Economy is demanded in every branch of the Government at all times, but
especially in periods, like the present, of depression in business and
distress among the people. The severest economy must be observed in all
public expenditures, and extravagance stopped wherever it is found, and
prevented wherever in the future it may be developed. If the revenues
are to remain as now, the only relief that can come must be from
decreased expenditures. But the present must not become the permanent
condition of the Government. It has been our uniform practice to retire,
not increase our outstanding obligations, and this policy must again be
resumed and vigorously enforced. Our revenues should always be large
enough to meet with ease and promptness not only our current needs and
the principal and interest of the public debt, but to make proper and
liberal provision for that most deserving body of public creditors, the
soldiers and sailors and the widows and orphans who are the pensioners
of the United States.

The Government should not be permitted to run behind or increase its
debt in times like the present. Suitably to provide against this is the
mandate of duty--the certain and easy remedy for most of our financial
difficulties. A deficiency is inevitable so long as the expenditures of
the Government exceed its receipts. It can only be met by loans or an
increased revenue. 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