Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-09-20
Text of President Harding's
- Message VetOiug Bonus Bill

dence on which our credit is builded,
and establish the precedent Of dis
tributing public funds whenever he
proposal and the numbers affected
make it seem politically appealing to
do so.
Congress clearly appraised the
danger Of borrowing directly TO
finance a bestowal which Is without
obligation and manifcstly recognized
the financial problems with which tho
Nation is confronted. Our maturing
promises to pay within the current
fiscal year amount to approximately
$4,000, ,O0O. 900. most ot which will
have to be refunded. Within the next
six years more tnan $4,000, ,OO0. 900
of debt will mature and will have to
be financed. These outstanding and
maturing obligations are difficult
enough to meet without the compiler
tion Of added borrowings, every one
Of which threatens higher interest aud
delays the adjustment TO stable Gov
crnment financing and the diminu-
tion of Federal taxes to the dcfcnsibe
cost Of government.
War Times Past
II is sometimes thoughtlcssly urged
that it is simple thing for the rich
Republic TO add four billions TO itS
indebtedness. This impression comes
from the readiness Of the public re-
sponse 70 the Governments appeal
for funds amid the stress Of wnr, II
is to be remembered that in the war
everybody was ready to give his all.
Let us not recall the comparatively
few exceptions. Citizens of every
lNyrpn ,f
riticcd. precisely in the same spirit
that our armed forces went ou, for
service. The war spirit impelled. To
a war necessity there was but one
answer. but peace bcstowal on the
cX-scrvicc men. as though the su-
prcmc offering could be paid for with
cash. is pcrvcrsion of public funds,
II reversal Of the policy which exalted
patriotic service in tho past. and
suggests that future defense is 70 b.
inspired by compensation rather than
consciousness Of duty to flag and
country
Th" pressing problems of tho Gov
crnment is that of diminishing our
burdens. rather than adding thereto.
II is the problem Of the world. War
!nfations and war expenditures have
unbalanced budgets and added 10 the
Indebtedness until the whole world
is staggering under the iond. We have
ho"n driving in every direction TO
curtail our expenditures and cStab.
ltSh economies without impairirc the
essentials of governmental activities.
II has been n difficult and unpopular
task. II Is vastly more applauIod 10
CXpend than % deny. After nearly n
Nenr and quarter Of insistencc and
persuasion. with Il concerted drive 10
reduce Government expenditure in
every quarter roSSibe. Il would wine
out everything thus far accomplished
10 add now this proposed burden. and
i would rpnd the commitment of
economy and savin: so essential to
our future Wc'farc.
Nation Faces Deficit
The financial problems Of the Gov.
ernmcnt are too little needed until
wc are face to face with n great c,ne..
genry The diminishing income Of the
Government. due to the recedinc tides
OF business aud attending incomes.
has been overlooked momentarily. but
cannot be long ignored. The latest
budget figures for the current fiscal
wear show ~ estimated deficit OF more
than S6JO. 600. 900 and further def