The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1921-07-12
HOPEF0R BONUS
DIES BY HARDING
Senate SPEECH
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thought of settlement. 1t was rel
atively easy then, because national
life was at stake.
Face E'0rder of Reason
In the sober aftermath we face
the order of reason, rather than act
amid the passions of war, and our
own land and the world are facing
problems never solved before
we face the grim truths and seek
TO solve them in resolute devotion
to duty. After a survey of more
than four months, contemplating
conditions which would stagger all
of US were it not for our abiding
faith in America, l am fully per
suaded that three things are es-
sentiaI to the very beginning of
the restored order of things These
are the revision, not including re-
duction, of our internal taxation.
the refunding our war debts, and
the adjustment of our foreign
loans. 1t is vitality necessary to
settle these problems before add
ing to our treasury any such bur
den as is contemplated in the pend
ing bill.
Must Reduce Taxes.
1t is unthinkable to expect a bust
ness revival and the resumption of
the normal ways of peace while
maintaining the excessive taxes of
war 1t is quite as unthinkable to
reduce our tax burdens while COM
,,,sft;pu Crtr fraoSnrv IN On addi-
tional obligation which ranges
from three to five billions of dollars.
The precise figures, no one can
give. If it is conceivably true that
only two hundred millions a year
would be drawn annually from the
treasury in the few years immedi-
ateIy before us, the bestowal is too
inconsequential to be of aid to the
nations defenders; and, if the ex-
ercise of the option should call for
cash running into billions, the de
preston in finance and industry
would be so marked that vastly
more harm than good would attend.
Must Fulfill Promises.
Our government must undertake
no obligation which it does not in
tend to meet. No government fiat
will nay our bill. The exchanges of
the world today testify to that err
roneous theory. We may rely on
the sacrifices of patriotism in war,
but today we face markets, and
the effects of supply and demand
and the inexorable laws of credits
in time of peace.
At the very moment we are
Obliged to pay So per cent interest,"
for government short time loans 10
care for our floating Indebtedness,
rate on government borrowing, IN
spite of tax exem ton, whlcn ought
TO prevail in private TRANSACTIONS
for the normal interest charges IN
financing our industry and COM
merce. Definite obligations amount
ing to seven and a half billions IN
war savings certificates; Victory
bonds and certificates covering
floating Indebtedness, are to ma
tire in the two years Immediately
following and the over-Durdening
of the treasury now means positive
disaster in the years Immediately
before ms. Mere prudence cannot
fail To heed this warning.
Must Return to "NOrmalcy.-
Our greatest necessity is a return
TO the normal ways of peace activ-
tiles. A modest offering to the mil
lions of service men is a poor pal
liatiye to more millions who NAV be
out of employment. Stabilized
fiance and well established conf
dence are both essential to restored
industry and commerce.
The slump which is now upon us
is an inevitable part of wars aft
ermath. It has followed in the
wake of war since the world began.
There was the unavoidable read
justment, the inevitable charge-of.
the unfaiiing attendance of losses
in the wake OF high prices, the in