El Paso herald. (El Paso, Tex.) 1901-1931, 1915-12-08
IS
IN EVIDENCE
Secretary McAdoo Makes
Recommendations to Con-
gress in Annual Report.
(oontinned dom page b


those who are failing to make re-
turns as required by law"
In keeping with his recent announce
ment Mr. McAdoo suggested the pres
ent stamp tax and the existing duty on
raw sugar should be retained in force
and said again that no issue of bonds
is necessary either TO provide for cur
rent expenses or in anticipation of
added burdens incident to a policy
Of military preparedness
''The policy Of providing for the ex-
pendituTes Of the government by tax
alton and not by bond issues" said
the report. lis undoubtedly a sound one
and should be adhered TO. A nation
no more than an individual, can 90
constantly into debt, for current ex-
penditures without eventually impair
Suggests Gasoline Tax.
Mr.. McAdoo expressed the belief that
with return Of peace in Europe Gus
toms receipts which fell off SS6,o0O,-'
600 in the last year, will increase and
that the legislation suggested, with a
provision to make the surtax of the
income tax law applicable at $4,000 in
stead of $4,000, the whole or part OF
the additional revenues can be raised
Taxes on gasoline, crude and refined
oils, horsepower of automobiles and
various other things" are suggested
as further revenue raising measures
The total estimated appropriations
for the fiscal year. which begins July
I, next, Mr.. McAdeo puts at 1885,
S5s,S0S including S316,364,S79 for post
office, which is reimbursible and about
$50. 000. 600 more for the Panama
canal and sinking fund. Receipts for
the same year based on existing law
without extension Of the sugar duty OF
the emergency tax, Mr.. McAdoo puts
at $3.50, zoe. 600, and ordinary disburse-
ments at 1892, sol 600, leaving an ex-
cess OF disbursements over receipts II
legislation is not PASSED to change
conditions, OF $252 T01 600 As ex-
ever, that amount would be reduced
TO about $4,000 600 by the extension of
the emergency and sugar tax laws.
Financial Disaster Averted.
Secretary AcAdOO's report says the
people Of the United States have rea-
son to congratulate themselves on the
financial and business condition Of the
country after the serious situation
which confronted them a year ago.
The European war produced in
evitabie suffering in this country as
well as in Europe" said the secretary.
Our Industrial situation was, for a
time, seriously hurt. and the cotton
growing states OF the south sustained
price OF cotton. Every power of the
government was exerted to mitigate
the situation and 1 believe il is not
inezact TO say that but for the active
agency Of the government in protect
ing and conserving the business inter-
ests Of the country during that criti-
cal period, grave disaster would have
resulted
at is a pleasure to acknowledge that
the efforts OF the government were |
seconded and supported by the earnest |
and patriotic cooperation Of the bust |
ness intrests OF the county During |
the year there has been a steady. |
healthy. forward movement in every !
line OF activity, until now prosperity /
has been firmly established through /
out the country" ,
Mr. McAdoo included letters from
mercantile agencies TO support his I
statement, and quoted figures on rail- |
road and other business operations TO |
show increased activities.
Never SO Prosperous as Now
1.-The financial situation Of this /
country" he continued. has never /
been so strong and favorable as now. |
Dur financial resources are the great |
EST in our history. and our banking 4
system. through the creation OF the \
Federal reserve system, is now the 1
strongest in the world In every re- i
'pect the economic and financial con- !
iition Of the country is e1traordin- /
lrily sound It is greater than that i
II any other nation and II We use Il
,ur resources and our opportunities
ntelligently and wisely, we shall es-
ablish the prosperity Of this nation
lpon an 1mpregnahle foundation Tor
many years to come"
In that connection the secretary's
epOrt showed the stock OF gold in the
United States on November I. 1915. was
2, 19S,113,T62, compared with S1,se5,-
1850 on January ., and that it is
ield by one country Indications
we're. he added. that the present stock
would be greatly augmented
Legislation recommended included
$4,000 for a second Pan-American fin
.ncial conference in Washington in
United States section of the Interna-
ionaI High commission on uniformity
( laws for the two Americas
Opposes Omnibus Bill.
The method Of legislating for public
uildings in an omnibus bill received
he secretary's disapproval and he
sked that it be discontinued. Need
sss waste OF public money, he said,
I'LL be avoided II congress viii here
fter not authorize the acquisition of
ublic building sites until authorize
ion is made for the buildings 20 go on
he sites. He asked that the secre-
airy Of the treasury be authorized TO
IL the building to the city and not to
lake il just as imposing as the sum
appropriated under the present system
i'll permit.
Mr.. McAdoo asked for two cruising
utters for the coast guard service on
he Pacific coast, to cost s70o.090, a
arbor cutter for New York to cost ,
125, 600. and one for san Francisco to
ost $4,000 He says that in plans !
IT national defence the coast guard ! ,
ill have important assignment and .
rat authorizations for the service will .
e valuable from a military stand
oinT-
Reviewing the oleomargarine and
-hisky frauds OF the year, the report I
gain recommends changes in the oleo
w 10 reduce the invitation to COM