The Owosso times. (Owosso, Mich.) 1897-1926, 1915-11-12
WHERE WILL THE
MILLIONS COME FROM
Democrats Must Repeal Their Free
Trade Acts, Issue Bonds or Tax
People Directly.

Washington, Nov. 7.-Congressman
Joseph w. Fordney, of Saginaw. Mich,
ranking Republican on the ways and
means committee aud therefore the Re.
publican spokesman on matters pertain.
ing to tariff and revenue in the house of
representatives, writes TO the CORES
pondent of The Detroit Free Press his
opinion that it will be a mghty difficult
problem for the Democrats to get over
the present financial crisis in the treas.
ury without repudiating number of
pet Democratic theories set forth in
their platform of 1919.
The amazing anamoly is presented in
the United States of an overflow of gold
from Europe aud of deficit in the
federal treasury all at the same time.
WHERE'S MONEY FOR PREPAREDNESS
American exports have never been so
great before. The balance of trade IN
favor of the United States has never
been 80 favorable. The depression
feared because of the European war has
/ passed after causing the minimum of
! pinch and, excepting in the south,
where things are still quiet on account
of cotton, all parts of the country are
standing on the threshold of better.
than-normal times.
In spite of all this, the administration
is staggering under constantly increas.
ing deficit. 1t has found that its de.
ficiency tax act is insufficient to bring
funds necessary to meet going expenses
and it faces the necessity of imposing
additional deficiency taxes.
On top of all this, the administration
has appropriated the preparedness slo.
gan, yet it is evident that the additional
expenses of army and navy increases
are impossible without increasing the
federal income.
HARD TASK FACES NC ADOO
Secretary Of the Treasury McAdoo
faces difficult task and his eagerr ess
to have his government-ship purchases
bill enacted is readily understood when
it is remembered that ships coming to
this country will bring imports, many
of them dutiable.
Washington is full of talk, in advance
of congress, on the preparedness issue
and on the utter unpreparedness of the
treasury to meet the demands which
such program will impose.
Senator Oscar W. Underwood, just
back from trip to the Panama Pacific
exposition, asked how he found senti.
ment as to how the increased expenses
should be met, said:
II have heard practically no talk
about revenue, but it goes without say
ing that if man is for anything he is
willing to pay for it either by direct tax
or by a bond issue. Otherwise he is
not really in favor of it,"
BONDS MAY BE ONLY WAY.
Regarding this question of bond
issue-which Is the means of last resort,
when money is imperativeiy needed,
The Free Press inquired of Congress.
man Fordpey for his views.
THE question of bond issue,' Mr.
Fordney replied, 'stares the admins
tration in the face unless they resort TO
the Republican principle of adequate
import duties.
Just what they will do at the com
ing session of congress, do not believe
even The administration at this time
knows. 1t will be mighty difficult
problem for the Democrats to get over
this financial crisis without repudiating
number of pet Democratic theories,
set forth in their platform in 1912"
The Democratic hope, of course. Is to
escape the necessity OF selling govern
ment bonds; but if there is no other
way, they may feel called upon to ad
vocate mortgaging the unb rn mil
lions"-as Pauldings noted congress.
sional hero was wont to say-for the
sake of giving the millions present
what they want.
SUGAR REPEAL SEEMS CERTA N.
On this subject Mr. Fordney says:
"Mr. McAdoo can meet the deficit
only by legislation giving increased i'm.
port duties or adding many articles to
the emergency tax (the so.called war
tax or resort to bond issue which. of
course, is fashionable in Democratic ad.
ministratiops
Congressman Fordney realizes that
Reputation of Democratic principles
regarding the tariff are inevitable pre-.
ludes to getting an adequate revenue,
and he reiterates statement he has
made many times before when he says:
II believe congress will repeal the
free sugar clause in the Underwood
tariff law"
AZ far back as last December, Mr.. |
Fordney was assured by Senator Under. |
wood, then chairman of the ways and |
means committee in the house, that |
there was every reason to expect a re-