The Ely miner., 1914-09-11
WILSON DECLARES IN MESSAGE
TO CONGRESS THAT EUROPEAN
CONFLICT THREATENS TO
CREATE TREASURY DEFICIT.
DELAY MIGHT RESULT IN
SERIOUS CONSEQUENCES
ExeSutive, Therefore, Wages Legisla-
tiok at Once to Care for Emergency
Business of Country Will Suffer,
He Beiievec, Unless Favorable 40
tion Is Z Taken-No Time to Borrow.


Washington, Sept. 5.-President Will
Sou personally addressed congress in
joint session urginS legislation to
raise $100,OOO,000 a year additional
revenue through internal taxes to meet
treasury deficit threatened by the con-
fict in Europe.
Duty Not Pleasant.
The president told congress that he
discharged a duty which he wished
with all his heart he might have been
spared, but which he performed with
out hesitation or apology because of
the danger in present circumstances to
create a moments doubt as to the
strength and sufficiency of the treas
ury of the United States"
While the treasury, he said, could
get along for long period. he pointed
out the peril Of the governments with
drawing from the national banks ap-
proximately $75,OOO,OO0 of the treasury
balance deposited there; advised
against the government borrowing
money or selling bonds which would
make "a most untimely and unjustifi-
able demand upon the money market"
and appealed to the intelligent and
profoundly patriotic public" to bear
the burden of special tax to meet the
unforeseen emergency.
Congress Is Attentive.
Congress listened attentively to the
address. Immediately upon it's conclu-
sion, the legislative machinery was
set in motion to carry it's recommends
tions into effect. Chairman Under
wood called meeting of the ways and
means committee to perfect an inter-
nal revenue measure tentatively draft
ed in preliminary conferences. A bill
will be introduced Immediately.
Text of Message.
Following is the full text of Presi-
dent Wilson's address to congress, as
sembled in joint session, on the need
of emergency revenue legislation:
Gentlemen Of the Congress:
81 come to you today to discharge
/ might have been spared; but it is
duty which is very clear, and, there
fore, perform it without hesitation or
apology. come to ask very earnestly
that additional revenue be provided
for the government.
Revenues Fall Off.
During the month of August there
was, 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 loss of customs
revenues of from $6O,000,OO0 to $780,
100000
81 need not tell you to 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 importations; and
that that is due to the extraordinary
extent of the Industrial area affected
by the present war in Europe. Condi-
tions have arisen which no man fore
saw; they affect the whole world of
commerce and economic production,
and they must be faced and dealt with.
Unwise to Postpone.
"It would be very unwise to post
pone dealing with them. Delay in
such a matter and in the particular
circumstances in which we now find
ourselves as a nation might involve
consequences of the most embarrass-
ing and deplorable sort, for which /,
for one, would not care to be respon-
sible. It would be very dangerous in
the present circumstance to creGte a
moments doubt as to the strength and
sufficiency of the treasury of the Unit
ed States, it's ability to assist, to
steady, and sustain the financial opera
tions Of the country's business. If the
treasury is known or ever 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 mo-
ment 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 given rea-
Homes Italy Will Joint Entente.