Every evening, Wilmington daily commercial., 1921-07-13
FULL TEXT OF THE
PRESIDENTS MESSAGE

Washington. July 13.--Following IL
the full text of President Harding s
message to the Senate yesterday,
being the second address he has de-
livered to that House since his Ad-
ministra ton began:
There has come to my attention
the pending unfinished business be-
fore the Senate and il is an imperative
duty 10 convey to you the probable eff
feet of the passage at this time OF the
proposed act providing for adjusted
compensation to our service men in
the World War. If this measure could
be made effective at the present time
without disaster to the Nation s
finances and without hindraDce to inn
perative readjustment of our taxes il
would present an entirely different
question than that which IN before
you.
I'm a personal as well as public
manner, which ought TO be a plight
OF good faith. / have commended the
policy OF generous treatment N the
Nations defenders, not as a part of
any contract, not as the payment of
debt which Is owing. but as a mark
of the Nations gratitude.
Every obligation is to the disabled
and dependent. In such reference as
has been made to general compensa-
tion there has been reservation as
to the earliest consistent time for such
action IL ii is taken. Even without
reservation, however, modified view
would be wholly justinable at the
present moment, because the enact
ment nf the Compensation bill in the
"a.
and restoration would hinder every
effort and greatly inperil the financial
stability of our country.
Calls Bin @Menacing Effort
More. this menacing effort to ex-
pend billions in eratuities will imperr
ouT cara CRY to discharge our first
oniiga tons 20 those we must not far
tc aid
Il am advising the Senate directly
because the problem is immecfa teiy
bat the executive branch OF the gov
ernrsent owes II TO both Houses OF
Congress and 70 the country frankly
to srate ehe difficulties we daily are
caIiesd urcn TO meet. and the added
peril thfs measure would bring.
Our land has its share of the ffrran-
cral chaos and the industrial depres-
sron Of the world We little needed
the growth OF Indebtedness or the
limits of expenditure during the war
because we could not stop 10 count
the cost. Our one thought then was
the winning OF the war and the sur
vivai of the Nation. We borrowed
and loaned-individua To the Ma
ton and the Government to other
governments. and TO those who served
the Nation, with little thought or set
tlement
TT was relatively easy then, because
na tional life was al stake In the
sober aftermath we face the order az
rea son rather than act amid the pas
sfpns OF war. and our own land and
the world are facing problems never
solved before. There can be no soiu-
tion unless we face the grim truths
and seek TO solve them in resolute
devotion 70 duty. After a survey of
more than four months. contemplat-
ing conditions which would staEger ali
OF US were il not for our abiding faith
in America, am fully persuaded that
three things are essential to the very
beginning of the restored order Of
things.
Revision of Taxes.
These are the revision, including
reduction. OF our internal taxation.
the refunding of our war debt and the
adjustment Of our foreign loans. II is
vitally necessary to settle these prob
lens before adding 90 our treasury
any such burden as is ontemplated
in the pending bill
1T is unthinkabIe TO expect bust
ness revival and the resumption of
the normal ways Of peace while
maintaining the excessive taxes OF
war. II is quite as unthinkable 10
reduce our tax burdens while com
mitting our treasury 10 an additional
obligation which ranges from three
10 five billions of dollars. The precise
figures 20 one can give
IF il is conceivably true that only
two hundred millions a year will be
drawn annually from the Treasury IN
the few years Immediately before rs
the bestowal is too inconsequentiaI
TO b. of real value TO the Nations
defenders; and. II the exercise of The
option should call for cash running
into billions. the depression in finance
and industry would be so marked that
vastly more harm than good would
attend.
Takes Up Financial Situation.
'Ouf Government must ,,rder.al l. j