Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-12-24
MONEY ICNOW AVERTFD, SAYS
SECRETARY Of TREASURY MADOO


the tax, and in addition, to make such
investigations as may be necessary tC
determine who in each district hae
failed to make proper returns. The
experience Of the department shows
that many erroneous and faulty re-
turns have been made" The work Of
discovering such cases, he adds, is be
ing pushed forward with all possible
-rapidity.
The collection Of revenue for the
fiscal year ended June 80, 1914" says
Mr. McAdoo. shows the success OF
the tariff act Of Oct 3. 1918, as reve-
nue. measure" He goes on to show
that this act was estimated as the pro
Queer of $270, 100000 in its first year
and that there was actually collected
$685., 32O,014. That, however. included
nine months under the new law and
three months under the Payne-Aldrich
law He shows that the total raised
under the new law with its corpora
ton and income tax features was
1858, 701 ,2S9 Or $9.S03.593 in excess of
the previous years receipts under the
preceding revenue measure.
War Reduces Revenue.
The European war, said the sec
rotary, seriously affected the reve-
nues of the government from imports.
The revenue from customs for Octo-
Der, 1914, was 1921 1929 and for DC.
fober 1913, It was $3O,13S,049 a de-
crease Of $13,S66.22e. The reduction
is solely due to the falling off in i'm
portations The estimate made by
the department indicated yearly de-
crease Of between $60,000.000 and
500, 100000. 1t is obvious that these
estimates cannot be accurate as no
one can forecast the course of events
while the titanic struggle in Europe
is In progress. To keep the treasury
in strong condition in these abnormal
times was obviously the first duty
Of the hour. Upon it largely depends
the safety of business and finance in
this country.
Urges Coast Guard Service.
Mr.. McAdoo again recommends to
congress the consolidation Of the rev.
enue cutter and life saving services,
to bear the name of "Coast Guard
Service" He urged the building OF
two more revenue cutters and the ap-
preparation for q ieprosarium for the
use of the public health service. He
announced that the treasury depart.
ment is making study of the facili.
ties of the parcels post in the trans.
portation of money and securities be.
tween the treasury, sub:treasuries and
banks. He points out that the total
payments for such service to express
companies during the last three years
have averaged 1915, 600 and expresses
the hope that a plan for the use of
the mails or their use In conjunction
with the express companies can be
worked out to- effect a large saving
and also to insure a much faster de-
livery service. He asks congress once
more to give him a contingent fund Of
$4,000 to make effective inyestiga.
tions, Graduating abuses, etc. Sum
maries Of reports OF his bureau chiefs
are included in the report. r.
Treasurer John Burke advises the
authorization of IS gold certificate.
The revenue cutter service asks for a
cutter for use near the Panama canal
zone. '' .s,-tt-..
Mr.. McAdoo points out that the fed.
eral, reserve board will make sepa-
rate report. -. T.. . d. H.. ,-.-~:...
Estimates Receipts Of $72s, ooo, 900.
Secretary McAdoo estimates the re.
ceipts of the government for the fiscal
year 1915, ending June 80, at $728, 000,-
900, including 100000, 900. from GUS
toms and $54,000.000 from the emerg-
ency war tax. Exclusive of the Pan
anna canal he places disbursements at
$710,000.000 for the current year.
Counting upon $4,000, 900 for the
canal cut of the treasury's general
fund, he places the excess of disburse-
ments at $10,000,000. .-- j. -: Is :.
For the fiscal year which ends June
30, 1916, Mr.. McAdoo says he expects
receipts amounting to $735, 900. 900,
with customs bringing $240, 200, 600 and
the emergency tax $4,000. 006 He
places ordinary expenditures for that
year at $713, 1885, los, with $4,000, 900
additional for the Panama canal, leay-
ing slight surplus. = IL
In his estimate Mr. McAdoo puts the
return from the income tax for the
current fiscal year at $4,000. 900;
100000, 900 each from individuals and
corporations. For 1916 he expects the
same tax to produce $S5,000.000. half
to be paid by individuals, half by cor
porations.
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