The Washington herald., 1914-05-03
NATIONS FINANCES.
Administration Reapins Reward in
Increasing Deficit.

The review of the Wilson administra-
tion which Hon. George Won L. Meyer
gave In his speech at the Republican
mass meeting in Taunton In all the more
effective for the restraint Of its language
II Is q calm analysis of the failure of
the triumphant Democracy to make
good the promises which II put forth In
abundance upon taking Office Prices
have not been reduced to the consumer.
but profits have been reduced to the
producer. Tarin reduction has failed in
both respects. The revenues show q
deficit of approximately s53.0o0.ooo with
only two months Of the fiscal year re-
manning, and the cost OF commodities
has not fallen to any appreciable extent.
II the breakfast table Is cheaper than
Il was under the Taft administration, Il
Is because there Is less on IT. Alto
Cether the situation which Mr.. Meyer
that the Wilson administration is not
business administration 1t is an anti
business administration
The influence Of fourteen months
Democratic ascendancy on the prepara-
tions the country Is now compelled to
make AGAINST the possibility OF foreign
war Is direct and clearly perceptble.
Were business good, were. customs re-
ceipts flowing in full volume, there
would be less necessity for resorting IN
loans or extraordinary appropriations to
bring the full power of the United
States into play. Between a full treas
ury and the rigid application OF "one
track" fiscal theory the Wilson admin
istration took its choice and II chose the
latter. II Is now reaping its reward N
an increasing deficit at the very time that
IL Is most in need Of funds. II II puts Tn
war taxes they must be levied On the al
ready depressed business Of the countrS-
Naturally IL will endeavor to postpone
the creation of new taxes to the last
moment possible and for any grace OF
DELAY II may enjoy 1t will be under OBJ
legations to the Payne-Aldrich tarin.
which the Wilson administration has 80
often held UP alternately to rtdicule or
denunciation. By provision OF the tarln
law of 1909. the Treasury Is authorized
TO issue s24ooo0.O0o per cent bonds In
addition to S5oOoo.0oo Panama 3 per
cents The Panama bonds have ALREADY
been issued, but the others have not and
the authorization of this loan Is still
available. Large as the sum seems.
$40. 600 900 will not go far toward paying
the expenses OF a war even with Mexico.
assuming that this country puts forth Its
strength early to shorten the conflict
The record Of the Wilson administration
will be an Illuminating commentary on
its promises An increase of the public
debt and an enlargement of the Fed-
eral demands on the taxpayers Of th~
land are TO be expected in the event Of
war. but both would have been minim-
lied had a broader understanding Of na-
tional conditions and a clearer perception
OF foreign relations governed the admin
istration's councils. Slowly the admins
tratiOn is learning what the country
learned before. that slashing national
receipts means ''slashing'' the nations
business Good business means good re-
ceipts. Business was depressed before
We blundered into the Vera Cruz Incl
dent" II had to face growing foreign
competition and the threat OF snti-busi-
ness legislation expressed in the bills
known as the five brothers" Business
saw a gloomy outlook even without the
prospect of loans and war taxes: and th.,
outlook Is gloomier now. All the salts
faction II can derive from the situation
Is in the reflection that the financial
plight Of the administration is not
chargeable to business.-Boston Tran
script.