dBooks desire

While a large annual surplus of revenue may invite
waste and extravagance, inadequate revenue creates distrust and
undermines public and private credit. Neither should be encouraged.
Between more loans and more revenue there ought to be but one opinion.
We should have more revenue, and that without delay, hindrance, or
postponement. A surplus in the Treasury created by loans is not a
permanent or safe reliance. It will suffice while it lasts, but it can
not last long while the outlays of the Government are greater than its
receipts, as has been the case during the past two years. Nor must
it be forgotten that however much such loans may temporarily relieve
the situation, the Government is still indebted for the amount of the
surplus thus accrued, which it must ultimately pay, while its ability
to pay is not strengthened, but weakened by a continued deficit. Loans
are imperative in great emergencies to preserve the Government or its
credit, but a failure to supply needed revenue in time of peace for
the maintenance of either has no justification.


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