The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1909-03-19
GRAND OLD PARTY
NOW FACE TO FACE
WITH HUGE DEFICIT
EXPENDITURES ALREADY MORE
THAN ONE HUNDRED MILLION
AHEAD OF RECEIPTS.
TAFT WANTS INHERITANCE TAX
Opposes The Imposition OF a Tax
Upon The Breakfast Table.-Many
Return to War Time Methods For
Raising Revenue.

WASHINGTON, March 12.-Ons
hundred and fourteen million dollars
is the estimated deficit for the year
ending June 8, 1909. These figures
we're given by L. A. Coolidge, assist
ant secretary of the treasury Prest
dent Taft had no objections to hav-
ing this sum written on the black.
board in big figures for the daily con-
sideration of tariff-revision. Also, he
is willing to have it known that he
favors an inheritance tax
President Taft faces bond issues or
new revenue-producing measures. In
his talks with senators and represent
tatives he was not admitted any de-
sire to see the tariff so made as to
take care Of the deficit. His tartw
policy has been frequently expressed
in his own condensed phrase: The
tariff tax should equal the difference
in cost between production here and
abroad"
I
the needed revenue in other ways.
The better understanding of the Pres"
ident's views is having its effect upon
the tariff-makers. 1t is very positively
stated that he is opposed to taxing
the breakfast table to raise money to
wine out the deficit He is opposed
to further taxes of domestic necesst-
ties. He favors direct and indirect
taxes on business, rather than on
homes. He would rather see a tax on
telegraph messages than on tea. He
prefers a tax on bank checks rather
than a duty on coffee
Where tariff reductions can be
made with the result of lessenlng
prices to consumers in homes, he
wants this done regardless of reVe-
nues He is ready to go to congress
with a request for an inheritance tax
to meet the difference. He is making
no public utterances on inheritance
7 taxes at this time, but he is plain
spoken about it with him intimates,
and positive in asserting his inten"
tons.
War Stamp Taxes.
Spanish-American war stamp taxes
on bank checks, bills of sale, bills or
lading, sugar and petroleum refining
companies, legacies, Pullman car
seats, telegraph messages, patent
medicines, beer, tobacco and other
oauers and articles raised in the little
more than three years of their coli
lection 1913, 79O, sol. A single year,
1891, produced $107 ,646,213.
If this tax be restored it will re-
lieve the present situation. The
treasury deficit up to date has reached
$50. 925,32S The daily excess OF exc
penditures over receipts can be aver.
aged by citing yesterdays $69O,931.
Ex-Secretary Cortelyou's estimate
of the deficit for the year ending June
80 was S114,000OO0 Assistant Sec
rotary Coolidge expressed the opinion
, | tnaJ JnlS HSuIe Wouiu So'Ni "
some quarters it is asserted that II
there is any important reductions in
the tariff this estimated deficit Will
be materially increased, and what IT
NAV be, the republicans, If they sup
mort the view of Mr. Taft, will favor
taxes on inheritances and perhaps
some of the Spanish war taxes.
The breakfast table is advocated by
, some of the leaders, including Chair
man Payne would produce about $685.
600 600 of revenue. OF this sum sugar
would bring in $65,0OO,0O0; coffee.
$50 900 900; cocoa, $1,OOO,O0O, and tea,
$40 900 900 Beer and tobacco now
pay $4O,OOO,0OO annually, and during
the Spanish-American war increased
, to $42 100000
The first delay on the tariff bill Will
=, occur next Monday when congress
. meets in extra session. Contrary to
> general belief, the bill will not be re-
ported by Chairman Payne, OF the
= ways and means committee The
committee at that time will not be
> complete, three members of 1t having
retired on March 4. The three con-
stitute one-third of the committee,
and they may insist on the right to
: examine the bill.
y !