New-York tribune., 1922-09-20

pfecedeHt VI distributing nuDHc
funds whenever the proposal and the
numbers affected make it seem polit-
ically appealing TO do so.
Congress clearly appraised the
danger of borrowing directly TO
finance bestowal which is without
obligation and manifestly recognized
the financial problems with which
the nation is confronted. Ou- matur-
rent fiscal year amount to approx
mate1y $4,000 900 900, most of which
will have to be refunded Within
the next six years more than $1o,-
100000, 900 of debt will mature and
win have to be financed. These out
standing and maturing obligations
arc difficult enough to meet without
the complication CT added borrow
ings, every one of which threatens
higher interest and delays the ad-
iustment to stable government
financing and the diminution of Fed
eral taxes to the defensible cost of
government,
at is sometimes thoughtlessly
urged that it is q simple thing for
the rich Republic to add $4,000 900,
600 TO its indebtedness. This impress
sion comes from the readiness of the
public response TO the governments
appeal for funds amid the stress of
war. 1t is TO be remembered that in
the war everybody was ready to give
his all. Let US not recall the COM
paratiyely few exceptions. Citizens
of every degree Of competence loaned
and sacrificed, precisely in the same
spirit that our armed forces went out
for service. The war spirit impelled,
To war necessity there was but one
answer, but a peace bestowal on the
eX-service man, as though the su-
preme Offering could be paid for with
cash, is perversion of public funds,
Il reversal of the policy which exalted
patriotic service in the past, and sug-
gests that future defense is to be in
spiped by compensation rather than
consciousness Of duty to flag and
country.
Retrenchment u. S. Problem
"The pressing problem of the gov
ernment is that OF diminishing our
burdens rather than adding thereto.
1t is the problem of the world. War
infations and war expenditures have
unbalanced budgets and added to in
debtedness until the whole world is
staggering under the load. We have
been driving in every direction to
curtail our expenditures and estab-
lish economies without impairing the
essentials Of governmental activities.
1t has been a difficult and unpopular
task. it is vastly more applauded to
eXpend than to deny. After nearly a
year and quarter of insistencc and
persuasion, with 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 so essential to
our future welfare.
"The financial problems of the gov
ernment are too little needed until
we are face to face with a great
emergency. The diminishing income
of the government, due to the re-
ceding tides of business and attend
ing incomes, have been overlooked
nom mentarily, but cannot be long
ignored. The latest budget figures
for the current fiscal year show an
estimated deficit Of more than $780,
600 coo and further deficit for the
upon all interest collections on for
eign indebtedness which the govern
ment is likely to receive To add to
our pledges to pay, except as neces-
sity compels, must seem no less than
governmental folly. Inevitably it
means increased taxation, which
Congress was unwilling to levy for
the purpose of this bill, and will
turn us from the course toward econ
omy so essential to promote the ac-
tlVIties which contribute to common
welfare.
ut is to be remembered shat the
United States played no self-seeking
part in tho - orld War and pursued
an unselfsh policy after the cause
was won, We demanded no repara-
tion for the cost involved, no pay
mcnts out of which obligations TO
our soldiers could be met. / have not
magnifed the willing outlay in be-
half of those to whom we have a
sacred obligation. 1t is essential to
remember that more than $4,000.
100000 pledge to the able bodied ex-
service men now will not diminish
the later obligations which will have
to be met when the younger veterans
Of to-day shall contribute to the rolls
of the aged, INDECENT and dependent.
"lt is as inevitable as that the
years will pass that pension provi-
sion for World War veterans will be
made, as it had been made for those
who served in previous wars. 1t will
cost more billions than ! venture to
suggest. There will be justification
VIXEN the need Is apparent, and a
rational financial policy to-day is nee
cessary to make the nation ready for
the expenditure which is certain to
be required in the coming years.
The contemplation of such q policy
Is in accord with the established
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.
u confess regret that ] must
sound note of disappointment to
the many ex-service men who have
the Impression that 1t is as simple
matter for the government to be-
STOW billions i'll peace as it was TO
expend billions IN war. ] regret to
stand between them and the pitiably
small compensation proposed. | dis
like to be out of accord with the
majority Of Congress which has voted
the bestowal. The simple truth is that
thls blll proposes government obli-
CATION of more than four billionD
without provision of funds for the
extraordinary expenditure, which the
executive branch of the government
must finance in the face of difficult
financial problems and the complete
defeat OF our commitment to effect
economies. would rather appeal,
therefore, to the candid reflections
OF Congress and the country, and to
the ex-service men in particular, az
to the course better suited to further
the welfare of our country. These
eX-soldierS who snruad 60 Gallant L..