The Palatka news and advertiser. [volume] (Palatka, Fla.) 1908-19??, 1915-12-10

flIn0 or Tne IredSdis Va pi .,
The total estimated recelptS ioi Wv
wear 1916. on the assumption that 'h'
emerrency revenue measure passeu w
tho last congress will not be extehueu
hevond its present limit, the olst VI
December, 1918. and that the pieeen,
dirty of cent per pound on sugar WIN
he discontinued after the LIST OF MA!
1916, will be $670 .365.5O0. Inc Dai"no'
of June last and these estimated rev
enues come therefore to grand tot',
of S774,535 G05.7S. The total estillate'
disbursements for the present nso"'
vear, including twenty-five millions lo'
tbe Panama canal twelve millions ioI
nrobabIe deficiency appropriations anu
SIC, 900 for miscellaneous debt reuenii
tions. will be 3.S91 900, and the Dai
ance in the general fund of the treas
ury will be reduced TO SZo'o1f'"oo'!'
The emergency revenue act If cOhIih
ued beyond its present time linll'''l""
would produce during the hall yea
then remaining about tortE'oHe III
lions The duty of cent per pouhu
on sugar if continued would produce
during the two months of the ilSca'
year remaining after the Isl OF MAY
about fifteen millions These two sums
amounting together to hfty-SM nll'
lions. If added to the revenues OF tne
second half of the fiscal year wouIo
yield the treasury at the end OF the
year an available balance OF SrhI"ft
COSTS.
The additional revenues required 10
carry out the program of military ana
naval preparation of which nave
spoken would. rs at present estimated
be for the fiscal year 1917 S93,SOoooo
Those figures. taken with the h"ureS
for the present fiscal year which |
have already given, disclose our tinan'
cial problem for the year 1917 AS
suming that the taxes imposed by the
emergency revenue act and the pres
ent duty on sugar are to be dlscontin
ued and that the balance at the close
of the present fiscal year will be only
S20,G44G05.7S. that the disbursements
for the Panama canal will again be
about S25.OO00O0 and that the add
tional expenditures for the army ana
navy are authorized by the congress
the deficit in the general fund OF the
treasury on the Both of June, 1911,
will be nearly S235.00O,000, To this
sum at least S50.0O0,0O0 should be add
ed to represent safe working balance
for$the treasury and S120OO.OOO to In
clude the usual deficiency estimates In
1917. and these additions would make
a total deficit of some 1927 100000. II
the present taxes should be continued
throughout this year and the next
however, there would be balance IN
the treasury Of some S1G5OO,OUO at
the end of the present fiscal year and
a deficit at the end Of the next year of
only some $J0,000000, or, reckoning in
S62,OOO,OO0 for deficiency appropria-
tons and a safe treasury balance at
the end of the year, Il total deficit OF
some Sl12.O00,000 The obvious moral
of the figures is that it is a plain coun
sci of prudence to continue all of the
present taxes or their equivalents and
contine ourselves TO the problem of
providing S112,O0O,0O0 Of new revenue
rather than S297000O0O
How shall We obtain the new rev
enue? We are frequently reminded
that there are many millions Of bonds
which the treasury is authorized under
existing law to sell to reimburse the
sums paid out of current revenuCS for
the construction of the Panama canal.
and it is true that bonds for the
amount of 5000, 432 900 are now avail
able for that purpose Prior to 1913
$13S.O00,0OO of these bonds had ac
tually been sold to recoup the eXpendi
lures ut the iSthmuS, and now con
Stitu,e considerable item of the pub
lie debt But | for one do not believe
that the people of this country approve
Of postpohing the payment Of their
bills. Borrowing money is ShoTtSight.
ed finance. 1t can be justified only
when permanent things are to be aC-
complished which many generations
will certainly benefit by and which 1t
seems hardly fair that single genera
ton should pay for The objects we
are now proposing to spend money for
cannot be so classified. except in the
sense that everything wisely done may
be said to be done in the interest of
DOstnri.y- us well us in our Own. II