Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-20

confidence on which our credit is build
cd and establish the precedent of dis
tributing public funds whenever the
proposal and the numbers affected
make it seem politically appealing to
do SO.
Congress clearly appraised the dam
ger of borrowing directly to finance a
bestowal which is without obligation
and manifestly recognized the financial
problems with which the nation is con-
fronted. Our maturing promises to
pay within the current fiscal year
amount to approximately s4,000.0Oo,-
600, most Of which will have TO be re-
funded Within the next six years
more than s10000.o00 of debt will ma
ture and will have to be financed.
cations are difficult enough to meet
without the complication Of added bor-
rowings, every one Of which threatens
higher interest and delays the adjust
ment to stable government financing
and the diminution of federal taxes to
the defensible cost of government.
1T is sometimes thoughtlessly urged
that it is simple thing for the rich
republic to add four billions to it's in
debtcdness. This impression comes
from the readiness of the public re-
Spouse to the governments appeal for
funds amid the stress Of war. 1t is
to be remembered that in the war ev-
erybody was ready to give his all. Let
us not recall the comparatively few ex-
ceptions. Citizens of every degree of
competence loaned and sacrificed, pre-
ciscly in the same spirit that our arm
cd forces went out for service. The
sity there was but one answer But
a peace bestowal on the ex-service men
as though the supreme offering could
be paid for with cash, is a perversion
of public funds. reversal of the pol
icy which exalted patriotic service in
the past, and suggests the future de-
Tense is to be inspired by compcnsa-
ton rather than consciousness of duty
to flag and country.
The pressing problem of the
government is that of diminishing
our burdens, rather than adding
thereto. 1t is the problem of tho
world. War mutations and war ex-
penditures have unbalanced budgets
and added to indie btedness until the
whole world is staggering under the
load; we have been driving in every
direction to curtail our expenditures
and establish economies without i'm
pairing the essentials of government
al activities. 1t has been a difficult
and unpopular task. 1t is vastly more
applauded to eXpend than to deny.
After nearly year and a quarter
of insistence and persuasion with a
| concerted drive to reduce government
expenditure in every quarter possible,
it would wipe out everything thus
far accomplished to add now the
proposed burden and it would rend
| the commitment of economy and
saving as essential to our future well
| fare:
1.-THE financial problems of the gov
eminent are too little needed until
| we are face to face with a great
emergency. The diminishing income
| of the government, due to the reced :
ing tides Of business and attending
! incomes, has been overlooked mo-
mentarily, but cannot be long ignored.
The latest Eurgct figures for the
current fiscal year show an estimated
deficit of more than S650,000, 900, and
a further deficit for the year sue
, ceeding, even after counting upon
all interest collections on foreign
Indebtedness which the government
is likely to receive. To add to our
pledges TO pay, except as necessity
compels, must seem no less than
government folly. Inevitably it
means increased taxation which Con-
sress was unwilling to levy for the
purpose of this bill and will turn us
from the course toward economy so
essential to promote the activities
which contribute to common welfare.
1t is to be remembered that the
United States played NO sclf-seeking
part in the World War and pursued
an unselfish policy after the cause
was won. We demanded no rcpara-
ton for the cost involved. no pay
mcnts out of which obi cations to our
soldiers could be met.
II have not magnified the willing
outlay in behalf of those to whom
we have a sacred obligation. 1t is
essential to remember that a more
than four billion dollar pledge to the
able bodied eX-service men will not
diminish the later obligations which
will have to be met when the young
! ON &c r1,o {,,;l~ 80
to the rolls of the aged, INDECENT and
dependent. 1t is as inevita BILE as that
the years will pass. that pension pro-
vision for world war veterans will
be made. as it has been made for
those who served in previous wars.
1t will cost more billions than / VEN
ture to suggest. There will be iusti-
fication when the need is apparent,
and a rational financial policy today
is necessary to make the nation
ready for the expenditure which is
certain TO be required in the coming
years The contemplation Of such a
policy is in accord with the establish
ed practice of the nation, and puts
the service men of the world war,
on the same plane as the millions of
men who fought the previous battles
of the republic.
Il confess a regret that I must
sound a note of disappointment to
the many ex-service men who have
the impression that it is as simple a
matter for the government to bss-
tow billions in peace as it was to ex-