Conditions
have arisen which no man foresaw; they affect the whole world of
commerce and economic production; and they must be faced and dealt with.
It would be very unwise to postpone dealing with them. Delay in such a
matter and in the particular circumstances in which we now find
ourselves as a nation might involve consequences of the most
embarrassing and deplorable sort, for which I, for one, would not care
to be responsible. It would be very dangerous in the present
circumstances to create a moment's doubt as to the strength and
sufficiency of the Treasury of the United States, its ability to
assist, to steady, and sustain the financial operations of the country's
business. If the Treasury is known, or even thought, to be weak, where
will be our peace of mind? The whole industrial activity of the country
would be chilled and demoralized. Just now the peculiarly difficult
financial problems of the moment are being successfully dealt with, with
great self-possession and good sense and very sound judgment; but they
are only in process of being worked out. If the process of solution is
to be completed, no one must be given reason to doubt the solidity and
adequacy of the Treasury of the Government which stands behind the whole
method by which our difficulties are being met and handled.
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