The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1936-01-09

Hence, there is no question that many
lines of commerce and industry are go
ing to be drawn into the preliminaries
of this decision.
To explain how disturbing to certain
lines of industry this thing can be, 1t
is only necessary to recall events of
the last month or so in connection with
the sanctions proposed by the League
of Nations. The League has tried to
force the dictator, Mussolini, to with
draw from Africa by the use of en-
bargoes, which is what sanctions are.
The League proceeded with consider
able vigor until it reached the question
of oil. Immediately, shoes began to
pinch and the feet that were pinched
were in every country where oil is
found, even our own.
AS a result, they have led the oil
horse up to the watering trough from
half dozen different approaches but
they have not yet been able to make
him drink Our own oil interests have
not been quiescent. If the league bans
Oil shipments to Italy, the United
States, which is not member of the
league, obviously will do likewise. Prof
its of the oil companies and the hun
dreds upon hundreds of thousands of
shareholders would be cut.
Further, Mussolini has announced
publicly that imposition of the en-
barge upon oil would mean war. He
did not say with whom he would go
t;ch nd ho oh
know and they are getting ready. The
British has its entire home fleet in the
Mediterranean at this time and the
Blue Jackets aboard the British men
of war have been drilled thoroughly
anew in the science of manning their
big guns.
So it is seen how delicate this whole
circumstance is. 1t is plain that when
congress deals with the neutrality leg
islation, it is moulding a pattern over
which there will be undoubtedly an
alignment among our citizens as sharp
ly drawn as though it were purely
domestic question. There will be those,
of course, who favor permanent pol
| icy which will make it mandatory upon
the President to apply embargoes
against shipments of anything disable
| in war and treat all nations engaged in
war alike. There will be set off against
| this sentiment those who think the
Chief Executive should have discretion
| airy power and that the government
should not be placed in a strait-jacket
/ from which it cannot extricate itself
| without congressional action. What
| ever the conclusions may be and what
ever form the new legislation takes,
| it remains as one of the most impor-
| tant policies to come before congress
in many moons. Whatever is done
necessarily will be a precedent toward
which future generations will look as
| time goes on whether civilization be-
comes more enlightened or not.
The Treasury, operating on a fiscal
year that runs from July to June 80,
| has just passed the
Must Cut halfway point in the
| Oufro current 12-month Pc
| Rod. The figures
| SHOW IudI us TeCeIplS are Tagging lar
behind the expenditures and demon
strates the necessity for cutting down
the federal outgo unless the nation de-
sires to see its public debt go far be-
yond any total hitherto conceived.
| The official Treasury statement as
of December 80 shows that the gov
eminent has spent approximately ST.
S50,0O0O00 more in the first six months
of this fiscal year than it received in
| taxes and other revenue.
| In consequence of this deficit, the
| public debt is now approximately $780,
6OOOO0,000, the highest point it ever
has reached and that total is roughly
two billion dollars higher than the pub
| lie debt as it stood last July l when
the present fiscal year began.
Since the expenditures were so much
| larger than the receipts, the Treasury
has been operating on a basis that, re-
| duced to the minimum, shows an out.
go of about $196 for every $1.OO col.
| lected in revenue during the first half
| of the current year.
| @ Western Newspaper Union.
/
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