Yerington times. [volume] (Yerington, Nev.) 1907-1932, 1915-06-12
NATIONAL FINANCES IN A
BAD WAY.

QefC1t Tor the current HSCdl year
will not be less than S3O,0OO,OOC
As a matter of fact, there is every
reason to expect that it will ex-
coed that sum. There is now a
cash balance in the Treasury OF
little over S14,00C,OOO, and incud-
ing the money that has been spent
on the Panama Canal, disburse-
ments for the year have exceeded
the receipts in the sum OF $751;
089,S03. These are formidable
figures and yet they do not tell
the whole story, for the Postofflce
Department has run behind to the
extent of about S20,OO0,OOO, so
that the excess of outgo over in
come has been more than $751;
100000. Thus far the Treasury
receipts have totaled $554,754,Ool /,
or approximately S40,0OO,0OO less
than for the corresponding period
of 1914.
These extremely unsatisfactory
conditions are primarily attribut-
able to Democratic extravaganza
and mismanagement. OF course,
the party apologists insist that
they are due to the war, but this
excuse will not serve. 1t may be
admitted that they have been ag-
gravated by the war, which, tort
unately for the manufacturing in
dustries of the country, has led
to restriction of mportations, but
the decline in the receipts from
customs duties had been marked
before the war began, and had
there been no war very similar
situation would undoubtedly have
existed. 1t is through the opera
ton of the Wilson-Underwood
near free trade taliff and the CO.
incident extravagances OF the pres
ent administration that the Uni
ted States Government has been
brought to its present pass, and
the responsibility of it rests on
the destructive policies OF the
Democratic party and on its fire.
quently demonstrated incompe-
tence for anything in the nature
of constructive craftsmanship. In
its eagerness to destroy the pro-
tective system under which the
American people had enjoyed
prosperity which now they mourn
it dealt the country two deadly
blows, for while IT'S industries
were Frustrated on the one hand
its revenues were depleted on the
other. y,
Just how bad a financial situa-
ton the country will have to face
and just how large will be the
vacuum for which Congress will
have to provide will not be GER
tainly known until the end of the
current fiscal year, when the re-
turns from the income and cor
poration taxes shall have been re-
ceived 1t was Secretary Nc
Adoo's original estimate that
these taxes would yield SlOO,OOO,-
600. Since then the calculations
have been revised, and in view OF
the business depression which has
prevailed ever since the Wilson
regime was inaugurated and OF
the reduction in all kinds of profits
which has occurred, there are
some Treasury officials who pri-
vately express the opinion that the
Government will be lucky If II
gets as much as $75,OO0,0OO from
this source. Whatever the fact
may prove there will be deficit
which will probably be met by al
issue of Panama Canal bonds, anC
if that were all the outlook would
be less discouraging. What
causes grave concern is the re
Election that things are bound t1
get worse rather than better ano
that the administration confront
ed by a crisis which must be met
The so-called war taxes