Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1913-12-04

IiGItn. Cattle III tne llUV 10 1917 10
class sold up to 1856 at the high spot
MADOO SUBMITS
TREASURY REPORT
Continued From Page H.
industry Of the country, it will be an
achievement Of enduring benefits.
"These Incidents also show con-
clusively the enormous value Of an
altruistic governmental agency in the
financial affairs Of the country. So
long as the government has the power
to intervene In beneflcent and un-
selfish way, the danger Of panics and
Of unjust practices will be largely, If
not wholly. destroyed. This Is one of
the chief objects sought In the pro-
posed reformation and reorganization
of our banking and currency system.
The people Of the country are to be
congratulated upon the early prospect
of sound legislation on this vitality i'm
portant subject Should the congress
enact the fundamentals of the pend
ing measure it Is believed that perma-
nent protection will be provided
against recurring commercial crises
and that adequate facilities will be
created for that legitimate and sound
expansion OF credits SO vital to the
prosperity Of our great and growing
country"
Tariff Vet UntrIed.
or the new tariff act Secretary Nc
Adoo says it has not been in force
sufficient length of time to make posi-
BILE an accurate estimate Of its >ulti.
mate revenue-producing powers. He
asks congress to impose nominal
tax Of one per cent proof gallon on all
alcohol withdrawn for denaturation-
and legislation requiring every dealer
In leaf tobacco to make an inventory OF
stock January of each year and make
a report of his transactions quarterly
or monthly, and that every dealer be
required to give bond.
The present oleomargarine law Is
declared to be unsatisfactory and the
government Is said to lose more taxes
from illicit practices In oleomargarine
than through moonshine stills. The
difference In the tax on colored and un-
colored "oleo" is held responsible for
the loss and congress Is asked to i'm
pose a fiat nominal tax without any
difference for color with provision for
individual stamped or original pack
ages of certain sizes adequately
marked and safeguarded.\ The law
governing the sale of adulterated but
ter is declared to have brought about
unfortunate conditions through the diff
Ao,,J%v ~ itc i,,ot onfnroomopt
Revenue Estimate.
Secretary McAdoo estimates that the
revenues for the fiscal year exclusive
OF postoffice receipts will be $72S,O0O,-
900, only 100000 less than the esti-
mates for the fiscal year 1914. To
make that total he expects the customs
to bring in $249000,000 ordinary inter-
nal revenue $15.000,000 and the income
tax sos, 100000 of which $40,000.000 is
to come from corporations, the re-
mainder from individuals.
From sales of public lands he ex-
poets to cover into the treasury $4,000
900 and from miscellaneous sources
$56,0O0,000.
He expresses the belief that the Or
binary receipts for 1915 will exceed the
disbursements sufficiently to pay out
about $26,O0O000 from the treasury's
general fund for the Panama canal.
Makes Various Suggestions.
Among his principal recommends
tons to congress the secretary placed
the following:
Enlargement of the public health
service and a closer cooperation with
state authorities to prevent and stamp
out epidemics Of disease.
Building Of four revenue cutters. for
need of which the secretary points
out. the service is seriously crippled.
Consolidation Of the revenue cutter
and life saving services into one Or
ganization to be known as the coast
guard Such a consolidation, the Sec
rotary says, would increase the effic-
iency of each service with the idea
that the new coast guard should be-
come a first naval reserve In time Of
war The increase in cost would be
about 100000. In that connection the
secretary also recommends passage Of
legislation for the retirement of life
savers on pension, and declares that
unless some such measure is made
a law. the efficiency OF the service will
he impaired and 1t will become in
creasingly difficult to obtain good men.
He gives point to his argument by
showing that the revenue cutter and
life saving services saved 4,423 lives
in 1913 and salvaged property worth
more than $16,000,000.
Establishment of revenue cutter
Headquarters at Louisville Of Cincin-
natl at St. Louis or some other point
on the upper Mississippi and at Helena
Ark, or Vicksburg, Miss, is urged as
a measure for the saving of life in the
food times in the Ohio and the Mis-
sssippi valleys. Three light draught
cutters to cost about $4,000 each are
recommended. With the rivers at
normal stage they would be used in
patrol to enforce the navigation and
motor boat laws.
The report refers TO the requirement
that banks which hold government de-
posts made April 30, 1913, pay interest
at two per cent, declaring that 1t
means an annual revenue of 100000