The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1915-12-09

The Panama canal. twelve millions 10
probable deficiency appropriations au'
$4,000 for miscellaneous debt redemr
tions, win be sI53. sol 900. and the bal
ance in the general fund of the treas
ury VIII be reduced 10 S2o,Gi4, COST
The emergency revenue act IL contln
ued beyond its present time Limitation
would produce during the half yea
then remaining about forty-one mil
lions. The duty of cent per pount
on sugar IL continued would produc,
during the two months OF the nsca
year remaining after the ist OF May
about fifteen millions. These two sums
amounting together TO flfty-six mil
lions, II added 10 the revenues OF the
second half OF the fiscal year would
yield the treasury nj the end OF the
| year an available balance OF STG.644
COSTS.
The additional revenues required To
carry out the program OF military and
naval preparation of which | have
spoken would, as at present estimated,
be for the fiscal year 1917 S93, SOC, 900.
Those figures, taken with the figures
for the present fiscal year which
have already given, disclose our fnap.
cial problem for the year 1917. As-
suming that the taxes imposed by the
emergency revenue act 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 be only
F20. 0.644.605.TS that the disbursements
about s25.000000 and that the addl-
tional expenditures for the army and
navy are authorized by the congress.
the deficit In the general fund Of the
treasury on the Both Of June 1917,
will be nearly S235,000000. To this
sum at least S50,00000O should be add
ed to represent safe working balance
fer the treasury and $4,000 TO IN
elude the usual deficiency estimates In
1917, and these additions would make
a total deficit of some $297 100000. II
the present taxes should be continued
throughout this year and the next.
however, there would be balance in
the treasury Of some S76,JO0,OO0 at
the end of the present fiscal year and
a deficit at the end Of the next year OF
only some $50h 0000, or, reckoning In
$62,OOOO00 for deficiency appropria-
tons and safe treasury balance at
the end Of the year, total deficit OF
some $112,O00,O00 The obvious moral
of the figures is that 1t is plain coun-
sci of prudence to continue all Of the
present taxes or their equivalents and
confine ourselves to the problem Of
providing $112000,000 Of new revenue
rather than $297, 100000.
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 to reimburse the |
sums paid out of current revenues for
the construction of the Panama canal, |
and 1t is true that bonds for the
amount Of 5000, $4,000 are now avail
able for that purpose. Prior to 1913
$13S,000000 Of these bonds had ac-
tually been sold to recoup the expendi-
lures at the isthmus, and now con-
stitute 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 be justified only
when permanent things are to be ac-
which many generations
will certainly benefit by and which 1t
seems hardly fair that single genera
ton should pay for The objects we
are now proposing 10 spend money for
be so classified. except in the
sense that everything wisely done may
be said to be done In the interest OF
as well as In our own. IL
seems to me a clear dictate Of pru-
lent craftsmanship and frank finance
hat in what we are now, hope, about
o undertake we should pay as we go.
The people Of the country are entitled
o know just what burdens Of taxation
hey are to carry and to know from the
,utset now The new bills should be
,aid by internal taxation.