The Yale expositor., 1915-12-09

own trade, and are without means to
extend our commerce even where the
doors are wide open and our goods
desired. Such a situation is not to
be endured. 1t is of capital import
ance not only that the United States
should be it's own carrier on the seas
and enjoy the economic independence
which only an adequate merchant ma
rine would give it, but also that the
American hemisphere as a whole
should enjoy a like independence and
self-sufIiciency If it is not to be drawn
into the tangle of European affairs.
Without such independence the whole
question of our political unity and
self-determination is very seriously
clouded and complicated indeed
Moreover, we can develop no true
or effective American policy without
ships of our own-not ships of war,
but ships Of peace, carrying goods and
carrying much more; creating friend
ships and rendering indispensable
services to all interests on this side
the water.
Must Provide Ships.
With a view to meeting these
pressing necessities Of our commerce
and availing ourselves at the earliest
possible moment of the present UNI
paralleled opportunity of linking the
two Americas together in bonds of mu-
tual interest and service, an oppor-
tunity which may never return again
if we miss it now, proposals will be
made to the present congress for the
purchase or construction of ships TO
be owned and directed by the govern
ment similar TO those made TO the last
congress, but modified in some essen
tial particulars. | recommend these
proposals to you for your prompt ac-
ceptance with the more confidence
because every month that has elapsed
since the former proposals were made
has made the necessity for such action
more and more manifestly imperative.
That need was then foreseen; it is
now acutely felt and everywhere real
lied by those for whom trade is wait
ing but who can find no conveyance
for their goods. | am not so much in
terested in the particulars of the pro-
gram as / am in taking immediate ad-
vantage of the great opportunity which
awaits us if we will but act in this
emergency.
The plans for the armed forces OF
the nation which | have outlined, and
for the general policy of adequate
preparation for mobilization and de-
Tense, involve Of course very large adj
ditional expenditures Of money-ex-
penditures which will considerably ex-
coed the estimated revenues of the
government. 1t is made my duty by
law, whenever the estimates Of eX-
penditure exceed the estimates of
revenue, to call the attention of the
congress to the fact and suggest any
means of meeting the deficiency that
it may be wise or possible for me to
suggest. | am ready to believe that it
would be my duty to do so in any case;
and feel particularly bound to speak
of the matter when it appears that the
deficiency will arise directly out of
the adoption by the congress of meas
ures which | myself urge it to adopt.
Allow me, therefore. to speak briefly
of the present state OF the treasury
and Of the fiscal problems which the
next year will probably disclose.
State of the Finances.
On the thirtieth of June last there
was an available balance in the gen.
eral fund of the treasury Of $104,170,-
105.7S. The total estimated receipts
for the year 1916, on the assumption
that the emergency revenue measure
passed by the last congress will not be
extended beyond it's present limit, the
thirty-first of December, 1915, and
that the present duty of one cent per
pound on sugar will be discontinued
after the first of May, 1916, will be
$670,365, 500. The balance of June last
and these estimated revenues come.
therefore, to a grand total of STA
5,605.7S. The total estimated dis
bursements for the present fiscal year.
including $25.O00,000 for the Panama
canal, $12.000,000 for probable de-
fciency appropriations, and $780,
600 for miscellaneous debt redemp.
tions, will be $753,S91, 600; and
the balance in the general fund of the
treasury will be reduced to S20,644,-
6O5.7S. The emergency revenue act, If
continued beyond its present time linn
itation. would produce. during the half
year then remaining, about sal, 0O0,-
600. The duty of one cent per pound
on sugar, IL continued, would produce
during the two months of the fiscal
year remaining after the first of May,
about $4,000 O0O These two sums.
amounting together TO $56,000,O00. II
added to the revenues of the second
half of the fiscal year, would yield the
treasury at the end of the year an
available balance Of $76,644, 6O5.7S.
The additional revenues required
to carry out the program Of military
and naval preparation of which ! have
spoken. would, as at present estimated.