Pine Bluff daily graphic., 1914-09-05
PRESIDENT ASKS
 FOR $lOO,OOO,OOO
(ContinueG from DasL cue.)

" HUI WISH Nill all uly UCdfl might have been spared, but it is a duty which is very clear and, there fore, 1 perform it without hesitation or apology. l come to ask very earn estly that additional, revenue be pro- vided for the government
 During the month of August there was, as compared with the corres- bonding month of last year, falling off of S10 ,639 ,o3S in the revenue col l lected from customs. A continuation of the decrease in the same propor- tlon throughout the current fiscal year would probably mean loss of 1 customs revenues of from 60 to 100 millions. l need not tell you to what this falling off is due. It is due, in chief part, not to the reductions re- gently made in the customs duties, but ito the great decrease in importa- tions; and that is due to the extra ordinary extent of the industrial area affected by the present war in Eur ope. Conditions have arisen which no man forsaw; they affect the whole world of commerce and eco- homie production; and they must be faced and dealt with.
 | Delay UnWise.
 Ut would be very unWise to post 1 pone dealing with them. Delay in such a matter and in the particular l circumstances in which we now find ourselves as a nation might involve consequences of the most embarrass- ing ahd deplorable sort, for which l, for one, would not care to be respon- cih1l wnn16 hD in, the present circumstances to create a moments doubt as to the strength and sufficiency of the treasury of the United States, it's ability to assist, to steady and sustain the financial operations of the country's business. of the treasury is known, or even thought to be weak, where will be our peace of mind? The whole in- dustrial activity of the country would be chilled and demoralized. Just now the peculiarly difficult financial prob lens of the moment are being suc- cessfully delat 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
 
 the solidity and adequacy of the treas ury of the government which stands behind the whole method by which our difficulties are being met and handled.
 Banks Need Cash.
 "The treasury itself could get along for 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,O0O a large part of the present treasury balance, is now on deposit with national banks distributed throughout the country. It is deposited, of course, on call. 1 need not point out to you what the probable consequence of inconven- fence and distress and confusion would be if the diminishing of the treasury should make it necessary rapidly to withdraw these deposits. And yet, without additional revenue that plainly might become necessary; and the time when it became neces- sary could not be controlled or de- termined by the convenience of the business of the country, It would have to be determined by the opera tions and necessities of the treasury itself. Such risks are not necessary and ought not to be run. We cannot too scrupulously or carefully safe guard financial situation which is at best, while war continues in Europe, difficult and abnormal. He's itation and delay are the worst forms of bad policy under such conditions.
 People Realize Need.
 And we ought not to borrow. We ought to resort to taxation, however we may regret the necessity of put ting additional temporary burdens on our people. To sell bonds would be to make a most untimely and unjusti- fable demand on the money market; untimely because this is manifestly not the time to withdraw working capital from other uses to pay the governments bills; unjustifiable 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 time, is the same objection. These are not the circumstances; this is at this particular moment and in this partIc- ular eXigency not the market, to bor- TOW large sums of money What we are seeking is to ease and assist every financial transaction; not to add a single additional embarrassment to the situation. The people of this county are both intelligent and pro- foundly patriotic. They are ready to meet the present conditions in the right way and to support the govern ment with generous self denial. They know and understand and will be in tolerant only of those who dodge re- sponsibility or are not frank with them.
 Puts Problem to Congress.
 ''The occasion is not of our own making. We had no part in making it. But it is here. It affects us as directly and palpably almost as if we were participants in the circum- stances which gave rise to it. We must accept the inevitable with calm judgment and unruffled spirits, like men accustomed to deal with the un- expected, habituated to take care of themselves. masters of their own af-