Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-12-07
PRESIDENT WILLIAM II. TAFT

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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 &c.,
100000, an increase Of $20,O00000
over the amount appropriated for this
year, 4 difference due to the fact that
the estimates for 1912 include some
thing over $19,000,00O for the fortifica-
ton of the canal.
Against the estimates of expendi-
lures, $500, 494,01312 we have esti-
mated receipts for next year $780,
100000, making Il probable surplus of
ordinary receipts over ordinary ey-
penditures of about S50.000.O00, or,
taking into account the estimates for
the Panama canal, which are $56920,-
S47.G9 and which will ultimately be
paid in bonds, it will leave a deficit
for the next year of about $1,O00,000
If congress Shall conclude to fortify the
canal. The cost of the Notifications
is about $19,000,O00 Should there be
no appropriations this year for fortii-
cations then there would be, even in
GLIDING the Panama canal appropria-
ton, a surplus of about So 100000.
1t is not essential to the preventing
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
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 eH-.
penses of the bureau despite increased
business.
Revenues. .9ai,
AS the treasury department is the
one through which the income of the
government is collected and it's expentl-
lures are discussed this seems a
proper place to consider the operation
Of the existing tariff bill, which be
came law Aug. 6, 1909. AS an i'll
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
ness corporation in the country, has
worked well. The tax lras been easily
collected. Its prompt payment indi-
not been heavy. 1t offers, moreover,
an opportunity for knowledge by the
government of the general condition
and business of all corporations, and
that means by far the most important
part of the business of the country. In
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, l have di-
rected the issue Of the needed reguIa-
lions and have made it possible for the
public generally to know from an ex-
animation of the record the returns of
all corporations the stock of which is
listed on any public stock exchange or
is offered for sale to the general pub
lie by advertisement or otherwise. The
returns of those corporations whose
stock is not so listed or offered for
sale are directed to be open to the in
spection and examination of creditors
and stockholders of the corporation
whose record is sought The returns
of all Corporations are subject to the
inspection of any government officer or
TO the examination Of any court, in
which the return made by the CORPORA
lion is relevant and competent evil
dence.
The Payne Tariff Act.
The schedules of the rates of duty
in the Payne tariff act have been sub