The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-09-04

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able demand upon the money market,
and appealed to the intelligent and pro-
foundly patriotic public ito bear the,
burden Of a special tax to meet the I'M
foreSeen emergency"
Congress listened attentively to ting
address. Immediately upon it's conclu-
sion the legislative machinery was set
in motion to carry its recommendations
into effect. Chairman Underwood called
a meeting of the ways and means COM
mittee to perfect an internal revenue
measure tentatively drafted in prelimi-
nary conferences. A bill will be intro
dCced as soon as possible. The full
text OF the message follows:
The Message in Full.
Gentlemen Of the congress:
II come to you today to discharge a
duty which I wish with I'LL my heart I
might have been spared, but 1t is a
fore 1 perform it without hesitation or
apology. 1 come to ask very earnestly
that additional revenue be provided for
the government.
During the month of August there
was, as compared with the correspond
ing month of last year, falling off
of 1O,629,53S in the revenues collected
from customs. A continuation of this
decrease in the same proportion
throughout the current fiscal year
wCulS probably mean q loss of customs
revenues of from sixty to 100 millions.
need not tel, you to what this falling
Off is due. It is due in chief part, not
to the reductions recently made in
the customs duties but to the great de-
crease in importations; and that is due
to the extraordinary extent of the in
dustrial area affected by the war in
Europe. Conditions have arisen which
no man forasaw. They affect the whole
world Of commerce and economic pro-
duction anG they must be faced and
dealt with.
ut would be very unwise to post
pone dealing with them. Delay in such
| a matter and in the particular circum-
| stances in which we now find ourselves
as nation might involve consequences
of the most embarrassing and deplor-
able sort, for which. I, for one. woul-.
not care to be responsible. 1t would
be very dangerous in the present cir
cumstances to create a moments doubt
as to the strength and sufficiency of
the treasury of the United States, its
ability to assist, steady, and sustain
the financial operations Of the country s
| business.
| Must Leave No Doubt.
eff the treasury is known, or
thought to be weak, where would be
our peace of mind? The whole indus
trial 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 judgment;
but they are only in process of being
worked out. If the process of solution
is to be completed, no one must be CIV
en- reason to doubt the solidity and
adequacy of the treasury of the gov
eminent which stands behind tn 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 at what cost
to the business of the community? Ap-
proximately seventy-five million dol
lars, a large part Of the present treas
ury balance, is now on deposit with ma.
tional banks distributed throughout the
country. It is deposited. of course, Oh
call. I need not point out to you what
the probable consequences of incOn.
venience and distress and confusion
would be IL the the diminishing in.
come of the treasury should make II
necessary rapidly to withdraw thess
deposits. And yet without additions
revenue that plainly might become
necessary and the time when Il be