, 1922-09-19

These outstanding and maturing
o-hiirations are difficult enough 10
meet without the complication Of
added borrowings. everyone OF
which threatens higher interest
and DELAYS tho adjustment to stable
government financing and h d.
muniiion Of federal Ike 10 defen'
rible cost OF government
PART FOUR.
1T is sometimes thoughtlessly
urged that It is a simple thing for
the rich republic 10 ada four bill
iIons 10 It's indebtedness. This i'm
preston ome from tho readiness
Of the public response TO h gov
ernnsnt's appeal for funds amid
tho stress Of war. II Is to be re-
msnbered that IN the war every
bosv was ready TO give his all. Let
,a not recall the comparatively Few
exceptions. Citizens Of every de-
rree OF competence loaned and sac
ris,csa precisely in the same spirit
raj our armed forces went out for
service The war spirit impelled'
To a var necessity there was but
one answer. but a peace bestoWSl on
.he ex.esrvice men. az though the
-,,preme offering could be paid Tor
With cash. IS n pervision OF pnhhe
r,rds. a reversal OF the policy
,vbtch exalted public service IN the
mast and suggests that future &c
fense is to be inspired by compeh,
satlon rather than consciousness Oh
duty to flag and country
"The pressing .nroblems OF INC
.or.-rment IS that Of diminishing
our b,rdens. rather than adalhs
.hcreto It Is the problem OF the
worla wa mutations and war ex-
,ord,,ures have unbalanced bud
re.s and added TO indebtedness un'
a. tbe whole world IS staggering
,,.5nr the load. We have been driV-
- IN every direction 20 curtah u
md establish eoono-
wtes without impairing the essen
,ta1s of governmental activities II
Ia. been a difficult and unpopular
.nzk 1t is vastly more applauaeu
TO expend than TO deny. Atter near
" a year and n quarter OF INSIST
ence and persuansion with a con.
rerted rive to re6uce goverenment
ornenditure in every quarter pos
srhls a would wipe out everything
,h,s FAR accomplished to add now
ts,s pTonosed burden and it would
~era Inc commitment Of economy
and saving so essential 20 u fu-
ture welfare.
PART FIVE.
The financial problems Of the
government are too little needed
until We are face TO face with a
yreat emergency. The diminishing
income of the government, u 70
the recedinE tides Of business anu
attending Incomes. been over
Iooked momentarily but cannot be
long ignoredI The latest budget
figures for the current fiscal year
show an estimated deficit of more
Than $4,000, 900 and a further def
tcit for the year succeeding, even
after counting upon all interest col
lections on foreign indebtedness.
which the government is likely 10
receive. To add 10 our pledges 10
pay except as necessity compels'
must seem no less than govern
mental folly. Inevitably 1t means
Increased taxation, which congress
wa unwilling 10 levy for the pur'
tose OF this bill, and will urn us
from the course toward economy
so essential to promote the activi'
ties which contribute to common
welfare.
TT is 10 he remembered that the
United States played no self-seek.
ing part in the world war and pur
sued an Snselfish policy after the
cause was won. We demanded nc
-reparations for the cost involved nc
payments out OF which obligations
TO u soldiers could be met. I have
not magnified the willing outlay in
behalf Of those who whom We have
a sacred obligation. It Is essential
to remember that a more than foul
billion dollar pledge 10 the able
bodied ex-service men now will not
diminish the latter obligation,
which will have to be met when this
younger veterans Of today shall
contribute TO the rolls Of the aged
Indignant and dependent. Il IS a,
Inevitable as that the years vii
pass, that pension provision fol
world war veterans will be made
as Il has been made for those whit
Served in previous It will cos
nore blrione than ] venture TO sug
sgest There will be justification
.yhen the need IS apparent and
rational financial policy today +
necessary TO make the nation read
for the expenditure which IS cei
ain to be required in the comm
years. The contemplation Of sue
a policy is In accord with the e
fablished practice Of the nation. ar