Albuquerque morning journal., 1915-11-26
Secretary of Treasury Gives
Comprehensive Review of
Uncle Sans Probable Bal
ance Sheets for Two Years,
SMALLER INCOMES TO
HELP BEAR BURDEN
Tariff on Sugar to Be Con-
tinued, Is Suggestion, and
Other Methods Of Raising
Money Are Contemplated,
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~ poaAlna JovRNAl srse'Al lsAsto "i"Ei
washington, Nov. 25.-Increases in
internal taxation rather than issuance
,,f houds to meet the first years eN-
penses of the administration defense
,,roeram are advocated by Secretary
1lcAdoo. of the treasury in formal
statement issued tonight giving an es-
innate of the federal governments
revenues and expenditures up TO the
end Of the fiscal year beginning next
July r
tinue in effect the present emerseh'>
tnv law and customs duty on sugar
the secretary estimates that ~ ll4,oV0'-
gQ4 I'm additional revenue Will be
needed for the expenditures for 19l T.
including S93.S00,000 for the measures
for national defense.
Would Not BE BurdensOme
This amount" says the statement
"can easily be raised by internal tax
alton without appreciable burdens
upon the American people
Mr.. McAdoo suggests a reduction in
the income tax law exemption on SIM
qlc persons from $4,000 to $1,000 ana
on married persons from $4,000 to
$4,000. changes i'm the surtaN imposed
an incomes above a certain figurei
e3 new taxes on gasoline, crude ana
ned oils horsepower of au.omo-
other internal combustion en-
and various other things.
~ IS NiGAdoo's Statement
atement follows
ew of the many inaccurate
aadne statements which are
eg either deliberately or ig-
uofaf ouas .ae e5hd,tiot Uf lht
treasury a1d the finances OF the gov
ernnlent W I'm respect to the current
fiscal year aud the fiscal year 1917 ]
feel that q true aud accurate analysis
Of the situation inay be Of service to
the public The question Of the ma
tional finances is so intimately relat-
ed to other vital problems which
must be settled in the interest OF the
American people that every right
minded citizen should want the truth
in order that he may help form that
intelligent public opinion out Of which
alone can arise sound and just conclu-
sons. With this in mind ! desire TO
submit to the public the following IN
formations
Good Balance on Hand.
We began the fiscal year 1916
(July 1870 with general fund
balance. not including amounts to the
credit Of disbursing officers of $lO4,-
1I0,105.78 Compared with the bal
ance 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 statement
S2,O25.716.0S Add national bank
note redemption fund. which, by law
is q part OF the public debt and not
to be set up as a liability Of the gen
cral fund, Sl9,390,345.50. Add cash
deposits during the year 1915 and In
Guided In the revised totals, advices
0f which were received at the treas
ury after June 80, 1915, $2,754,044.25.
Balance III general fund, June 30,
l91b, (reviscd basis) S104,17O, lO5.I IS'
Sugar and Emergency Laws.
Under existing Jaw the present
duty Of one cent per pound on raw
sugar ceases May /, 1916, and the
present emergency revenue law eX-
pires on December 81, 1915. Assuming
that these two sources Of revenue are
eliminated, the following results may
be expected for the fiscal year 1916.
General fund balance in the treas
ury, July /, 1915, as already shown
lO4170,t06.7S.
The estimated total receipts for
l9l6 are $670,3G5, 500
Total, $774,535,60578.
I0tal estimated disbursements for
1915, including Panama canal pay
ments' S7i6,S9L000.
I.f
S0I6f4.605.78.
me duty on sugar and the cmer-
sency revenue taxes ought to be con-
tlnuod If this is done. the additional
receipts from these sources for the
fiscal year 1916 should lie (Si1.000,-
Vo0 from emergency taxes and $l5,-
VO0O00 from sugar) $4,000, 900
Balance. $l13,644,605.78.
Probable Appropriations
II may Be assumed that there will
pe appropriated by the congress for
supplemental estimates and deficlen-
yes for the fiscal year 1915, total Of
@l2000 900
surplus for fiscal year 1916 (as-
sumlng that emergency taxes and SUI
gar duties are continued $l0L644,-
605.78.
Panama canal payments for 1916
are estimated at S25,00O.0 .000. These,
under existing law. may be paid by
sale of bonds II paid. however out
W. current revenues. we must deduct
$4,000 900.
On this basis. available balance at
,nd OF fiscal year 1916 would be
S'6,644,605.7s.
Now let us consider the fiscal year
lsl1 which we begin with a balance
ln the treasury S16.644.605.7S.
Total Estimated Receipts.
Total estimated receipts on the as
sumption that present emergency rev
ehue taxes and duties on raw sugars
are continued, $3.50, 100000
Total for 1917. SS07.144,605.Is.
Total estimated disbursements in
Guiding S9S,S00.00O new or additional
expenditures for greater national de-
llense or preparedness and excluding
Fanama canal payments, $S32,95l, 900.