Gilpin observer., 1914-09-10

Washington. Sept. 5. = President
Wilson personally addressed Con-
gress in Joint session Friday, urging
legislation to raise 500, 100000 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
I wish with all my heart l might have
been spared: but 1t is duty which is
very clear, and therefore I 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, az compared with the correspond
ing month of last year. falling off OF
$10,629,538 in the revenues collected
from customs. A continuation Of this
decrease in the same proportion
throughout the current fiscal year
would probably mean a loss of Gus
toms revenues of from. s6O,000,o00 to
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 circum-
stances in which We now find our
selves as a nation. might involve con-
sequences of the most embarrassing
and most deplorable sort, for which 1,
for one. would not care to be RESPONSE
BILE.
Situation 10 Dangerous.
It would be very dangerous in the
present circumstances to create a 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.
II 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.
II 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 $75,O00.0 900. 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.
I need not point out to you what
the probable consequences OF incon.
venience and distress and confusion
would be II the diminishing income OF
the treasury should make 1t necessary
rapidly to withdraw these deposits