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.

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.

And we ought not to borrow. We ought to resort to taxation, however we
may regret the necessity of putting additional temporary burdens on our