Cresco plain dealer. (Cresco, Howard County, Iowa) 1913-1945, 1914-07-10
Our Washington Letter.

Those political alarmists who have
been gloomily prophecying that 1t
would be necessary for the government
to issue bonds to meet Uncle Sans
running expenses, due to the failure
of the new tariff to provide sufficient
revenues" must have been given a
shock 10y the Treasury statement OF
receipts and disbursements for the
fiscal year which ended June Both last.
The official figures show that the new
tariff nettedE 1922, 1913. 527 in revenue,
over 81, OOO, 600 more than the estimate
allowed by the Treasury Department
the year before. Internal revenue
receipts were $Sos, 6l3, S4s, corporation
excise and income tax $43, O79, 819, and
individual income tax $28, 3O6, 1886.
Miscellaneous receipts brought the
total up to 1874, 345, 700. The total
ordinary disbursements we're $500, $685..
248, giving surplus of ordinary
receipts of $50, 784, 452. Panama canal
payments of $34. 1926. 941, paid out Of
current revenues during the year,
absorbed this Surplus, but on the other
hand there is s., 500, 900 of income taxes
assessed against individuals and corpor.
atoms for which the ten days Of grace
allowed by the law was taken advant-
age Of. If this had been paid, a. il
must be paid this week, there would
have been . heavy surplus, larger by
far than the 81, 897. 900 surplus for 1917,
!. and much better showing than the
J, llO0, 900 deficit for 1913, in both of
which years the Payne-Aldricb tariff
law was in operation. .' :.
THE Treasury department is exceed.
ingly gratifed with the result tor the
arst fiscal year Of the new, tariff and
income tax law Secretary McAdoo
said; "Unquestionably much better
results will be obtained during the
present fiscal year" It is worthy OF
note that enough money was taken in
from the income tax and other sources
to make up for any loss in revenue
from customs collections under the new
tariff, and yet bring an increase in
receipts Of $40, coo, 900 over last year,
and of 81, 200, 600 over two years ago.
Az final rebuke to the alarmists who
have foreseen another bond issue such
asthat of the Cleveland administration,
Secretary McAdoo shows that the net
balance in the general fund of the
Treasury. June goth, was $l45, 1886, 5O2,
which should keep the wolf from the
door, for while.
President Wilson also seems to have
disarmed opposition to the trust legis::
lation program of this session. The
last week has seen general breaking
down of the opposition to the legislation
designed TO- settle, business uncertain,
ties. Failing in the effort to block the
President and Congress into postponing
the trust program, "Big Business"
has now decided to accept it. This
decision might have been FASTENED by
the Senate conference when the Demo
cratic members unanimously agreed to
stay in Washington until the trust bills
are disposed Of. President Wilson has
made his position clear. The trust
regulatory program he describes as "a
new constitution of freedom" from
further legislative worry after the
anti. trust bills become law. 1t is
practically settled by the administra.
ton that while big Business" will
have to conform to the new trust laws,
no branch of the administration will be