Honourable Ministers, Colleagues, Gentlemen,—It might be asked, Why such fuss, why so many soldiers for a ceremony which could be described as purely administrative, such as the consignment of my two Budgets to the Finance Minister? We must answer this question thus: For various motives, some more plausible than others. The solemnity which accompanies this ceremony serves to demonstrate the immense importance the Government attaches to a rapid restoration of financial normality. We have formally promised to make a start towards balancing the State Budget, and with this promise we wish to keep faith at whatever cost. We must be convinced that if the whole falls, the part falls too; and that if the economic life of the nation falls in ruin, all that is in the nation—institutions, men, classes—is destined to suffer the same fate.
And why these soldiers? To show that the Government has strength. I declare that, if possible, I want to govern with the consent of the majority of the people, but whilst waiting for this consent to be formed, to be nourished, to be strengthened, I collect the maximum available force. Because it may happen, by chance, that force may aid in rediscovering consent, and, at any rate, should consent be lacking, force still remains. In all the measures—even the most drastic—the Government takes, we shall put before the people this dilemma: either accept them from a high spirit of patriotism or submit to them. This is how I conceive the State, and how I understand the art of governing the nation.
I am glad to find myself before you—(continued the President, turning to the officials of the Ministry of Finance present at the ceremony)—because the Minister has spoken very favourably to me of the high officials of the Ministry of Finance. He told me that some of you often work up to sixteen hours a day. Well done! Those are long hours, but it is a splendid example. But if they were not sufficient, it would be necessary to work even twenty hours. Only thus, gentlemen, shall we rise up out of the sea of our present difficulties and reach the shore.
We must inculcate in our spirit a sense of absolute discipline. We must consider that the money of the Treasury is sacred above everything else. It does not rain down from Heaven, nor can it even be made with a turn of the printing press, which, if I could, I would like to smash to pieces. It is made out of the sweat, it might be said of the blood, of the Italian people, who work to-day, but who will work more to-morrow. Every lira, every soldo, every centesimo of this money must be considered sacred and should not be spent unless reasons of strict and proved necessity demand it. The history of peoples tells us that strict finance has brought nations to security. I feel that each one of you believes in this truth, which is fully proved by history.
With this conviction I bid you farewell. (Applause.)
“IT IS NOT THE ECONOMIC SYSTEM OF EUROPE ALONE THAT WE HAVE TO RESTORE TO ITS FULL EFFICIENCY”
Speech delivered at the Palazzo dell’ Esposizione in Rome, on 18th March 1923, before the International Congress of the Chambers of Commerce.
Gentlemen,—The Government over which I have the honour to preside and which I represent is glad to welcome you to Rome and offers you a deferential and cordial greeting, which I extend also to the foreign representatives, who have wished to honour us by their presence. The fact that your important Congress is held in the capital of Italy, only five months after the events which gave the control of public affairs to the youthful forces of war and of victory is the best declaration to the world that the Italian nation is rapidly returning to the full normality of her political and economical life. In a meeting like this I shall not linger on the former, but shall briefly dwell on the latter subject.
The economic policy of the new Italian Government is simple. I consider that the State should renounce its industrial functions, especially of a monopolistic nature, for which it is inadequate. I consider that a Government which means to relieve rapidly peoples from after-war crises should allow free play to private enterprise, should renounce any meddling or restrictive legislation, which may please the Socialist demagogues, but proves, in the end, as experience shows, absolutely ruinous.
It is, therefore, time to remove from the shoulders of the producing forces of every nation the last remains of that machinery which was called the trappings of war and to examine economic problems, no longer with a state of mind veiled by the influence of particular interests, as they had to be examined during the war. I do not believe that the aggregate of forces, which in industry, in agriculture, in commerce, in banking, in transportation may be called by the world-name of capitalism, is near its downfall, as certain doctrinarians belonging to the Social-Extremists have claimed. One of the great historical experiences of which we have been witnesses proves that all the systems of associated economics which do away with private initiative and individual effort fail more or less pitifully in a short time. But free initiative does not exclude an agreement between groups, which will be realised all the easier when there is a loyal protection of each separate interest. Your Chamber of Commerce follows exactly this programme of enquiry, and of stabilisation, of co-ordinating and conciliating the various interests. You are here in Rome to discuss the best means to revive the great currents of trade which, before the war, had increased general wealth and brought all people to a high standard of living. These are weighty and delicate problems which often cause discussions of a political and moral nature. To solve them we must be guided by the conviction that it is not the economic system of Europe alone that we have to restore to its full efficiency, but that there are also countries and continents which may offer a field for a larger economic activity in the near future. It is not without significance that the powerful Republic of the United States has sent such a large number of her representatives to Rome. It means that, if official political America still keeps an attitude of reserve, economic America feels that she cannot remain indifferent to what may or may not be done in Europe.