The Raymer enterprise., 1914-09-10


Wilson personally addressed Con-
gress in joint session Friday, urging
legislation to raise sl00, 600 600 a year
additional revenue through internal
taxes to meet a treasury deficit
threatened by the conflict in Europe.
The President said.
Gentlemen of the Congress: come
to you, today to discharge duty which
wish with all my heart might have
been spared: but it is Il duty which is
very clear, and therefore | perform it
without hesitation or apology. | come
to ask very earnestly that additional
revenue be provided for the govern.
ment.
| During the month of August there
| was, as compared with the correspond
Ing month Of last year, falling off OF
sl0,G29.53s in the revenues collected
| from customs. A continuation Of this
decrease in the same proportion
| throughout the current fiscal year
would probably mean loss OF Gus
toms revenues OF from $50 100000 TO
$500, 100000.
War Conditions Blamed.
| need not tell you to what this
| falling off is due. 1t is due in chief
part not to the reduction recently made
| in the customs duty, but to the great
decrease in importations, and that is
due to the extraordinary extent OF the
Industrial area affected by the present
war in Europe.
Conditions have arisen which no
man foresaw; they affect the world
of commerce and economic production
| and they must be faced and dealt
| with.
1t would be very unwise to postpone
dealing with them. Delay in such a
| matter, and in the particular ci1cum.
stances in which We now find our
selves as nation, might involve con
sequences OF the most embarrassing
and most deplorable sort, for which |,
for one, would not care to be response
! Bile.
Situation Is Dangerous.
1t would be very dangerous in the
| present circumstances TO create mo-
ment's doubt as to the strength and
| sufficiency OF the treasury OF the
United States; its ability to assist, to
steady and sustain the financial oper-
ations of the country's business.
If 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 demoralized. Just now the
peculiarly difficult financial problems
of 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.
Would Keep Treasury Solid.
If the process of solution is TO be
completed, no one must be given rea
son to doubt the solidity and adequacy
of the treasury Of the government
which stands behind the whole meth
cd 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 at what cost
to the business OF the community:
approximately s75,000,000, a large part
of the present balance, is now on de
posit with national banks distributed
throughout the country 1t is de
posted, Of course, on call.
Withdrawals May Be Needed,
| need not point out to you what
| the probable consequences Of ineon
yenienee and distress and confusion
would be If the diminishing income oi
the treasury should make it necessary
rapidly to withdraw these deposits