Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1909-04-19
AMPLE REVENUE,
PLEADS ALDR|CH
CHAIRMAN OF FINANCE COMMIT
TEE DEFENDS SENATE TAR.
IFF MEASURE.
ESTIMATES PRESENTED
ON CURRENT EXPENSES

showing proposed 6ilI VIII create
| Surplus in Two Years - Intmates
That Income Tax Amendment Is OBJ
jectonabIe.
Washington, April 19.-The house
was in session for only> five minutes
today. The report of the conferees on
opening debate of the pending tariff
bill today, Senator Aldrich, chairman
of the committee on finance, assured
the senate in most, positive terms the
bill reported from the committee on
finance would produce ample revenue
for the government. He suggested that
if, by any possibility. these estimates
should prove to be incorrect, the duty
of congress would be to "reduce ex-
penditures to make them conform to
the actual revenue conditions and not
to impose new and onerous taxes"
While he did not refer specifically to
any proposition to impose an income
tax, his statement declaring that am
I pie revenue may be derived from other
sources was accepted as direct oppo-
sition to all such propositions.
Nearly every seantor was present
when Aldrich spoke and most careful
attention was accorded him on both
Si6 pf cl,O {,,r,
senators who desired to reply to AL
could carefully study his statements.
In committing upon the tariff bill AL
drich said it was not his purpose to
discuss the wisdom or unwisdom of
the protective tariff policy. He. added
that there will be no attempt to re-
! strict debate on the democratic side
upon that question. Three items, he
said, had been reported practically
without ecommendation-coal and its
reciprocal provision; print paper, wood
pulp, and hides. He said this had not
been done because of any desire to
evade responsibility on those questions
but merely 5etause the committee had
not received the data that would be
necessary to permit it to draw its con-
clusions. When that data was received.
he said, recommendations would be
made in respect to these items.
AIdrich Explains Bill.
In a speech explaining the tariff bill,
which was submitted to the senate to-
!. day by the finance committee, Chair
man Aldrich said in part:
"The practical question to which I
ask your attention today is, Will the
| bill as reported from the committee
produce sufficient revenue when taken
in connection with internal revenue
taxes and other existing sources of
revenue, to meet the expenses of the
government without the imposition of
additional taxes?' / answer unhesitat-
ingly, after thorough and careful
Investigation of facts and conditions
likely to surround the problem, that it
will"
| Aldrich submitted statements show
ing receipts, disbursements, surpluses
and deficits, actual and estimated, of
the treasury for the fiscal years 1900
| to 1911, inclusive His estimates for
the fiscal years 1909 to 1911, inclusive,
show deficit for 1909 Of $50, ,462 900:
for 1910, deficit Of $45O0O,000, and
for 1911, surplus of $30,000.000.
| Panama Canal Eliminated.
"In these statements both receipts
and disbursements for the Panama
canal have been eliminated for obvious
reasons" said Aldrich. ut is the policy
of congress, which I think has univer-
sal approval, that payments for the
canal and its construction should not
be made from current revenues, but
met by the sale Of bonds. If statements
have submitted are approximately
correct, the Independent question
arises, In what way is the treasury to
take care of the deficiencies have in
dicated for the present and following
fiscal year?"
Figures Surplus at Present.
"The treasury has today,> including
$74,6s1 900 which it is entitled to re-
ceive for reimbursement Of canal ex-
penditures, practically one hundred
million of available surplus over nec-
essary working balance. This surplus
is likely to be reduced say six mil
lions between now and the 30th Of
June by additions to the deficiency
for the current fiscal year, leaving on
! that date an available surplus of $94,-
100000. II estimates which I have
made for the year 1910 are accurate,
the estimated deficiency of forty-flve
millions In that year would still leave
a surplus in the treasury Of forty nine
millions. which would be increased
from time to time in subsequent years.
As to Canal Bonds.
In estimating treasury surplus, I
have assumed that canal bonds can be
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 purpose. Further legislation will,
however, be necessary in this bill to
secure that result. The comptroller Vt
the treasury has held that sixty nil
lions Of the amount paid is not reim-
bursable under the provisions Of the
existing law. Existing legislation only
authorizes the issue Of 2 per cent bonds
which must be sold at less than par.
These could only be purchased by or
for national banks. 1t would be posse
BILE to sell q considerable amount Of
bonds OF this character at par. It will
therefore be necessary to authorize tile
4 secretary OF the treasury to sell bonAl
Of a different class Bonds redeemable
at the pleasure OF the government after