The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1921-07-21

NllINH Noulu SAdSSci an VI 49,
not for our abiding faith in America
| am fully persuaded that three Things
are essential to the very beginning ol
the restored order of things;
These are the revision, including
reduction of our internal taxation the
refunding of our war debt ana me
adjustment of our foreign loans.
ut is vitality necessary to settle
these problems before adding to our
treasury any such burden as Is con-
templated in the pending bill.
ut Is unthinkable to except Dusi-
ness revival and the resumption ol
the normal ways of peace while mann
tanning the excessive taxes of war. 1t
Is quite as unthnkable to reduce our
treasury to an additional obligation
which ranges from $3,00OOOO,Ooo 10
S5,000,0O0, The precise figures no
one can give.
IF 1t is conceivably true that only
S200,00000O a year will be drawn an
nually from the treasury in the rev
years Immediately before us, the oe-
stowal Is too inconseqential to be OF
real value to the nations defenders
and if the exercise of the options
should call for cash running INTO pH-
lions, the depression in finance ana
industry would be so marked that
vastly more harm than good would at
tend.
Must Meet Obligations.
"Onr government must undertake no
obligation which it does not intend TO
meet. No government fiat Will pay
our bills. The exchanges of the world
testify today to that erroneous theory
We may rely on the sacrifices OIL pa
triotism in war, today we face markets
and the effects of supply and demand
and the memorable laws of credits IN
time of peace.
Definite obligations amounting TO
seven and a half billions in war saw
ings certificates, Victory loans ana
certificates covering floating indebted
ness are to mature in the two years
Immediately following, and the over
burdening of the treasury now means
positive disaster in the years immedl-
ately before us. Merest prudence calls
out in warming
"Our greatest necessity Is return
to the normal ways of peace activities.
A modest offering to the millions Oh
service men is a poor palliative 10
more millions who may be out OF EN-
ployment. Stabilized finance ana we'll
established confidence are to be es-
sential to restored industry and com
merce.
Slump Wars Aftermath.
1.-THE slump which is now upon US
is an inevitable part of wars after
math. 1t has followed in the wake OF
war since the world began. There was
the unavoidable readjustment, the in
evitable charge-otf, the unfailing at
tendance of losses in the wake OF
high prices, the memorable deilation
which imitation had preceded.
1T has been wholly proper to seek
to apply government relief to minimize
the hardships, and the government
has aided wherever possible, and is
aiding now, but all the special acts
ever dreamed of, all the particular fa-
vors ever conceived will not avoid all
the distress nor ward off all the
losses.
"The proper mental state Of our peo-
pie will commit us resolutely and con-
hdently to our tasks and definite as
surances as to taxation and eXpendi-
ture will contribute to that helpful
mental order. The only sure way TO
normally is over the paths nature has
marked throughout all human expert
ence.
with the approval of congress the
executive branch Of government has
been driving toward that decreased eX-
penditure which is the most practical
assurance of diminished taxation.
"War is not wholly responsible for
staggering costs; it has merely accen-
tuated the menace which lies in
mounting cost of government and ex-
cesses in expenditure which success
full private business would not toler|
ate.
81 can make you no definite promise
in figures today, but can pledge you
a most conscientious drive to reduce
government cost by many millions.
"The United States participates In
none of the distributable awards Of
war, but the world owes us heavily,
and will pay when restoration is
wrought If the restoration fails,
world bankruptcy attends.
Work Of War Risk Bureau.
"In view of some of the things
which have been said, and very care
lassIy said, perhaps | ought to report
officially some of the things which
have been done. In the department Of
,yor risk insurance, there have been
eled no to July I, 1921, compensation
and insurance claims numbering S13,-
442 OF these, 747,7S6 have been ad-
ird1coted. mt an expenditure Of SAIL
o4e 1872. There were 100000 claims
nending when the war risk department
was reorganized, late in April this
wear, and the number of pending
claims has been reduced by 1894.
oThere have been requested SS7614
medical examinations and more than
$4,000 await medical action.
"There has been paid out in allot-
ment and allowances the sum of $57S,-
4G5.G53. and nearly S4,0000O0OO0 of
government insurance is in force"