The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-09-04

tueh a matter and On the particular
r.umsianoo in which wc now nud
ourselves as % nation miehi Involve
consequences ~ Tho most emburruss-
IuE aud mos. dcplofahlo sort. FOR
which !. Tor one would not care 90 lee
Irapu1Fihlr. n wo;ld be very dau-
r"rous in tho present circumstance to
create "a moment doubt as To- the
airrusth and sumciency Of the troas-
urF 81 the United states. its ability
tn assist. 60 stendy and sustain the
financial operations OF tho country's
business. II the treasury ls known Or
oven Thought, To- be weak. where viii
''o DER peace of mind? The whole
industrial activity OF the country
woul pc. chilled aud d~emoratzed
just now the peculiarly difficult nnan-
'nl prubicms Of The M arc pc-
iuE successfully dealt with. with
great sclf-p possession and good sense
rud yoty sound judgment: but they
nrr ont, ia process OF being worked
out ~ The %roces Of solution Is TO
ne completed, 10 one must be given
reason Co doubt the solidiiy aud ade-
quincy of The treasury Of the govern
ment which stands behind the whoie
method hv which our difficulties are
bciur me- a handled.
"Thc ]trcnsury itself could get along
lnr "a considerable period. no doubt.
without Immediate resort 10 new
sources 81 taxation. but at what cost
io the business Of The community.
Approximately So ,O00. 600, a large
part 90 the present treasury %oalnlCe.
is now ON deposit with national banks
distributed Throughout the country. II
Be- depoal,cd. OF course. on call. /
need not point out 10 you what the
probable consequence Of inconVen-
ionoo ana distress would be II the
diminishing Income Of the treasury
should make u necessary rapidly 90
Withdraw these deposits. And yet.
without additional revenue that plain
ly might become necessary. and the
time when it hccame necessary could
n"- hc controlled OF determined by the
convenience % the country. Ii would
have Geo oo determined by the opera
lions and necessities 81 the treasury
iisrIf. such risks are not necessary
ana ought not To- be run. We can not
Too scrupulously or carefully safe
guard a financial situation which ~
tN Nf"Nf WIN Mht commune W.
Europe. difficult and abnormal. Hest
tniiun and delay are the worst forms
"f had policy under such conditions.
"tud We ought not 20 borrow. We
ought Co resort to- taxation. however
we may regret tho necessity Of putting
additional temporary burdens on our
people. To sell bonds would make 20
most untimely and un3ustidhhle de-
iuaud 90 the money market, untimely
because this is maaifcstly not tho
time 60 withdraw working capital
from other uses 90 pay the govern
m"nts bills: u~niustinable. ecaus I'M
Ivcr 'tnry. The country b. able TO pay
rn} just ANA reasona ole taxes with
uut distress. And 90 every other form
81 borrowing. whether FOR long per-
i"ds or Tor short. there d the same
These are not the circum
stances. this is nt this particular mo-
mont and in this particular c%Nigency
mot the market Go borrow large sums
money. What we are seeking IL Ia
caae and GSsist every financial rams
action. not 10 add u single additional
Embarrassment to the situation. The
people of this country are both in
teiligent and profoundly patriotic