Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1921-07-12

the financial StaDlllty OF
our country" President
Harding told congress
. today in the second address he has
made to that body since his Inaugural
ton.
Every obligation is to the disabled
and dependent" the president said,
"and the executive branch owed 1t to
the country frankly to state the diff
! fCulties we daily are called upon to
meet and the added peril this mea-
sure would bring"
This menacing effort to expend
billions in gratuites will imperil our
! capacity to discharge our first oDliga-
rtion to those we must not fail to aid
| he said.
"Our land has its share of the tinan-
| cial chaos and industrial depression
| of the world" the president said. we
| little needed the growth OF Indebted
ness nor the limits Of expenditures
during the war because we could not
stop to count the cost. Our one thot
then was the winning OF the war ana
the survival of the nation.
After four months survey of con-
ditions (which would stagger all OF
us were it not for our abiding faith In
| America" the president said. he was
fully persuaded that three things
were essential to restoration. Inese
are" he continued "the revision. in
cluding reduction. of our internal tax
, alton the refunding of our war debts
5, and the adjustment of our foreign
loan"
at becomes necessary to settle
these problems before adding to our
treasury any such burden as is con-
templated in the pending bill.
He said it was unthinkable" to ex-
, pect business revival while maintain
f ing the excessive taxes of the war
and quite as unthinkable to reduce
tax burdens while committing the
treasury to additional obligation
ranging from $4,000 100000 to $4,000
:, 600 000"
i "The precise figures no one can
I give" he said, III it is conceiVably
i. true thai only 200,0O0,000 year are
: drawn annually from the treasury IN
; the two years Immediately before u.s.
the bestowal is too inconsequentlal 10
-, he of real value to the nations de-
y Tenders: and If, the exercise OF the
action to call for cash running lnto
- billions the depression to finance and
! industry would be so much that vastly
a more harm than good would attend.
"No government fiat will pay our
. bills" the president added the ex
: changes Of the world testify TO-DAY 10
h that erroneous theory.
+, Mr.. Harding pointed out that the
=, government now was obliged to pay
! 52I O., interest on short time loans ana
y, the definite obligation of S75O0O00-
600 are to mature within two years.
" over burdening of the treasury now
f. means positive disaster in years I'M
Ia mediately before us" he said. "Mer-
. est prudence calls out warning me
10 world slump was inevitable as an at
A. termath of the war" the president
1t said. adding, that the only sure way
te to normalcy is over the paths nature
n has marked thruout all human expert
Is ence."
II. The executive branch, he said, was
nc "driying toward that decreased eX
It Dt'Hlilul e W llN II - INV liiN''N
assurance of diminished taxation.
ed Il can make you no definite promise
of in figures today" he said, but ! can
n pledge YOU a most Conscientious drive
n to reduce government cost by many
y. billions. 1t would be most discourag
at ing to men who are bending their en-
re. crgies to save millions to nave con
7r- grcss add billions to our burdens al
Id the very beginning,
,le Even were there not the threat
Ia. ened paralysis Of our treasury with lt'
of fatal rcneXes on all our activities
which concern our prosperity. woul
on it not be better to await the settie
We ment of our foreign lOans?' The Pres
tx ident said that while the United
States participated in none OF the dis
tributable awards of the war. TN
world owes us heavily and will pa.
when restoration is wrought.
"If the restoration fails world bans
ruptcy attends he said.
~ Mr.. Harding said he would no
n urge recommitment OF the compensa
tion bills to committee "if it bore tn
,at merest suggestion of neglect or
of hint of national ingrattude." He re
red canitulated some of the things whiC
90 have been done" for the veterans
ect saving that more than 100000 claim
the had been adjudcated by the wa
er. risk insurance bureau to July a
ldi. an expenditure Of S471,946,762. TIL
lOg work of the bureau would oe con
ian Melted by July 81. Nearly 9O0ooo ar
ont plications for medical examination
as had heen received and less than ii
ids coo awaited medical action. whiie Oh
die July I. 26,237 disabled soldiers ha'
been hospitalized,