The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1914-08-04
NATIONS TREASURY
IN GOOD CONDITION
Secretary McAdoo in Annual Report
Shows Instead of Deficit There is q
Surplus, and a Large One.
UNDERWOOD LAW IS SUCCESS
Receipts of Year Exceeded Ordinary
Disbursements by $33, 49,
People Given Relief.
By Congressman G. H.. Tavenner.

By Congressman C. H. Tavenner
Washing ton, Aug 4.-The flourish
ing condition of the United States
Treasury after one year of Democra-
tic rule and after nearly a year of
Democratic tariff sent dismay into
the hearts of Republicans who had
been predicting Treasury disaster
and who hoped there would be one
for the sake of their campaign argu-
ments this fall.
But Secretary McAdoo in his an
nual report on the condition of the
Treasury showed state of affairs
entirely the reverse of that which
the republicans expected. These Re-
publican orators in the House and
Senate had been picking out single
months during the past year and at
tempting to show by the fiscal Stats
tics of those individual months what
conditions would be at the end of the
year.
DEMOCRATS attempted to warn
these Republican figurers that they
were treading on dangerous ground,
since there can be great variations
in treasury figures from one year to
another in the same months of these
years, and yet not affect the annual
figures. The Republicans, however,
ran blindly into the trap by compar-
ing, for instance, Treasury receipts
and disbursements for April of this
year with April of last year, and
then predicting a deficit for the en-
tire year.
Instead of a deficit there was a
surplus, and a good one. The re-
receipts for the year exceeded the or
binary disbursements by $33,784,452.-
VI. The receipts came within "a
million dollars of paying every gov
erment expense, including the enor-
nous Panama Canal expenditures
which have always be an extraordi-
nary expense payable from the gen.
teral fund of the treasury. Secretary
McAdoo was able to announce that
the net balance in the general fund
on June 80 was $145,835,502.1O a
reduction of about a million dollars
from the net balance of a year ago.
But even this million 4red auction,
due as it was to expenditures for the
construction of the Panama Canal,
would have been met, and a surplus
sof $2,500,O00 added to the general
fund, except for an extraordinary
incident.
The income tax law provided that
individuals and corporations should
have ten days grace after the close
of the fiscal year in which to pay
their income and corporation taxes
before penalties would be imposed.
This resulted in about $3,500,000 of
taxes rightfully included in the
1913-1914 balance being held out
from the government after the close
of the fiscal year. All Of this money
was paid in later, and it will about
balance against taxes similarly held
out next year.
But including this amount, those
who framed the tariff bill estimated
almost to the penny what the new
reveneu laws would bring to the gov
eminent. Secretary McAdoo, after
striking the Treasury balance sent
kilograms of congratulation to Presi:
dent Wilson, hartman Underwood, Of
the Ways and Means Committee, and
Chairman Simmons, of thet Senate
finance committee.
The Underwood tariff law is sue.
cess as a revenue getter. It's opera
ton has completely refuted the pre-
dictions of Republican calamity
ihowlers that the reduced duties
would create Treasury deficit ant
necessitate government bond issue
The people are being given relief
from the cost of living, and the diff
erence in taxes is made upto thu
government in taxes placed upon thu
incomes of the rich and well to do.