Evening journal., 1914-09-04

In process of being worked out II the
process of solution is TO be completed,
no one must be given cause TO doubt the
soliditv and adequacy Of the treasury OF
the government which stands behind the
whole method by which our difficulties
are being met and handled.
"rhe 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 community Ap
proximately SIS, 100000, a large part OF
the present treasury balance, is now on
deposit with national banks distributed
throughout the country. 1t is deposited,
of course, on call. / need not point out
to you what the probable consequences
Of inconvenience and distress and con-
fusion would be ii the diminishing in
come OF the treasury should make it
necessary rapidly to withdraw these
deposits And yet. without additional
revenue that plainly might become nee
essary, and the time when it became
necessary could not be controlled or de-
termined by the convenience of the
business of the country. II 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 scrupu-
lously or carefully safeguard a fnan-
cial situation. which is at hest, while
war continues in Europe difficult and
abnormal Hesitation and delay are the
worst forms of bad policy under such
conditions
"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 unjustifI-
able demand on the money market;
untimely because this is manifestly
not the time TO withdraw capital
from other uses 10 nay the govern
ments bill; uniustifiable because
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 same
objection. These are not the circum-
, stances; this is at this particular mo-
ment and in this particular exigency
not the market, TO borrow large sums
Of money. What we are seeking is 10
ease and assist every financial trans
action, not TO add a single additional
/ embarrassment to the situation. The
| people of this country are both intel
/ ligent and profoundly patriotic. They
are ready to meet the present condi-
tons in the right way and to support
/ the government with generous sells.
denial. They know and understand.
/ and will be intolerant only of those
who dodge responsibility or are not
/ frank with them.
"The occasion is not of our own
making. We had no part in making
it. But it is here. II affects ms 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 unrufhed spirits, like
men accustomed to deal with the un-
expected, habituated to take care of
/ themselves, masters of their own af-
fairs and their own fortunes. We
shall pay the BILL though we did not
deliberately incur Il.
I'm order to meet every demand
upon the treasury without DELAY or
peradventure and in order TO keen
the treasury strong, unquestionably
strong, and strong throughout the
present anXieties. | respectfully urge
that an additional revenue of $780,
100000 be raised through internal
taxes devised in your wisdom to meet
the emergency. The only suggestion
take the liberty of making is that
such sources of revenue be chosen as
will begin to yield at once and yield
with a certain and constant flow.
81 cannot close without expressing
( the confidence with which approach
a Congress, with regard TO this OF
any other matter, which has shown
so untiring a devotion to public duty
which has responded to the needs oi
the nation throughout a long session
despite inevitable fatigue and per.
sonal sacrifice, and so large pro
portion of whose members have de.
voted their whole time and energ,
to the business of the country"