The Washington times., 1915-12-07

appears that the deficiency will arise |
directly out of the adoption by ,the |
urge 1t 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
On the thirtieth Of June last there was
an available balance In the general fund
OF the Treasury of i0,lOo.IS. The
total estimated receipts for the year
1916, on the assumption that the
emergency revenue measure passed by
the last Congress will not be extended
beyond its present limit, the thirty-hrst
Of December. 1916, and that the present
will be discontinued after the first OF
May, 1916, will be $3.50, 1856, 500. The bal,
ance of June last and these estimated
total of s774,5S5, COSTS. The total esti-
mated disbursements for the present
fiscal year. including twenty-five mil
lions for the pansma ma 1aeoan Canal, nr, Twelve
ations. and fifty thousand dollars for
miscellaneous debt redemptions, will be
$753, ,S91 900: and the balance in the gen.
duced to so, ,s44, ,sos.7s. The emergency
revenue act, II continued beyond Its
present time limitation. would produce.
during the half year then remaining,
one cent per pound on sugar, II con-
tinued. would produce during the two
months of the fiscal year remaining
after the first of May. about fifteen
together to fifty-six millions, IL added to
the revenues of the second half of the
fiscal year. would yield the Treasury at
the ,ss end a. of e. The year an available balance
The additional revenues required to
| carry out the program OF military and
naval preparation of which have
be for the fiscal year 1917, s93, 800, 900.
Those figures. taken with the figures
for the present fiscal year which have
already already given disclose our financial
that the taxes imposed by tie emerg-
| ency revenue act and the present duty
| on sugar are to be discontinued, and
present fiscal year wIli be only $40. .s44.-
| 6057S, that the disbursements for the
Panama Canal will again be about
Twenty-Five millions. and that the ad-
navy are authorized by the Congress.
the deficit in the general fund OF the
| treasury on the thirtieth of June, 1917,
| Will be nearly two hundred and thirty
| five millions. To this sum at least fifty
| millions should be added to represent a
safe working balance for the Treasury
and twelve millions to include the usual
deficiency estimates in 1917; and these
| additions would make a total deficit OF
some two hundred and nnety-seven
| millions. If the present taxes should
be continued throughout this year and
the next. however there would be a
balance in the Treasury of some
seveDty-six and half millions at the
end of the present fiscal year and a
deficit at the end of the next year OF
y only some fifty millions, or. reckoning ir
sixty-two millions for deficiency appro
priations and safe Treasury balanc,
at the end Of the year a total deficit
Of some one hundred and twelve mil
! lions. The obvious moral of the figure.
Is that II is a plain counsel of prudenc,
to continue all of the present taxes o
their equivalents. and confine ourselve!
to the problem Of providing one hundred
and twelve millions OF new revenu,
rather than two hundred and ninety
| seven millions.