Macon beacon., 1917-09-07
TaRms end BSnswins.

lack of money, says Youths Com
psnion. The assertion may be
made without qualification that no
warning country was ever defeated
by inability to raise the funds nee
essary to carry on the contest. An
extreme illustration of the truth
of that assertion Is our own expe'
rience in the Civil War. The United
States in 1850 was rich in all sorts
of material things, but far from
rich in money. The South was
bankrupt at the start. Yet both
sides waged gigantic war for four
years, and when finally the Con
federacy collapsed it was not fnan'
cial exhaustion that caused its
downfall.
Both governments made forced
loans. They paid their way with
promises to pay; that is, with ir'
redeemable paper money. They
borrowed from the people in that
currency, and paid it out again.
On both sides of the line the cur
rency deprecated; but the process
was repeated, and money, such as
it was, provided the material of
war to the end. 1t was a bad system,
but neither government was able
to finance itself in any other way.
A nation at war must always
consider what portion of its eXpen.
diture shall be met by loans and
what by taxation. The theory is
often advanced that, since posteri'
ty il to share the benefit of pres.
ent victory, large part of the
burden may reasonably be left for
posterity to bear. Although the
argument is plausible, we should
reject it as a basis of action, for
the the reason that we do not
tighten our own burden by trans
terring burden to come after those
who are to come after us. Consid
ar the decentralization of trade, to
,ay nothing of the political demor
.lization, that resulted from the
iecline in value of the greenback
IN this country during the years
hat elapsed before we returned to
he gold standard.
| If we are rightly informed, Ger
many is financing itself chiefly by
means of loans. Taxes are said not
20 have been largely increased.
| At all events, the government has
issued enormous quantities of pa
per money. Coin, even the silver
small change, has almost disappear
ed, and the paper money is at
considerable discount. On the tor
eign exchanges the mark is worth
only about half its nominal value
If those things are true, there is 8
long period of financial derange
ment before the German Empire
unless it can force a great indem
nifty from its adversaries.
Great Britain, although it has
been obliged to advance great sums
to its allies, and has had therefore
to obtain much more money thar
it could possibly have raised by
taxation, has nevertheless great!
increased the revenue that it draws
from the people in taxes. 1t ha'
gone as far as it can without ruin
ing the industries whose profits i
drains. But its credit is unim
paired; the pound sterling is q
par.
That is the true policy of thi
} country. Taxes are hard to bear
but national credit is as precious q
; it is precarious. We wish the worl'
, to be safe for democracy; for on
children and our children's chill
dren, of course, but for ourselves
too. What we have is ours, ant
we have a right to use it to max
ourselves secure. If We spend /
wisely-not merely lend it to tn
government-we shall beQueat
the priceless legacy of liberty ant
b peace to our successors, and W
shall save ourselves and them tn
evils or demoralized finance.
Mr.. j. r. Wilson, who bought tn
Inhnaon. PATTY nlaco two miloa aaak 4