The Benson signal., 1915-12-11

our commerce even where the doors are
| wide open and our goods desired Such
situation is not to be endured. 1t is
| OF capital Importance not only that the
United States should be its own carrier
| on the seas and enjoy the economic in
| dependence which only an adequate mer-
| chant marine would give it, but also that
| the American hemisphere as whole
| should enjoy like independence and self
| suficiency, 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 ef-
| fective American policy without ships of
| our Own-not ships of war, but ships of
| peace, carrying goods and carrying much
| more: creating friendships and render
| ing Indispensable services to all interests
| on this side of the water. They must
move constantly back and forth between
| the Americas They the only shuttles
| that can weave the delicate fabric of
! sympathy, comprehension, confidence and
| mutual dependence in which we clothe
| our policy Of America for Americans.
Ships Are Needed.
| The task of building up adequate
merchant marine for America private
| capital must ultimately undertake and
achieve, as it has undertaken and
| achieved every other like task amongst
us in the past with admirable enterprise,
| intelligence and vigor; and it seems to
| me manifest dictate of wisdom that we
| should promptly remove every legal OBJ
| stacle that may stand in the way OF this
much to be desired revival of our old in
| dependence and should facilitate in every
possible way the building, purchase and
| American registration of ships. But cap
| ital cannot accomplish this great task of
| a sudden. 1t must embark upon it by de-
| grees, as the opportunities of trade de-
velop. Something must be done at once;
| done to open routes and develop oppOr
| tunities where they are as yet undevel
| oped; done to open the arteries of trade
| where the currents have not yet learned
| to run-especially between the two Amer-
| can continents, where they are, Singularly
| enough, yet to be created and quickened;
and 1t is evident that only the govern
| ment can undertake such beginnings and
assume the initial financial risks. When
| the risk has passed and private capital
begins to find it's way in sufficient abund-
ance into these new channels, the gov
| ernment may withdraw But it cannot
| omit to begin. 1t should take the first
| steps and should take them at once. Our
| goods must not lie piled up at our ports
| and stored upon sidetracks in freight
| cars which are daily needed on the roads;
l
transport to any foreign quarter. We
must not await the permission of foreign
| ship owners and foreign governments to
| send them where we will.
l. With view to meeting these pressing
necessities of our commerce and availng
| ourselves at the earliest possible moment
| of the present unparalleled opportunity of
| linking the two Americas together in
bonds of mutual interest and service, an
| opportunity which may never return
| again if we miss it now, proposals will
| be made to the present congress for the
| purchase construction of ships to be
| owned and directed by the government
| similar to those made to- the last con-
| gress but modified in some essential par
| ticulars. I recommend these proposals
| to you for your prompt acceptance with
| the more confidence because every month
| that has elapsed since the former pro-
| posals were made has made the necessity
| for such action more and more mani
| testify imperative
| Question of Finance.
The plans for the armed forces of the
\ nation which I have outlined, and for
| the general policy of adequate prepara-
| ton for mobilization and defense, in
| volve of course very large additional ex-
| penditures of money-expenditures which
| will considerably exceed the estimated
| revenues Of the government. 1t is made
my duty by law, whenever the estimates
| Of expenditure exceed the estimates of
| revenue to call the attention of the con-
| gress 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 I feel particu
| larly bound to speak of the matter when
| it appears that the deficiency will arise
| directly out of the adoption by the con-
1 - ataL
| 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 dis
| close.
| On the thirtieth of June last there was
| an available balance in the general fund
| of the treasury of $104, ,170, 105.7S. The to-
| tai estimated receipts for the year 1916,
| on the assumption that the emergency
! revenue measure passed by the last
| gress will not be extended beyond it's
| present limit, the thrty-frst of Decem-
Der, 1915, and that the present duty of
| one cent per pound on sugar will be dis
| continued after the first of May, 1916.
| will be $780, 365, 800 The balance of June
| last and these estimated revenues come,
therefore, to grand total of STA, ,535, .78.
| The total estimated disbursements for the
| present fiscal year, including $25,000,OOO
for the Panama canal, $120OO,O0O for prob
| able deficiency appropriations and $780,
| 600 for miscellaneous debt redemptions.
| will be $753 S91 600; and the balance in the
| general fund of the treasury will be re-
duced to $20,644 COSTS. The emergency
| revenue act, if continued beyond it's pres
| ent time limitation, would produce, dur
ing the half year then remaining, about
! forty-one millions. The duty of one cent
| per pound on sugar, if continued would
| produce during the two months of the
| fiscal year remaining after the first of
| May, about fifteen millions. These two
| sums, amounting together to $56 900,
| if added to the revenues Of the second
half of the fiscal year, would yield the
| treasury at the end of the year an avail
| able balance of SIG, ga, ,605.7S.
The additional revenues required to
carry out the program of military and
| naval preparation of which l have spok
en-, would. as at present estimated, be
| for the fiscal year 1917, $93, 0,000. Those
| figures. taken with the figures for the
| present fiscal year which I have already
| given, disclose our financial problem for
the year 1917.
| How shall we obtain the new revenue?
| 1t seems to me a clear dictate of pru.
dent craftsmanship and frank finance
| that in what we are now, l hope. about