Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-09-04
WILSON ASKS
BIG TAX LEVY
Continued from First Pase3

Europe. Conditions have arisen which
no man foresaw they affect the
whole world of commerce and eco
nomic production, and they must be
faced and dealt with.
1T 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 q nation might involve
consequences of the most embarraSs-
ing and deplorable sort for which I,
for one, would not care to be respon
sible. 1t would be very dangerous in
the present circumstances 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 OPP
erations 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 indus
trial activity of the country would
be chilled and demoralized. Just now
the peculiarly difficult financial prob
| lens of the moment are being sue
cessfully dealt with great self-pos-
session and good sense and very
sound judgment, but they are only In
| process of solution is to be COM
| pleted, no one must be given reason
| to doubt the solidity and adequacy
| of the treasury of the government
which stands behind the whole
method by which our difficulties are
being met and handled.
U. S. Treasury In Good Shape.
"The treasury itself could ge along
1 =. H. 4. l.. =
/ without Immediate resort to new
sources of taxation. But at what cost
| to the business community? Approx
mately $4,000, 900, a large part of the
| present treasury balance, is now or
deposit with national banks dis
tributed throughout the country. 1t IL
| deposited, of course, on call.
1--WE need worry of what probable
consequences of inconvenience and
distress and confusion would be il
the treasury should make It neces.
sary rapidly to withdraw deposits
And yet without additional revenue
that plainly might become necessary
and the time when it became neces
sary would not be controlled or de
termined by the convenience of thu
business OF the country. III WOuls
have to be determined by the opera
lions and necessities of the treasur.
itself. Such risks are not necessar.
and ought not to be run. We canno
too scrupulously or carefully safe
guard a financial situation, which l
at best while war continues in Europ
, difficult and abnormal. Hesitation am
, delay are the worst forms of bal
policy under such conditions.
And we ought not to borrow; w
ought to resort to taxation, howeve
we may regret the necessity of putin
additional temporary burdens on on
people To sell bonds will be to max
most untimely and unjustifable de
mand on the money Market untime
time to withdraw working capita
from other uses to pay the govern
ments bills; unjustifable because un
, necessary.
, No Market TO Borrow Now.
1.-THE country is able to pay an
just and reasonable taxes withot
distress. And to every other form {
borrowing, whether for long period
, or for short, there is the same objes
: ton. These are not the circumstances
s this is at this particular moment an
: in this particular exigency not til
r market to borrow large sums {
5 money What we are seeking to cas-
and assist is every financial transas