US Presidential Inaugural Addresses by Various
page 228 of 440 (51%)
page 228 of 440 (51%)
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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 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. The best way for the Government to maintain its credit is to pay as it goes - not by resorting to loans, but by keeping out of debt - through an adequate income secured by a system of taxation, external or internal, or both. It is the settled policy of the Government, pursued from the beginning and practiced by all parties and Administrations, to raise the bulk of our revenue from taxes upon foreign productions entering the United States for sale and consumption, and avoiding, for the most part, every form of direct taxation, except in time of war. |
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