The Treasury itself could get along for a considerable period, no doubt,
without immediate resort to new sources of taxation. But at what cost to
the business of the community? Approximately $75,000,000, a large part
of the present Treasury balance, is now on deposit with national banks
distributed throughout the country. It is deposited, of course, on call.
I need not point out to you what the probable consequences of
inconvenience and distress and confusion would be if the diminishing
income of the Treasury should make it necessary rapidly to withdraw
these deposits. And yet without additional revenue that plainly might
become necessary, and the time when it became necessary could not be
controlled or determined by the convenience of the business of the
country. It would have to be determined by the operations and
necessities of the Treasury itself. Such risks are not necessary and
ought not to be run. We cannot too scrupulously or carefully safeguard a
financial situation which is at best, while war continues in Europe,
difficult and abnormal. Hesitation and delay are the worst forms of bad
policy under such conditions.
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