The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1914-08-11
WAR WILL HOLD
CONGRESS AT
CAPITAL LONG
Solons Must Remain to Take Ac.
ton II Emergency Arises

Washington. Aug. ll.-Congress will
be Obliged 10 remain IN session TO
meet emergencies which are likely TO
arise in consequence uf the European
war. one OF the most certain II not
pressing Of these emargeL,ies will be
the establishment OF government
revenues Tariff duties furnish the
greater part OF the money on which
the federal government does business
But taTln duties depend on imports.
Stop imports and the tariff revenues
stop. These receipts al the customs
houses have been averaging over a
million dollars a day on the first OF
August they were Sl1gl,5g3.G0.
Almost as much revenue is added
by the internal taxes, namely those on
tobacco. snun brews and liquors.
These amount 90 over million dollars
a day and on the first Of August were
Sl40045336. These viii go on despite
the war. Supplementins these two
sources OF revenue are the corporation
and income tax producing about So or
40 million a year and few miscella-
neous revenues. The governments
yearly income and outgo is now ap-
proxImstely a billion dollars.
Will Seek New Revenue.
Should the war last several months
or promise to last year as it is quite
possible it may do, the federal gov
eminent would find il necessary to
pass legislation providing new sources
OF revenue Temporary emergencies
can be met by the sale Of Panama
canal bonds already authorized by
Congress. The present law permits
this issue 10 the amount of $4,000
$50. OF this authorization the gov
eminent has issued 10 date $12A63L-
$50. Thus the secretary Of the treas
ury has it within his power TO raise
$24O, $4,000 by the sale Of Panama
canal bonds. This would supplement
the revenues for seven or eight
months.
Congress might see nj also to au-
thorize temporary issue Of or 3
per cent bonds for the specific pur-
pose Of meeting the expenses OF the
government during the emergency pc
riod. This would be regarded as JUS
tihable on the very reasonable assump-
ton that customs revenues will be re-
stored in even greater volume as soon
as the fighting ends. This may hap
pen even before generally expected.
The war may be over in sixty days, or
thirty days. a decisive naval engage
ment between Great Britain and Ger
many would come near TO ending IL.
Trust Bills Still Pend.
To consider all these matters Con-
gress must stand by Besides there /.
the work Of passing the trus; bills.
for President Wilson has not rclcnted
in the slightest degree in his dcterm-
iuatiOn 10 have this legislation before
the fall campaigns. Members have
been notified that a quorum must be
maintained and the sergcant-at-arms
Of the Senate and Of the House Will Is
sue warrants and arrest members IL
they do not attend.
The federal government is wen in
trcnched ia the matter Of money In
the treasury Offices there are at the
present time In gold coin $50, sl5. s2G.O5;
iu standard silver there are S22,3s5, -
1llS7. This is In addition 20 the gold
reserve ~ 3I5O0J000O reserved against
the T.. s. treasury notes and tho treas
ury notes Of 1880. These together ag-
grcgate approximately SaiaOo0o09.
IH case Congress finds il necessary
10 provide new revenues 10 replace the
intercepted tariff revenues, several
plans w.II Doe considered An increase
IN the percentage levied ON incomes
particularly the greater incomes
would Doe an casr way TO add to fed
craI revenues