Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1921-07-15

refunding of our war debt ou,
adjustment OF our foreign loans ' lie
1T is vitality necessary ~
these problems before addpg - 'us
treasury any such burden as s.. - ol'
templated in the pending bin ''l'
1t is unthinkable to expect
ness revival and the resumntf.. oDsl,
the normal ways of peace wbiIA 49,. u
tanning the excessive taxes Of WA. '''l'
is quite as unthlnkable to redno,
tax burdens while committina wi
treasury to AN additional oblia.. VI
which ranges from $4,000 COO 0 so'''4
$5,000,00O,000. The precise 6gnras .
one can give. ~
If it is conceivably true thar on,
$20O000,o0o year will be drawn ' !,
nually from the treasury in the sa-
years Immediately before Ms tho Nv Nv
stowal is too ineonsequential IN bo !,
real value to the nations defando.S
and, if the exercise of the opnion
should call for cash running into IN
lions, the depression in finance aas
industry would be so marked tho,
vastly more harm than good would !,
tend. ~
Must Meet Obligations.
Our government must undertake =.
obligation which it does not intend =. ~
meet. No government fiat will Wv y"
our bills. The exchanges Of the wd p
testify today to that erroneous theorv
We may rely on the sacrifices Of no
triotism in war, today we face markst,
and the effects of supply and demand
and the memorable laws of credits i
time of peace.
AT the very moment we are obIigad
to pay 594 per cent interest for GOV
eminent short-time loans TO care fo,
government Indebtedness, rate an
| government borrowing, In spite of tov
exemption, which ought to prevail M
private transactions for the normal
interest charges in financing our IN.
dustry and commerce.
Definite obligations amounting nj
seven and a half billions in War Saw
ings certificates, Victory bonds anal
certificates covering floating indebted
ness are to mature in the two yesnI
Immediately following, and the over
burdening of the treasury now means
positive disaster in the years immeit
ately before us. Merest prudence CALI
out in warning.
"0ur greatest necessity is a retun|
to the normal ways of peace activities
A modest offering to the millions Id
service men is poor palliative ID
more millions who may be out of EN-
ployment. Stabilized finance and well
established confidence are to be esI
sential to restored industry and com
meree.
Slump Wars Aftermath.
"The slump which is now upon ID
is an inevitable part of wars after
math. 1t has followed in the wake "A
war since the world began. There wa
the unavoidable readjustment, the b
eyitable charge-off, the unfailing at
/ tendance of losses in the wake d
high prices, the memorable defatO
which imitation had preceded.
1T has been wholly proper to see
to apply government relief to mniml
the hardships, and the GOVERNED
has aided wherever possible, ard
aiding now, but all the special ar
ever dreamed of, all the particular ia
vors ever conceived will not avoid al
the distresses nor ward off all ths
losses.
1.-THE proper mental state of our PEG I
pie will commit us resolutely and eon
fidently to our tasks, and definite as !
surances as to taxation and expendE
ture will contribute to that helptl
mental order. The only sure way
normally is over the paths nature ha
marked throughout all human expert
ence.
with the approval of congress TIL
executive branch of government hai
been driving toward that decreased el
penditure which is the most practice
assurance of diminished taxation.
war is not wholly responsible 70
staggering costs; it has merely aecel
tuated the menace which lies
mounting cost of government and e
cesses in expenditure which a success
full private business would not todk
ate.
Promises to Save Millions.
Il can make you no definite proIals
in figures today, but l can pledge y
a most conscientious drive TO re9u
government cost by many millions.
would be most discouraging to Ine
who are bending their energies to 81
millions to have congress add b."
1 to our burdens at the very hegnllHls
''Eyen were there not the threa'eu
4 paralysis of our treasury, with ~
tai refiexes on ALI our activities "A
concern our prosperity would il =
be better to await the settlement
/ our foreign loans? At such a IiHs
I ,,.o,,1a - q Iac4o,roI an the pan