The Watertown weekly leader. [volume] (Watertown, Jefferson County, Wis.) 1912-1917, 1915-11-30

ness. The treasury deficit long ago
assumed ugly proportions, and addi-
tional leakages would be damaging,
both financially and politically
Furthermore, it is proposed to i'm
mediately re-enact the war tax" law,
which automatically expires December
81, 1915 This places the administra-
ton on the two horns of a dilima. If
the paragraph by which trust COM
panies are taxed is amended, it is a
confession OF error. But if it is re-
enacted without amendment, and the
courts later decide against the validity
of the law, a large sum in revenues
will be lost.
by their fruits shall We know
them" The administration has pro-
posed program of legislation for ma
tional defense that calls for the high
est degree of accuracy and efficiency
in making, and a fiscal policy that
will finance it. The middle over the
trust company tax is an apt illustra-
ton of complete democratic failure on
both counts.
'In one year the American people
must decide how they shall met ma
| tional crisis"
Senator Reed Smoot, member of the
senate finance committe, made this
statement today as comment upon
the national defense program.
LAS now proposed" said Senator
Smoot, 1.-The proposed national defense
program involves an expenditure OF
more than l billion dollars; the ex-
penditures, however, to cover period
| of five years That expenditure must
| be financed.
How shall it be done? That is
question voters must answer one year
later. 1t is a grave responsibility. /
thoroughly believe that there can be,
and will be, but one course to pursue.
That is to elect republican president
and republican congress.
"The republican party is the only
one that in policy and performances
has proven adequate to meet such
situation Considered from every an
gle, the democratic party has demon
strated it's inability and unfitness for
the task.
Remember that the balance of trade
against us during the four months
preceding the war, at time when
democratic policies and laws were in
effect, was 248 million dollars. What
political blessing the war was to the
democratic party.
I'm two years the democratic admin
istration has produced such business
conditions that, but for the purely &C
cidentl stimulus Of a foreign war, we
would now be in the throeS of panic.
Eliminate the market created by tenn
porary artificial European demands,
and American industry would be pros
| trated.
past history has proven the only
way the democratic party, when in
power, has been able to meet the ex-
travagant appropriations made by
them for the ordinary running ex-
penses of the government, was by the
sale of bonds A bond issue is inevi-
table whether a national defense pro-
gram is undertaken or not.
"In two years the democratic admin
istration has passed scores of worth
less laws The insertion Of meaning
less phrases in statutes, the constant
violation of the simplest legislative
rules, have brought about more costly
and needless federal litigation than we
have ever known before.
In two years the democratic admin
;stration has created an enormous de-
ficit in our treasury, and has not ad-
vanced a single plan for meeting it.
The proposed re-enactment Of the SUI
gar duty and the war tax" laws only
retains present revenues. Bond issues
are nothing but loans that must be
paid for in the future.
"The democratic party has not
policy in its platform, law to its
credit, nor a plan to propose, that will
meet the financial crisis inevitably i'm
posed by the national defense pro-
gram.
"A return OF the republican party to
power seems to me not only a national
necessity, but a foregone conclusion"