ..,. o.
dress in full. !,
"Gentlemen of the Congress
come to YOU to-day to discharge a
duty which I wish with al my ne@ -
/ might nave been spared, put ~ 10
a duty which is very clear, and tnere-
fore, / perform it without hesltatloh
or apology. l come to ask very earn
estly that additional revenue pe pro-
vided for the Government.
"During the month of August there
was. as compared with the CORE
snonding month of last year, falling
off of s1O,629,538 in the revenues col
1ected from customs. A continuation
az this decrease in the same proper
tion throughout current fiscal year
would probably mean a loss OF Gus
toms revenues of from sixty to one
hundred millions.
Import Decrease the Cause.
81 need not tell you what this fall,
ing on is due. 1t is due, IN cnle1
mart. not to the reduction recently
made in the customs duties, but to
the great decrease in importatlons'
and that is due to the extraordinary
extent of the industrial area a1ccted
nv the present war in Europe. Con-
ditions have arisen which no man
foresaw: they affect the whole world
If commerce and economic produc-
tion. end they must be faced ana
dealt with.
1T would be very unwise to post
none dealing with them. Delay IN
such matter and in the particular
in which we now hnd
ourselves as a nation might Involve
conseoucnces of the most embarrass-
ing and deplorable sort, for winch l.
for one. would not care to be respon-
sihle 1t would be very dangerous IN
4ha present circumstances to create
: moments doubt rs to the strength
and sufficiency of the treasury OF tue
United States, it's ability TO ASSIST "
steady and sustain the tlnanclal OPP
erations of the country's business.
ssIf the Treasury is known, or even
to be weak, where VIII De
our peace of mind? The whole vailo,
itv of the country would be cnllieo
end demoralized.
Present Solutions Succeed. :.
Gust now the peculiarly dif1cult
problems of the moment are
being successfully met, with great
self-Dossessio and good sense ana
verv sound Judgment; but they are
onlv in process of being worked out.
r. tho process of solution is to be COM
Melted no one must be given reason
tn doubt the solidity and adequacy
~ the Treasury of the Government
Witch stands behind the whole meth
ID nv 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 at what
cost to the business of the COM
oo 400
large part of the present Treasury
balance. is now on deposit with ma.
tional banks distributed throughout
the country. 1t is deposited, OF
course. on call need not point out
- Won what the probable consequen.
ces of Inconvenience and distress ana
Confusion would be If the diminishing
income of the Treasury should make
Il necessary rapidly to Withdraw
these deposits. .o,a
s.And yet, without additional reve-
nue.. that plainly might become neces-
sary. and the time when 1t became
necessary could not be controlied g. g
determined by the convenience OF inc
hnsineso of the country. 1t would
have to be determined by the opera
tons and necessities of the Treasury
itself.