Cheraw chronicle. [volume] (Cheraw, S.C.) 1896-2005, 1915-12-09
SHOULD AGREE ON POLICY
in THE PHILIPPINES.
Recommends Early Adoption Of Meas.
ures Giving Them Fuller Justice.

Recommends Early Adoption of Meas.
ures Giving Them Fuller Justice.
The president recommends the early
adoption Of bills for the alteration and
reform Of tie government Of the Phil
ippines and for rendering fuller polit
ical justice to the people of Porto Rico.
which were submitted to the Sixty
third congress The president refers
to the Increased cost Of carrying out
the plans for the armed forces Of the
nation and tells Of the fiscal problems
confronting the government.
On the 30th Of June last there was
an available balance in the general
fund of TIC treasury of S104, ITO, 1OJ.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 It's present limit. the 3lst of
December. 1915. and that the present
duty Of cent per pound on sugar will
be discontinued after the lst Of May.
1916, will be $3.50. 0.365.500 The balance
of June last and these estimated rev.
enues come therefore to grand total
Of $774,535. .605.7S. The total estimated
disbursements for the present fiscal
year. including twenty-five millions fol-
the Panama canal, twelve millions for
probable deficiency appropriations and
$4,000 for miscellaneous debt redemp.
tions, will he $7Ji3. S91 900. and the bal
ance in the general fund OF the treas
ury will be reduced to $20Gii.&ij.TS
The emergency revenue act IL cOntln.
ued beyond its present time limitation
would produ"e during the half year
then rerI@ining about forty-one mil.
lions. The duty Of cent per pound
on sugar If continued would produce
during the two months Of the fiscal
year remaining after the 1st of May
about fifteen millions. These two sums.
amounting together to flfty-six mil
lions, if added to the revenues Of the
second half OF the fiscal year would
yield the treasury at the end Of the
year an available balance Of $7G.Gi4
COSTS.
The additional revenues required to
carry out the program Of miIitH"y and
naval preparation Of which | have
spoken would. lis at present e'i.marel
be for the fiscal year 1917 $''3.%GAG10
Those figures taken with the figures
for the presen: fiscal year which ]
have already given. disclose our tinan
cial problem for the year 1917 As
suming that the taxes imposed by the
emergency revenue net and the pres
ent duty on sugar are to be dlscontin
ued and that the balance at the close
Of the present fiscal year will he only
S20.Gi4. .Gn5.TS. that the disbursements
for tho Panama canal will again he
about $"5G"H.0O0 and that the addi
tiona cvrrm'ii'ureS for the army and
navy are Authorized by the congress
the deficit IN tie general fund Of the
treasury on IN" Both Of June, 1917
will he nearly >235.0O0,00O. TO this
sum at least Sj0.000000 should he add
ed to represent O safe working balance
for the treasury and S12,000O00 TO in
clude the uSii:.i deficiency estimates IL
1917, and tEc,c additions would make
a total deficit Of some $207,O0O,OOO. If
the present taxes should he continued
throughout this year and the next.
however. there would be balance In
the treasury of some $TG,J0l,OJ0 a!
the end Of the present fiscal year and
q deficit ut the end OF the next year Of
only some r-H.'GDO00, or, reckoning in
SG2 2.GGO.CCn Cor defcienc, upria
tions aud Il SAFE trcasur. =. ice at
the end Of the year. tc.H, '.. ii -
some S112.C0O,000. The c'.'o":, "i".f
Of tie figures is that it Is =. i''. r'.l
sci of prudence to contir - ' Of the
present taxes nr their eQ' g an.
confine ourselves to the problem of
providing Sll2OOO.O00 Of new revenue
rather than S297,O000OO.
How shall we obtain the new rev.
enue: We are frequently reminded
that there are many millions Of bonds
which the treasury is authorized under
existing law to sell 10 reimburse the
sums paid out OF current revenues Tor
the construction OF the Panama canal
ana it is true that bonds for the
amount OF $222. .432, 900 are now avail
able for that purpose. Prior to 1918
S13S,OU0.OO0 of these bonds had ac-
,uIlly been sold to rccouD the cXpenui.
lures at tie isthmus, and now con
stitute a considerable item Of the pub
lie debt But for one do not believe
that the people OF this country approve
Of postponing the payment OF their
bills. Borrowing money is shortsiGht
ed finance. 1t can he justified only