Cresco plain dealer. (Cresco, Howard County, Iowa) 1913-1945, 1914-12-18
Secretary McAdoo'S Report.

Secretary McAdoo'S Report.
Secretary McAdoo has issued the
annual report of the Treasury Depart
nent, showing the financial condition
Of the government, accompanying il
with his forecast on the nation 8 finances
for the coming fiscal year, beginning
July /, 1915. and offering suggestions
and recommendations. The report
estimates the revenue of the govern.
ment for the coming year will be $735.
coo. 900, although this amount may not
be reached unless the import business.
with its attendant customs returns,
RECEIVERS from the effects of the
European War. The Secretary has
already submitted to Congress an est.
mate of proposed appropriations for
the coming fiscal period amounting to
$793. 4l9, $40.
The keynote of Mr.. McAdoo's report
is the confidence which he expresses in
the workings of the tariff act of Oct. 3,
1913. and its ability to produce revenue.
of which he says: 1.-THE collection of
revenue for the fiscal year ended June
30. 1914. shows the success of the tariff
act as revenue measure" He then
goes on to show that while this act was
estimated to produce $27O. 600, 900 in its
first year, there was actually collected
1922, 800, Ola. With its corporation and
income tax feature the new law pro.
duced revenues in the amount of 1868.
TO-, 2s9. which is 50, 300, 1913 more than
the receipts of the previous year under
the Payne. Aldrich law.
OF the effects of the European War
on government revenues Mr.. McAdoo
Gays: "The European War seriously
affected the revenues of the govern.
ment from imports. The revenue from
customs for October, 1913. was $50, 1885,
O49. while for October, 1914, it was
SIG, 27l. 829, decrease of $l3, s66, 220.
The reduction is solely due to the fall.
ing offlin importstions. The estimates
made by the department Indicate .
yearly decrease of between $50, 600, 600
and 500, 600 OOo.' -
Obviously the workings Of the new
tariff law have been seriously interfered
with by the war in Europe. The tariff
Law. designed to produce revenues for
the government through duties on
imports, cannot be said to have been
fairly tried when the very source of
income has been almost totally cut off.
The importations of American merch-
ants from Germany alone. whose ship
ping 10 entirely blockaded. are large
enough to make IN sppreciable differ.
ence 10 the tariff revenues when these
are curtailed. and when,
In addition. the imports from England.
France and Belgium are almost totally
lacking, heroic relief measures must be
adopted.
1t 10 to make up this shortage in gov.
eminent revenues as result of reduced
Imports that the war tax measure was
passed and while it is expected this tax
will produce the needed revenue this
year Mr.. McAdoo has recommended
that the law be extended in its opera
lions until the end of the European
War, instead Of expiring December 81,
1915. as is contemplated. Just what
will be the attitude of the President on
this proposition il problematicsl. 1t is
within bis power to extend the life of
The law by proclamation, but if import.
atoms shall pick up during the coming
year the increase in revenues may
make this unnecessary. Dubuque Tele-
graph Herald.