The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1915-12-01
MORE TAXES NEEDED
M'ADOO ISSUES STATEMENT ON
NEW DEFENCE PROGRAM
PEOPLE Will STAND IT

tTLU1LL WILL OaRlSU III
Secretary Suggests Changes in Ex
isting Laws and Recommends That
Sugar Duty be Retained and Ad
vocates Retention of Emergency
Taxes-FYgures Given in Detail.
Increase in internal taxation rath.
er than issue Of bonds to meet the
first years expenses Of the admins
tration's defense program are advo-
Gated by Secretary McAdoo Of the
treasury in 6 formal statement giving
an estimate Of the federal govern
ments revenues and expenditures up
to the end Of the fiscal year begin
ming next July.
Assuming that congress will con-
tinue in effect the present. emergency
tax law and customs duty on sugar,
| the secretary estimates that S112,-
S06,394 in additional revenue will be
needed for tho expenditures for 1917,
including s9S,S00,000 for new meas
ures for national defense. "This
amount" says the statement, 'scan
easily be raised by internal taxation
without appreciable burdens upon
the American people,
Mr.. McAdoo suggests a reduction
| In the income tax Law exemption on
single persons from $4,000 to $4,000
and on married persons from $4,000
to So, 3,0e0; changes in the surtaK in
posed OF incomes above certain fig
| ure, and new taxes on gasoline, crude
and refined oil, horse power Of auto
mobile and other internal combustion
engines and various other things.
The statement follows:
I'm view of the many inaccurate
and misleading statements which are
being made deliberately or ignorant
| ~ about the condition Of the treasury
finances Of the government with re-
spect to the. current fiscal year and
fiscal year 1917, I feel that a true
and accurate analysis Of the situation
may be of service to the public.
1.-THE question Of the national
finances is so intimately related 20
other vital problems which must be,
settled in the interest OF the Ameri-
can people that every right-minded
citizen should want the truth in or
der that he may help form that IN
telligent public opinion out OF which
alone can arise sound and Just con-
clusions. With this in mind, l de-
sire to submit to the public the fol-
lowing information:
eve begin the fiscal year 1916
July !, 1879 with general fund
balance, not including amounts to
the credit Of disbursing officers OF
s104,170,105.7S. Compared with the
balance shown in the daily treasury
statement Of June 80, 1915, this is
composed Of the following:
Balance in general fund June 80,
1915, as per treasury daily state
ment, $S2,025,716.03.
"Add national bank note redemp-
ton fund, which, by law, is a part OF
the public debt and not to be set up
az q liability Of the general fund,
s1e,390,345.50.
"Add cash deposits during the year
1915 and included in the revised
totals, advices Of which were receiy-
ed at the treasury after June 80,
1915, s2,754,o44.25.
balance in general fund June 80,
1915 (revised basis), s1O4'l7o'-
1G5.7S.
"Under existing law the present
duty Of l cent per pound on "a"
sugar ceases May /, 1915, and the
present emergency revenue law ex-
p;res on December 81, 1915. Assum-
ing that these two sources OF reVe-
nue. are eliminated, the FOLLOWING
results may be expected for the t1sca!
year 1916:
General fund balance in the treas
ury July !, 1915, as already shown,
S1O4,170,105.78.
"The estimated total receipts for
1915 are s67O,365,50G.
"Total, s774,535,6o5.7s.
"Total estimated disbursements for
1916, excluding Panama canal pay
ments, s716,S91,0o0.
Surplus or balance Juno 30, 1915,
s57,644,S05.7S.
"The duty on sugar and the emer-
gency revenue taxes ought to be con-
tinued. Il this is done, the addl-
tional receipts from these sources
for the fiscal year 1915 should be
sA1,OOO,000 from emergency taxes
and SIS, 100000 from sugar-s96'-
100000.
balance, S113,644,605.7S.
s.It may be assumed that there
will be appropriated by the congress
for SUPPLEMENTAL estimates and de-
eciencies for the fiscal year 1915
total Of S12,000,000.
"Surplus for fiscal year 1915 Gas
suming that emergency taxes ana
sugar duties are continued) SlOl'-
s44, 4,6O5.7s.
Panama canal payments for 1916
are estimated at s25,000,000. These,
under existing law, may be paid by
sale Of bonds. If paid, however, out
Of current revenue we must deduct
s25,0O0,OO0. On this basis, avail
able balance at end Of fiscal year
1916 would be s76,644,605.7s.
"Now let US consider the fsca!
wear 1917, which We begin with
balance of s76,644,605.7s. Total esti-
mated receipts, on the assumption
that present emergency revenues,
taxes and duties on raw sugar pro
ducts are continued. s730,500,OOO.
Total for 1917. sSO7,144,605.78.
Total disbursements, including
s93,S0O,000 new or additional eH-
penditures for greater national oe-
tense or preparedness and excluding
Panama canal payments, sS32,S5l,-
deficiency 1917. s25,sO6,3s4.22.
ESTIMATED deficiencies and sup
Elemental appropriations for 1917,
s12,000,000.
add for working balance in t.eas-
ury to begin fiscal year 1918, $780,
100000.
Panama canal payments for 1917
arc estimated at SIS, 100000.
eff paid out Of revenues and not