The Hartford republican. (Hartford, Ky.) 18??-1926, 1915-06-11
NATIONAL FINANCES
ARE IN A BAD way
Result Of Free. Trade Tariff Re-
duction and Extravaganza
In Expenditures.

| 1t ID officially admitted that the
deficit for the current fiscal year
will not be less than $3O,O0O,OOO. AS
a matter of fact there is every rea
son tol expect that it will consider
ably exceed that sum. There is now
a cash balance in the Treasury of a
little over S14,OO0,00O, and including
the money that has been spent on the
Panama Canal, disbursements for the
year have exceeded to receipts in
the sum of $132,OS9.8 1898. These are
formidable figures and yet they do
not tell the whole story for the Post
Office Department has run behind to
the extent of about 100000, 900. so
that the excess of outgo over income
has been more than $4,000, 900.
Thus far the Treasury receipts have
totaled $554.754,061, or approx
mately 100000 less than for the
corresponding period of 1914.
These extremely unsatisfactory
conditions the primarily attributed
to Democratic extravaganza and mis-
management. OF course, the party
apOlogists insist that they are due
to the war, but this excuse will not
serve. 1t may be admitted that they
have been aggravated by the war,
which. fortunately for the manufac-
turing Industries of the country, has
led to . restriction of importations,
but the decline in the receipts from
customs' duties had been marked be-
fore the war began, and had there
been no war very similar situation
would undoubtedly have existed 1t is
through the operation of the Will
son-Underwood near Free-Trade Tar
if and the coincident extravagances
of the present administration that
the United States government has
been brought to its present, pass, and
the responsibility for 1t rests on the
destructive policies of the Democrat
ic party and on its frequently demon
strated incompetence for anything in
the nature of constructive statesman
ship. In its eagerness to destroy the
Protective system under which the
American people had enjoyed pros
perity which now they mourn 1t dealt
the country two deadly blows, for
while its industries were FRUSTRATED
on the one hand of its revenues were
depleted ON the other.
Just how bad a financial situation
the country will have to face and just
how large will the the vacuum for
which Congress will have to provide
will not be certainly known until
the end of the current fiscal year,
when the returns from the income
and corporation taxes shall have
been received. 1t was Secretary Nc
Adoos original estimate that these
taxes would yield $100.000.000.
Since then the calculations have been
revised. and In view of the business
depression which has prevailed ever
since the Wilson regime was inaug-
urated and of the reduction in all
kinds Of profits which has occurred.
there are some Treasury officials who
privately express the opinion that the
Government will be lucky IL it gets
as much as s75.0OO.000 from this
source. Whatever the fact may
prove there will be deficit which
will probably be met by an issue of
Panama Canal bonds, and if that
were all the outlook would be. less
discouraging. What causes grave
concern is the reflection that things
are bound to get worse rather than
better and that the administration is
confronted by a crisis which must
be met. a
The so-called war taxes" which
were recently jammed through Con-
gress have not proved as productive
as had been hoped and they expire
by limitation at the end of the year.
This year the Treasury will derive
the substantial sum of $4,000. 900
from the duty on sugar. but early |
next year under existing law sugar |
goes on the free list There will
evidently have to be more TAXATION
of some kind and the administra tion |
will be compelled to choose between
the imposition of further taxes of
the direct variety or some readjust-
ment Of the Tariff. Perhaps Presi- |
dent Wilson will continue to insist |
upon free sugar, and perhaps he
won't. You can never tell.