The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-09-05
IN PERSONAL ADDRESS, WILSON
ASKS FoR 100000, 900 A YEAR
ADDITIONAL REVENUE.
MEET THE WAR DEFICIT
CHIEF EXECUTIVE Is ENTHUSIAST
ICALLY CHEERED-MACHI
SET IN MOTION TO CARRY
OUT RECOMMENDATION

Washington, Sept. 4.-President
Wilson today asked congress as
sembled In joint session to pass a bill
to raise s100.0o0,e00 to meet the
emergency caused by the decline in
customs due to the war In Europe.
The president delivered his message
In person, in conformity with the
practice that he inauguarted at the
beginning OF his administration. He
read the message from the speakers
house and senate, and the hundreds
in the galleries followed every word
with close attention.
The president tried to meet in ad-
vance political arguments that will be
made criticising the proposed revenue
bill. Nowhere in his address, though.
did the president urge economy of APP
preparations as one means OF meeting
the situation.
The president was given a bolster
GUS welcome by congress and the
crowds in the galleries. Southern
members shouted their approval.
much to the discontinue of senators
who never manifest either approval
or disapproval Of anything that hap
pens in the upper chamber Every
one arose as the president entered and
remained standing until he began the
reading of his address The applause
continued for a longer period today
than on previous appearances of the
president and ceased only when Mr..
Wilson evidence q desire to proceed
with his task.
The President Address.
The president said:
OF the Congress:
- a ~SH1 y~rrA
a duty which I wish with all my
heart / might have been spared: but
1t is a duty which is very clear. and,
/ perform Ii without hesita-
ton or apology. I come to ask very
earnestly that additional revenue be
provided for the government,
During the month of August there
was. as compared with the cor
responding month Of last year. a
falling off of sI0,s2s.53s IN the rev.
enues collected from customs. A
continuation Of this decrease in the
sa me proportion throughout the cur
rent fiscal year would probably mean
a loss OF customs revenues Of from
sixty 10 one hundred millions. I need
net tell you 10 what this falling off
is due. 1t is due. in chief part, not
to the reductions recently made In
the customs duties, but to the great
decrease IN tmportations; and that is
due to the extraordinary extent of the
industrial area affected by the pre-
sent war In Europe. Conditions have
arisen which no man foresaw: they
affect the whole world of commerce
and economic production. and they
must be faced and dealt with.
Unwise to Delay Action.
1t would be very unwise to post
~~-fT H1a ts
such a matter and In particular cir
cnmstances in which we now find
ourselves as a nation might involve
consequences of the most embar-
RAISING and deplorable sort. for
which /. for one, would not care to
be responsible. 1t would be very
dangerous in the present circum-
stances to create moments doubt
as to the strength and sufficiency OF
the treasury of the United States.
its ability to assist, to steady and
sustain the financial operations OF
the country's business. II the treas
ury Is known. or even thought. to
be weak. where will be our peace
of mind? The whole Industrial ac-
tivity of the country would be
chilled and demoralized. Just now
the peculiarly difficult financial
problems of the moment are being
successfully delt 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 given
reason to doubt the solidity and ad-
equacy Of the treasury of the govern
ment which stands behind the 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 COM
muniry? Approximately $4,000, 000.
a large part of the present treasury
balance. is now on deposit with ma
tional banks distributed throughout
the country. 1t is deposited, of course.
on call. i need not point out to you
what the probable consequence of in
convenience and distress and con-
fusion would be If the diminishing in
come Of the treasury should make 1t
necessary rapidly to withdraw these
deposits. And yet without additional
revenue that plainly might become
necessary, and the time when 1t be-
came necessary cou!1 not be con-
trolled or determined by the con-
try. 1t would have to be determined
by the operations and necessities OF
the treasury itself Such risks are
not necessary and ought not to be run.
We cannot too scrupulously or cafe
fully safeguard financial situation
which Is at best. while war continues
in Europe. difficult and abnormal.
Hesitation and delay are the worst
forms of bad policy under such con-
ditions.
Advises Against Borrowing.
And we ought not to borrow. We
ought to resort to taxation. however.
we may regret the necessity OF putting
additional temporary burdens on
our people. TO sell bonds would be
to make a most untimely and unjusti-
fable demand on the money market:
untinlely because this Is manifestiy
not the time to withdraw working
capital from other uses to pay the
governments bills: unjustifable, be-
cause unnecessary. The country Is
able 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