Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1921-07-20


l am fully persuaded that three things
are essential 10 the very beginning oT
the restored order of things:
These are the revision, including
reduction OF our internal taxation. the
refunding Of our war debt and the
adjustment Of our foreign loans
1T Is vitality necessary 10 settle
these problems before adding 20 our
treasury any such burden as Is con
tenplated in the pending bin.
1T j. unthinkable To except a bust
ness revival and the resumption OF
the normal ways Of peace while main
tanning the excessive taxes Of war. TX
is quite as unthinkable 10 reduce our
treasury 10 an additional obligation
which ranges from S3.OOO.OOOOOO To
S5.OOOOOO.OOO. The precise figures no
one can give.
If i is cOnceivably true that only
S20OOOO,OOO a year will lie drawn an
nually from the treasury in the few
years Immediately before Us, the be-
StOwal is too incOnSeqential 20 be Of
real value 70 the nations defenders:
and, IL the exercise Of the options
should call for cash running into bill
lions, the depression I'm finance and
industry would be so marked that
vastly more harm than good would at
tend.
Must Meet Obligations.
"Our government must undertake NO
a. n. HH.H.
meet. No government fiat viii pay
our bills. The exchanges OF the world
testify today 10 that erroneous theory.
We may rely ON the sacrifices Of 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 and
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 immedi-
ateIy before US. AIerest prudence calls
out I'm warning.
"Our greatest necessity Is a return
TO the normal ways of peace activities
A modest Offering 10 the millions az
service men is a poor palliative 10
more millions who may be out Of EN-
plovment. Stabilized finance and we'll
established confidence are TO be eS-
sentiaI to restored industry and com
merce.
Slump Wars Aftermath.
s.The slump which is now upon Us
is an inevitable part Of wars after
matb II has followed in the wake OF
war since the world began There was
the unavoidable REIMBURSEMENT the in
evitable charge-Of, the unfailing at
tendance Of losses in the wake 81
high prices. the memorable deilatiOn
which imitation had preceded.
1T has been wholly proper 10 seek
to apply government relief 20 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 IA
vors ever conceived will not avoid all
the distress nor ward of all the
losses.
THE proper mental state OF our peO-
ME will commit US resOlutely and con-
fidentIy TO our tasks, and definite as
surances as 10 taxation and eNpendi-
ture will contribute TO that helpful
mental order. The only sure way 10
normally is over the paths nature has
marked throughout all human expert
ence.
sWith the approval Of congress the
executive branch of government has
been driving toward that decreased ex-
pendlture which is the most practical
assurance OF diminished taxation.
..War is not wholly responsible for
staggering costs; il 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.
II can make you no definite promise
IN figures today. but I can pledge you
n most conscientious drive 10 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. II the restoration fails,
world bankruptcy attends.
Work Of War Risk Bureau.
sIn view Of some Of the things
which have been said. and very care
lessly said. perhaps I ought to report
officially some Of the things which
have been done In the department or
war risk insurance. there have been
fled up to July Z. 1921, compensation
and insurance claims numbering >l'.-