Arizona republican., 1921-07-13
Text Of Harding's Bonus Bill Message
frsonfinued From Page Onel

1rue that only two hundred millions R year will be drawn annually from the treasury in the few years imme- IEsately before us, the bestowal is too 3nconseQuential to be of real value to Ihe nations defenders; and if the ex- erctse of the option should call for rash running into billions, the de- rrcssson of finance and industry would be so marked that vastly more harm than good would attend.
 Government Obligations
 F Our government must undertake Ho obligation which 1t does not intend &o meet. No government fiat will pay our bslls- The exchanges of the world testify today to that erroneous Theory We may rely on the sacri- flces of patriotism in war. but today We face markets. and the effects of supply and demand. and the mex Qrahte laws of credits in time of teace-
 At the very moment we are obliged fo pay 5& per cent interest for gov- krnment short time loans to care for Our floating indebtedness, a rate on Government borrowing in spite of tax Exemption. which ought to prevail in Private transactions for the normal Interest charges in financing our in- Austry and commerce.. Definite oblf- E2tions amounting to seven and a half billions in war savings certifi- tates. Victory bonds and certificates ooverirE floating indebtedness are to mature in the two years immediately Following and the over -burdening of fhc treasury now means positive dis 4ster in the years immediately be- lore us- Merest prudence calls out {n warning
 Our greatest necessity Is a return to the normal days of peace actiyi- Ees. A modest offering to the mill Hons of service men is a poor pallia- ffve to more millions who may be out of employment Stabilized finance &nd ven established confidence are hoth essential to restored industry and commerce.
 Prssent Dspression Natural
 < The slump which Is now upon us is an inevitable part of wars aftermath. E has followed in the wake of war Mnce the world began. There was the Consequent readjustment. the inev- Eable charEe-off. the unfailing att tendance of losses in the wake of hssh prices. the inexorable deflation which imitation had preceded. It has been wholly proper to seek to apply government re1ef to minimize the hardships. and the government has aided wherever possible, and is aid- ine now by all the special acts ever dreamed of. all the particular favors ever conceived will not avoid all the distresses nor ward off all the losses The proper mental stare of our peo- pie will commit us resolutely and confidently to our tasks and definite assurances as to taxation and ex- penditure win contribute to that help fni mental order The only sure way tn ncrmalcy is over the paths na- lure has marked throughout all hu- man experience.
 With the approval of congress thu executive branch of government ha' been driving toward that decreased expenditure which Is the most prac
 teal assurance of diminished taxa
 ton. With enthusiastic resolution your administrative agents are mak
 ing not only conscientious effort t
 reduce the czll for appropriation
 but to reduce the cost of governmen
 far below the appropriations you
 have already provided. It Is eas
 to believe that the only way to di