El Paso herald. (El Paso, Tex.) 1901-1931, 1914-09-04

i+s sbfi+v 70 assist. to steady and to
s11s+ef1 tIe financial operations Of the
oor1utryis business. If the treasury Is
known. or even thought 70 De weak,
where would be our peace OF Talno:
The whole industrial activity Of the
country would be chilled and democrat
lied. Just now the peculiar difficult
financial problems are belng successful
" dealt with with great self possession
and good sense and very sound 1udg-
. r7ent- b11t they are only in process of
being worked out If the process Of
solution is TO be completed, no one must
be given reason TO doubt the solidity
and adequacy. Of the government which
stands behind the whole method bv
which our difficulties are being met
and handled.
Distress WOuId Follow Recall.
THE treasury itself could get along
for a considerable period, no doubt,
without immediate resort to new
sources Of taxation But al what cost
TO the business Of the community Ap-
proximately S75,oOO,0OO, large part Of
the present treasury balance, is now on
deposit with national banks distributed
Throughout the country. 1t is deposited,
Of course, on call need not point out
TO YOU what the probable consciousness Of
Inconvenience and distress and con-
fusion would be IL the diminishing in
come OF the treasury should make il
necessary rapidly TO withdraw these de-
revenue that plainly might becone nee
essary, and the time when IL became
necessary could not be controlled or de-
termined by the convenience Of the
country. 1t would have to be de-
termined by the operations and neces-
sites OF the treasury itself Such risks
are not necessary and ought not to be
run We cannot too scrupulously or
carefully safeguard a financial situa-
ton which is at best. while war con-
times IN Europe, difficult and abnor-
NAL Hesitation and delay are the
worst forms Of bad policy under such
conditions
should Not Borrow.
and we ought not to borrow. We
ought 10 resort to taxation. however
We may regret the necessity OF put
ting additional temporary burdens on
our people. To sell bonds would be
70 make a most untimely and unjusti-
uaDle demand on the money market;
unumely because this is mauifestly
not the time to withdraw working
capital from other uses to lay the
governments bills; Unjustifiable, be-
cause unnecessary The country is
abb to pay any just and reasonable
taxes without distress. And to every
other form Of borrowing, whether for
long periods or for short, there is the
same objection These are not the
circumstances, this is at this parricu-
lar moment and In this particular ext
Sency not the market 10 borrow large
sums OF money What we are seeking
IS 70 ease and assist every financial
transaction, not to add a single addi-
dOnal embarrassment TO the situation.
The people Of this country are both
intelligent and profoundly patriotic
They are ready to meet the present
conditions in the right way and TO
support the government with generous
self denial They know and under
stand and will be intolerant only Of
those who dodge responsibility or who
are not frank with them
Not OF Our Own Making.
The occasion is not Of our own
making. We had no part in making
IT But II is here. II affects US as
directly and palpably almost as If We
were participants in the circum stances
cept the inevitable with calm iudg-
ment and unrufled spirits like men
accustomed 10 deal with the unex-
pected, habituated to take care OF
themselves masters Of their own af-
fairs and their own fortunes. We
shall pay the bill, though we did not
deliberately incur it.
Urges SIOO,OeO,OOO Be Raised.
In order to meet every demand
upon the treasury without delay or
peradventure, and IN order to keep
the treasury strong, unQuestionably
strong, and strong throughout the
present anxietiss, I respectfully urge
that additional revenue Of 500, OOO,-
devised in your wisdom to meet the
emergency The only suggestion I
take the liberty OF making is that
such sources Of revenue be chosen as
will begin TO yield at once and yield /
with a certain and constant flow"