The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1846-07-07
TREASURY DEPARTMENT,
WASHINGTON, June l6, 1916.

June l5, 1916.
Sir:-I have duly considered the
resolution of the Senate, Of the Sd of June
1916, together with the estimates of the
Secretary of the Navy, of the 9th instant,
and of the Secretary of War, of the 18th
inst, submitted by YOU to this depart
ment, and respectfully report to you as
follows:
1t appears that the aggregate estimated
expenditures of the War and Navy De-
partments for the fiscal years terminating
on the Both June, 1916, and the 30th Of
June IS47, amount TO S23, 1852 ,904, over
and above the estimates made by these
departments in December last, and then
submitted in my annual report to Con-
gress. In that report it was supposed by
this department, that upon the expendi-
lures then estimated for state of peace,
there would remain on the lst of July,
lS47, balance in the Treasury Of $4,-
332, AL OF. Deducting this balance
from the excess Of expenditures above
estimated by the War and Navy Depart
ments, there would result deficiency of
$I9,620,463.
1t is believed, however, that this def
cheney will, from augmented receipts ac-
crued and accruing from the fiscal years
1916 and lS47, be diminished four mil
tions of dollars, which would reduce the
deficit on the lst of July, Is47, to $751;
go, ,463.
1t is ascertained by experience, that for
the certain. prompt, and convenient pay
ment of the public creditors, at all times
and place, throughout our extended terri
tory, and the supply of the mint and
branch mints for coinage, a sum of four
millions Of dollars, especially during a
state of war, must remain on hand IN the
treasury, which would again raise the
SUM to be provided for before the 30th of
June, 1917, to Sl9,620, ,463.
Iii believed, however, that sum G.
quail 10 S5,534,057 of additional revenue
may be produced by the modification of
the tariff herein proposed-narnely, to
adopt basis, the bill reducing the tariff
reported by the Committee Of Ways and
Means to the House of Representatives
on the l4th Of April last, together with
the augmented and additional duties now
proposed and enumerated in schedule A.
This change. of the bill reported by the COM
mittee, emitting the fourth section, would
make an addition to the revenue to be pro-
duced by that bill, of $4,O34,57.
After very careful examination of the
additional data which has been in my
power to obtain since the month of Feb
ruary last,it is myconvicuon that the bill of
committee will produce net revenue Of at
least twenty-six millions of dollars. If to
this be added the additional duties propos-
ed to be levied in schedule A, the bill of
the committee, with the notifications en-
braced in the schedule, wonld produce a
net revenue Of $30,034,0 This would
make an addition of $5,534,O57 to the
revenue that would be produced under the
act of the Both August, l842. If, then,
we deduct this $5, ,534,057 from the def
cit above estimated, il would still leaue a
deficit of $l4,0S6,406.
If, in addition to the notifications OF
the tariff above suggested, the warehous-
ing system were adopted, as recommend
ed in my annual report Of December last,
IT would make an addition 10 the annual
revenue from customs of one million OF
dollars, which, deducted from the above
deficit, would leave deficiency still re-
manning Of sl3,Os5, 400.
1t is true that the introduction of the
warehousing system might diminish the
revenue during portion Of the first yes