The Bridgeport times and evening farmer., 1921-07-13
HARDING CONVEYS SOLEMN WARNING
 IN HIS MESSAGE

billions, the depression in finance and industry would be so marked IhaI vastly more harm than good Wouio attend
 stOur government must undertake no obligation which it does not in tend to meet No government hat will pay our bills The e1cnahses
 in the world testify today to that er-
 roneous theory we may rely on the sacrifices of patriotism in war, but today we face markets, and the CT fects of supply and demand ana tne inexorable laws of credits in time or peace.
 At the very moment we are oo-
 iged to pay five 3-4 per cent @eerest
 for government short time foans Co
 care for our floating indeDteo0ess or
 government borrowing, in spite or tax
 exemption which ought to prevail m
 private transactions for the norman
 interest charges in financing our m
 dustry and commerce
 Definite obligations amounting to
 seven and a half billions in war say
 ings certificates, victory bondS ana
 certificates covering floating 1ndebt- edness are to mature in the two years immediately following and the over burdening of the treasury now means positive disaster in the years 1n1me- diately before us. Merest prudence calls out in warning our greatest necessity is a return to the normal ways of peace activities A modest offering to the millions of servicemen I is poor palliative to more millions who may be out of employment. Sta | biIized finance and well established | confidence are both essential to re l stored industry and commerce. I '"The slump which is now upon us | is an inevitable part of wars after- | math It has followed in the wake | of war since the world began There | was the unavoidable readjustment, | the inevitable charge off, the unfa1l- | ing attendance of losses in the wake of high prices, the memorable defla- | ton which imitation had preceded: It | has been wholly proper to seek to | apply government relief to minimize | the hardships, and the government 1 has aided whenever possible, and is | aiding now, but all the special acts 1 ever dreamed of, all the particular
 favors ever conceived will not avoid | all the distresses nor ward off all the | losses. The proper mental state of our people will commit resolute1y | and confidentially to our tasks. And | definite assurances as to taxation and expenditure will contribute to that | helpful mental order. The only sure | way to norma1cy is over the paths ma | ture has marked throughout all hu- man experience
 l With the approval of Congress the | executive branch of the Government
 nas been driving toward that decreas-
 ed expenditure which is the most | practical assurance of diminished | taxation. With enthusiastic resolu- ton your administrative agents are | making not only conscientious effort l to reduce the call for appropriations far below the appropriations you have | already provided. It is easy to be- 1ieve that the only way to diminish the burdens which the people must pay is to cut the outlay in which
 public moneys are expended War is not wholly responsible for staggering g l costs; it has merely accenuated the menace which lies in mounting costs l of nd in penditure which a successful private | business would not tolerate.
 ''I can make you no definite prom ise in figures today but I can pledge
 you a most conscientious drive to re-
 duce government cost by many ener-
 gtes to save millions to have congress
 add billions to our burdens at the
 very beginning.
 "Even were there not threatened paralysis of our treasury with its ssrta1 refleXes on all our activities
 which concern our prosperity, would . it not be better to await the settle ment of our foreign loans? At such d time it would be a bestowal on the , part of our government when it is
 able to bestow
 ''The United States participates in 7 none of the distributable awards ot war. But the world owes us heavily and will pay when restoration is } wrought. If the restoration fails : world bankruptcy attends. I believe the world restoration is possible, but only with honest, diligent work ir , productivity on the one hand-hon- est and dligent opposition to needless public expenditure on the other.
 '"The suggested recommittment ot this measure bore the suggestion neg s lect or hint of national ingratitude would not urge it. It has been rny l privilege to speak to Congress on oul r obligations to the disabled and de pendent soldiers and the govern ments deep desire to prove it's con Iofv- 1f1 Q ashamed of the republic if it failed l in its duty to them. Neither armis nce nor permanent peace puts an ent = to the obligation of government to if, = zens to the government Mindful O 0 these things the adn1inist rzstiv, = branch of the government has no t complished.
 "In view of some of the things tha = nave been said, and very carelessl, = said perhaps I ought to report off }, cially some of the things which hay been done In the department O f war risk insurance there have bee, e f1led up to July 7,1921 compensation ana insurance claims numbering SIS $ 442 Of these, 747,7S6 have been ad
 indicated, at an expenditure of s471. l. 946,162. There were 200. GOO claim l. pending when the war risk depart e ment was organized late in April. thi 1T year, and the number of pendin e claims has been reduced by 134 344 o All work in this department will b 1t current by the 21st of this July: thrs d is to say, all action which the burea = may take on a given case will be cIr le rent, though new claims are bein 1T filed at the rate of 700 a day. T. There has been requested SS761 If medical examinations and less tha " fourteen thousand await medical ac 1t ton. Up to July there have bee -e 26,2S7 disabled soldiers hospftaIizel n and in government control in the hos Id pltals today there are 5000 availabl g. beds without occupants. You are a e. ready aware of the progress made tt Te ward the construction of additions re government hospitals, not because W y- are not meeting all demands but IT better meet them and the better t IS specialize in the treatment of thos re who come under our care.
 r. There has been paid out in alIo- ee ments and allowances the sum ( a. S57S,S45,65S, and nearly s4,00O. 900 i- 900 of government insurance is n- force.