The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-04-22
ALDRICH TALKS
ON PAYNE BILL
BELIEVES TARIFF MEASURE WILL
PROVIDE ENOUGH REVENUE
TO MEET EXPENSES.
MIGHT CUT EXPENDITURES.
Economy Must Be Adopted by Govern.
ment if Receipts Are Not
Sufficient.
FURNISHES ARRAY OF FIGURES.

| WASHINGTON, ID. c.. April 10
Senator Aldrich Of Rhode Island was
the principal speaker in the discussion of
the Payne tariff bill before the Senate
today. His arguments We're confined to
the revenue producing feature of the
I bill, giving lengthy statement of the
governments expenditures, as estimated,
for the next three years and the amount
of revenue which the Payne bill will pro-
duce.
Will Meet Expenses.
Mr.. Aldrch said in part: The prac-
teal question to which | ask your atten-
ton today is Will the bill as reported
from the committee on finance product
sufficient revenue when taken i'll connec-
ton with the internal revenue taxes and
other existing sources of revenue to meet
the expenses of the goyernmnt without
the imposition of additional taXesT | an
SWer unhesltatlngly, after Il thorough and
careful Investigation of the facts and the
conditions likely to surround the prob
lem that it will"
Mr.. Adrich submitted statements
showing the receipts, disbursements, sur
pluses and deficits actual and estimates
of the treasury for the fiscal years 1900
TO i91l, inclusive. His estimates for
the fiscal years 1909 to 1911 inclusive
were as follows:
Fiscal year 1909: Receipts. S605 O4I. go;
Disbursements S6I4 800 ESQ., surplus, A, 500,
4G2, 45O.
Fiscal year 1910: Receipts. $500 600. 900:
disbursements, S7r,ooo0oo; surplus, A, $40,
UUO.OuD
Fiscal year 1911: Receipts. SG05ooo, 0a0;
disbursements, $G65,ouo,oco; surplus, 500.
uuu,OtA
A-De1cit.
In these statements both the receipts
and disbursements for the Panama canal
have been eliminated for obvious rea-
sons" said Mr.. Aldrch. 1T is the pol
icy of Congress, which | think has uni
versal approval that payments for the
canal and it's construction should not
be made from current revenues, but met
by the sale of bonds.
business activity and the movement
for increased importationS has already
cummenccd,' continued the senator, I'VE
can feel the change in the air.
VIII Make Up Deficits.
IF the statements | have submitted
are approximately correct, the independ-
ent question arises: In what way is
the treasury to take care of the def
ciencics | have indicated for the present
and the following fiscal year,? The
treasury has today, including the SIT,
GS1,215.S9 which it is entitled to re-
cciye for reimbursement of canal eX-
pendltures practically S1OO0OO,OOO of
available surplus over a necessary work
ing balance. This surplus IS likely to
be reduced. say S6,OODOoO, between now
and the Both of June by additions to
the deficiency for the current fiscal year.
leaving on that date an available sur
plus of S91,OOO,00O. If the estimates
| have made for the year of 1910 are ac-
b, .S-irnotnl 1ntrinnrv of ~
O0o,OW i'll that year would still leave
surplus in the treasury of S49ooo,Wo
which would be increased from time to
time in the subsequent years.
In estimating the treasury surplus, |
have assumed that canal bonds can he
sold from time to time to an amount
which will reimburse the treasury for all
payments on account of the canal and
that they are now available for that pur-
pose. Further legislation will however
be necessary in this bill to secure that
result
The comptroller of the treasury has
held that 100000 600 of the amount pad
is not reimhursahle under the provisions
of existing law Existing legislation only
authorizes the issue OF per cent. bonds
which must be held at not less than par
These could only be purchased by or for
the national banks. 1t would not ne
possible to sell a considerable amount OF
bonds of this character at par. 1t VIII
therefore be necessary to authorize the
secretary of the treasury to sell bonds of
Il different class. Bonds redeemable ut
the pleasure of the government after Il
few years could undoubtedly be sold at
rate not exceedings : per cent. and the
necessary authority should be given IN
this bill for such purpose.
Can Cut Expenses.
1T should be the function said Sen
ator .Aldrich, of the committee on public
expenditures recently created to take
INTO consideration. long before the APP
propriation bills are received from the
House the estimates and needs OF the
various departments and report Their
recommendations TO the Senate in order
that responsibility for future eXtraya-
gances may be clearly fixed. From an
investigation more or less superficial |
am myself satisfied that the approprla-
tons made last year could have been re-
duced at least $50,oo0O0O without inn
pairing the efficiency of the public serv-