The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1910-12-08

aid received was needed to maintain
the trade and was properly used for
that purpose.
Estimates For Next Years Expenses.
The final estimates for the year end
ing June 80, 1912, ns they have been
year for the ordinary expenses of the
government, including those for pub
lie buildings, rivers and harbors and
the navy building program. amount to
$500, 404, 013.12 This is So, 9GI. 1857 SO
less than the appropriations for the
fiscal year ending June 30 1911. 1t is
S16,SS3, 1874 less than the total esti-
mates, including supplemental esti-
mates submitted TO congress by the
treasury for the year 1911, and is So
574,G59.39 less than the original esti-
mates submitted by the treasury for
1911.
These figures DO not include the ap.
propriations for the Panama canal, the
policy in respect to which ought to be
and is to spend as much each year as
can be economically and effectively ex-
pended in order to complete the canal
rs promptly as possible, and there
fore the ordinary motive for cutting
down the expense of the government
does not apply to appropriations for
this purpose. 1t will be noted that the
estimates for the Panama canal for
the ensuing year are more than $JG-
100000, an Increase of S20,00000O
over the amount appropriated for this
year, a difference due to the fact thi.c
the estimates for 1912 include some
thing over $19,000,0O0 for the fortifica-
ton of the canal.
Against the estimates OF eXpendi
lures, $500, 404, 013.12, we have csti
mated receipts for next year $3.50
000000, making Il probable surplus of
ordinary receipts over ordinary OK
penditurcs Of about $50,000O00. or.
taking into account the estimates FOR
the Panama canal, which are $5G.320.-
S4T.G9 and which will ultimately be
! paid in bonds, it will leave Il deficit
for the next year of about $7.00D,C00
IL congress shall conclude TO fortify the
canal. The cost OF the Notifications
is about $19,00O,O00. Should there be
no appropriations this year for foriifl-
cations then there would be. even in
Guiding the Panama canal appropria-
ton, surplus of about $12,000,000
1t Is not essential to the prcvcntiu 2;
OF smuggling that customs districts
SHOULD be increased in number. The
violation of the customs laws can be-
quite as easily prevented and much
more economically by the revenue cut
ter service and by the use of the spe-
cial agent travelling force of the treas
ury department.
Very great improvements have been
made in respect to the minis and as
I say offices Diminished appropriations
have been asked for those whose con-
tinuance is unnecessary, and this
years estimate of expenses is $4,000
less than two years ago.
In the bureau of engraving and
printing great economies have been
| effected. Useless divisions have been
abolished. with the result of saving
| $4,000 this year in the total ex-
penses of the bureau despite increased
business.
Revenues.
| AS the treasury department is the
one through which the income of the
government is collected and its eXpend.
lures are discussed this seems a
proper place TO consider the operation
of the existing tariff bill, which be
| came Il law Aug. &, 1909. AS an in
come producing measure the existing
tariff bill has never been exceeded by
| any customs bill in the history Of the
| country.
The corporation excise tax, proper
! toned to the net income of every bust
| worked we'll The tax has been easily
collected. Its prompt payment indi
| Gates that the incidence of the tax has
not been heavy. 1t offers, moreover
an opportunity for knowledge by Tho
government of the general condition
J and business of all corporations. ant
that means by far the most important
| part of the business of the country. II
the original act provision was made
for the publication of returns. This
provision was subsequently amended
| by congress and the matter left TO the
regulation of the president. have di
rected the issue of the needed regula
lions and have made it possible for tn,
public generally to know from an OK
animation of the record the returns O
all corporations the stock Of which Il
listed on any public stock exchange o
Is offered for sale TO the general pub
lie by advertisement or otherwise. TIL
returns OF those corporations who's
stock Is not so listed or offered 70
sale are directed TO be open 10 the In
spection and examination OF creditor
and stockholders OF the corporation
whose record is sought. The return
of all corporations are subject TO tn
inspection OF any government officer o
TO the examination OF any court. Il
which the return made by the corpora
tion is relevant and competent cyl
dence.
Tho Payne Tariff Act.
The schedules Of the rates OF dut
In the Payne tariff act have been sui
iected to a great deal Of criticism