Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-12-10
SECRETARY M'ADOO GIVES OUTLINE
0fSTEPS forest ORE CONFIDENCE
AND SUPPORT AMERICAN BUSINESS

such Investigations as may be neces-
sary to determine who in each dis
trict have failed to make proper re-
turns. The experience of the depart
ment shows that many erroneous and
faulty returns have been made" The
work of discovering such cases, he
adds. is being pushed forward with all
possible rapidity.
The collection of revenue for the
fiscal year ended June 80. 1914" says
Mr.. McAdoo, show the success of the
tariff act Of October 8, 1918, as a rev.
enue measure He goes on to show
that this act was estimated as the
producer of $270, 100000 in its first year
and that there was actually collected
1922. 32O,O14. That, however, included
nine months under the new law and
three months under the Payne-Ald-
rich law. He shows that the total
raised under the new law with its cor
poration and income tax features was
$685., 7o1, 2s9 or SO, SdS. 593 in excess of the
previous years receipts under the pre-
ceding revenue measure.
The European war; said the Sec
rotary, seriously affected the revenues
of the government from imports. The
revenue from customs for October,
1914, was $16,271,S29 and for October,
1918, it was $50, 13S,049, a decrease of
s13, S66, 220. The reduction Is solely due
TO the falling off in importations. The
estimate made by the department in
Dictated yearly decrease of between
SEQ, 100000 and $1O0,000,000. 1t is obvious
that these estimates cannot be accur-
ate 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 de-
pended the safety Of business and
finance in this country"
Mr.. McAdoo again recommends to
Congress the consolidation of the Rev
enue Cutter and Life Saving Services,
to bear the name Coast Guard Ser
vice. He urged the building of two
more revenue cutters and the appro-
priation for a deprosarium for the use
of the Public Health Service. He an
nounced that the Treasury Department
is making a study of the facilities of
the parcels post in the transportation
of money and securities between 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 aver
aged S375,000 and expresses the hope
that plan for the use of the mails or
their use in conjunction with the ex-
press companies can be worked out to
effect a large saving and also to insure
a much faster delivery service. He
asks Congress once more to give him a
contingent fund of $4,000 to make eff
fective Investigations, eradicating
abuses, etc. Summaries of reports of
his bureau chiefs are included in the
report. L. S. Treasurer John Burke
advises the authorization of SIS gold
/ certificate. The Revenue Cutter Ser
| vice asks for a cutter for use near the
| Panama Canal Zone. Secretary Nc
! Adoo points out that the Federal Re-
serve Board will make a separate re-
port.
Sec McAdoo estimates the receipts of
the government for the fiscal year 1915,
ending June 80, at $72S0O0.000 including
100000 from customs and $54,0 900
from the emergency war tax. Exclusive
of the Panama canal he places disburse-
ments at 100000 for the current year.
Counting upon s2s.0Oo,0oo for the canal out
of the treasurys general fund, he places
the excess of disbursements at $4,000 900.
! For the fiscal year which ends June 30,
/ 1916, Mr.. McAdoo says he expects re-
ceipts amounting to s7S5 1000, 600 with Gus
toms bringing $240O00 600 and the emer-
gency war tax s44,000,OO0 The secretary
places ordinary expenditures for that year
at s7l3, 1s5. los with 100000 additional for
the Panama canal, leaving a slight sur
| plus.
In his estimates Mr. McAdoo puts the
return from the income tax for the cur
rent fiscal year at $4,000 600; SAC. 900, 900
each from individuals and corporations
For 1916 he expects the same tax to pro-
duce sS5,000,000 half to be paid by indi-
viduals. half by corporations