The Birmingham age-herald., 1914-09-05

process of being worked out. If the pro-
 cess 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 behind the
 whole method by which our difficulties are beng met and handled.
 'The treasury itself could get along
 for d considerable period. no doubt with
 out immediate resort to new sources of Ia xa tion: but al what cost to the business of the community? Approximately $75 010. large part of the present treas ury balance. is now on deposit with ma tonal banks distributed throughout the
 country. It is deposited. of course. on call. 1 need not point out to you what
 the probable consequences of inconven-
 fence and distress and confusion would
 be if the diminishing income of the treas ury should make it necessary rapidly to withdraw these deposits And yet with
 out additional revenue that plainly might l become necessary. and the time when | it became necessary could not be con trolled or determined by the convenience l of the business of the country. 1t would have to be determined by the conven- | fence of the business of the country It would have to be determined by the oper- ations and necessities of the Urea suiy itself. Such risks are not necessary and ought not to be run. We cannot too
 
 |, financial situation which is al best, while war continues in Europe, difficult and l abnormal Hesitation and delay are the worst forms of bad policy under such conditions.
 And we ought not to borrow We l ought to resort to taxation, however we
 may regret the necessity of putting ad- l ditonal temporary burdens on our peo- l pie. To sell bonds would be to make | a most untimely and unjustifiable demand | on the money market; untimely because ! this is manifesty not the time to with
 draw working capital from other uses to | pay the government & bills: unjutihable i because unnecessary. The country is able | to pay any just and reasonable taxes l without distress. And to every other form l of borrowing. whether for long periods | or short there is the same objection. ! There are not the circumstances; this is | at this particular moment and in this particular exigency not the market to l borrow large sums of money. What we are seeking is to ease and assist every | financial transaction, not to add sin gle additional embarrassment to the sit | uation. The people of this country are
 both intelligent and profoundly patriotic, 1 They are ready to meet the present con
 ditions in the right way and to support
 the government with generous self-denial. | They know and understand and will be I l1lOlerdnl only ol. tnOSt Wno uouSt le-
 sponsbility or are not frank r'ith them.
 Not of Our Own Making
 The occasion is not of our own mak- ing. We had no part in making 1t. But l it is here. It affects us as directly and ralpaby almost as if we were partci- pants in the circumstances which gave rise to it. We must accept the inevit-
 able with calm judgment and unrufled 1 spirits. like men accustomed to deal with ] the unexpected, habituated to take care | of themselves. masters of their own af- !! fairs and their own fortunes. We shall l! pay the bill, though we did not delib- 1 erately incur it.
 i Tn order to meet every demand upon l the treasury without delay or peradven- l ture and in order to keep the treasury /! strong unquestionably strong, and strong throughout the present anxieties. l re- 1 spectfully urge that an additional reve- l nue of S10oO00,00o be raised through in- ternal taxes devised in your wisdom to meet the emergency. The only sugges- tion I take the liberty of making is that | such source of revenue be chosen as will begin to yield at once and yield With a certain and constant flow.
 "I cannot close without expressing the confidence with which I approach Con- gress, with regard to this or any other
 matter. which, has shown so untirng a
 devotion to public duty which has re sponded to the needs of the nation throughout long season despite inevt- able fatigue and personal sacrifice, and so large a proportion of whose members
 have devoted their whole time and en.
 ergy to the business of the country