Gilpin observer., 1918-12-05

ness as sound methods of financing the
government will permit, and those who
conduct the great essential industries
of the country must be told as exactly
as possible what obligations to the gov
ernment they will be expected to meet
in the years Immediately ahead of
them.
1t will be of serious consequence to
the country to delay removing all un-
certainties In this matter single day
longer than the right processes of de-
bate justly. 1t is idle to talk of sue
cessful and confident business recon-
struction before those uncertainties
are resolved
Troops Must Stay in Europe.
If the war had continued 1t would
have bee necessary to raise at least
S.OOO,OOO,00O by taxation, payable in
the year 1919, but the war has ended
and l agree with the secretary of the
treasury that it will be safe to reduce
the amount to $6OOO.OOO,OOO. An i'm
mediate rapid decline in the expenses
of the government is not to be looked
for. Contracts made for war supplies
Will, indeed, be rapidly Cancelled and
liquidated, but their immediate liQui-
dation will make heavy drains on the
treasury TO rthe months Just ahead of
us.
The maintenance of our forces ON
the other side fthe sea In still neces-
sary. A considerable proportion of
these forces must remain in Europe
during the period of occupation, and
those which are brought home will be
transported and demobilized at heavy
expense for months to come.
The interest on our war debt must.
of course, be paid and provision made
for the retirement of the obligations of
the government which represent 1t.
But these demands. will. of course,
fall much below what continuation
of military operations would have en-
tailed, and $6,O0Q000,0O0 should suf-
flee to supply sound coundation for
the financial operations of the year.
i entirely concur with the secretary
of the treasuryin recommending that
the $2,000,O00,00O NEEDED in addition
to the $4,000,0O0000 provided by ex-
listing law be obtained from the profits
which have accrued and shall accrue
| from war contracts and distnctively
war business, but that these taxes be
confined to the war profits accruing in
1918, OIL in 1919, from business origi-
mating iii war contracts.
Asks Aid for Belgium.
May / not say u special word about
| the needs of Belgium and northern
France? No sums of money paid by
the way of indemnity will serve OF
themselves to save them from hopeless
thing more must be done than merely
find the money. If they had money
and raw materials in abundance to-
morrow they could not resume their
| place in the industry of the world to-
morrow-the very important place
they held before the flame of war
swept across them. Many of their
factories are raZed 70 the ground.
Much of their machinery is destroyed
or has been taken away. Their
people are scattered and many of
their markets will be taken by others,
If they are not In some special way
assisted to rebuild their factories and
replace their lost Instruments of man.
ufacture. They should not be left to
| the vicissitudes of the sharp compe-
| tition for materials and for Industrial
| facilities which is now to set in.
hope. therefore, that the congress will
not be unwilling, IL 1t should become
necessary, to grant to some such
|
right to establish priority Of export
and supply for the benefit OF these
people whom we have been SO happy
to assist in saving from the German
terror and whom we must not now
thoughtlessly leave to shift for them
selves in n pitiless competitive market
Forces Needed Abroad.
The maintenance of our forces on
the other side of the sea is still nee
essary. A considerable proportion OF
these forces must remain in Europe
during the period Of occupation. and
those which are brought home will be
transported and demobilized at heavy
expense for months to come.
| The interest on our war debt must
of course, be paid, and provision made
for the retirement of the obligations
of the government which represent It,
But these demands will, Of course
fall much below what n continuation
of military operations would have en-
tailed. and six billions should suffice
to supply a sound foundation for the
financial operations of the wnr.
Worried About Railroads.
The question which causes me the
greatest concern Is the question of
the policy to be adopted toward the
railroads. I frankly turn to you for
counsel upon 1t. have no conf
dent Judgment OF my own. do not
see how any thoughtful man can have
who knows anything OF the com