Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1915-12-08

dependent on us to the utmost. Bills
for the alteration and reform of the
government of the Philippines and for
rendering fuller political justice TO the
people of Porto Rico were submitted
to the Sixty-third congress. They Will
be submitted also to You. I need not
particularize their details. You are
most of you already familiar with
them But l do recommend them to
your early adoption with the sincere
conviction that there are few measures
you could adopt which would mora
clear the way for the great
policies By which we wish TO make
good. now and always, our right to lead
in enterprises OF peace and good will
and economic and political freedom.
The plans for the armed forces OF
the nation which / have outlined and
for the general policy of adequate prep
aratioa for mobilization and defense
involve, OF course. very large addition
al expenditures of money. expenditures
which will considerably exceed the es-
timated revenues of the government
1t is made my duty by law whenever
the estimates of expenditure exceed
the estimates of revenue to call the
attention of the congress to the fact
and suggest any means of meeting the
deficiency that it may he wise or pos
sible for me to suggest | am ready
to believe that it would be my duty 20
do so in any case. and l feel particz-
larly bound to speak of the matter
when It appears that the deficiency will
M frn 1F1N 81, -
the congress of measures which | my
self urge IT to adopt. Allow me there
fore to speak briefly of the present
stnte OF the treasury and OF the fiscal
problems which the next year will
probably disclose.
On the Both of June last there was
an available balance in the general
fund of the treasury of $104.l1 l0J.TS.
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 31st OF
December. 1915. and that the present
duty Of l cent per pound on sugar will
be discontinued after the LIST of May.
1916. will he $3.50. 365.5OO. The balance
of June last and these estimated rev.
enues come therefore to grand total
of $TTT4.I3!. G05.7S The total estimated
disbursements for the present fiscal
year. including twenty-five millions for
the Panama canal twelve millions for
probable deficiency appropriations ard
$4,000 for miscellaneous debt redemp-
lions. will be STTJJ3. sd 900. and the bal
H., LN
ury will be reduced 10 S2O.644. G0:5.IS,
The emergency revenue act If contia-
ned beyond lis present time limitation
would produce during the half year
then remaining 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 fifty-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 S16644.s
COST
The additional revenues required to
carry out the program of military and
naval preparation of which have
spoken would. rs ut present estimated.
De for the fiscal year 1917 SCI. 800 900
Those figures. taken with the figures
for the present fiscal year which
have already given. disclose our finan-
cial problem for the year 1917. AS
Stunning that the taxes imposed By the
emergency revenue act and the pres
ent duty on sugar are to be discoutin-
ued and that the balance ut the close
of the present fiscal year will be only
$50, Gal, COSTS, that the disbursements
for the Panama canal will again be
about S25,000.O00 and that the addi-
tional expenditures for the army and
navy are authorized by the congress.
the deficit in the general fund of the
treasury on the 3Oth of June, 1917.
will be nearly S23J,000.OOO. To this
sum at least S5OOoO,GOO should be add
ed to represent 4 safe working balance
for the treasury and SI2.OOO,00O to III
clude the usual deficiency estimates in
1917, and these additions would make
a total deficit of some S297, 100000 IL
the present taxes should be continued
throughout this year and the next.
however, there would be IL balance in
the treasury of some STG.50O,O0O at
the end of the present fiscal year and
a deficit ut the end of the next year OF
only some S50,0O0OOO, or. reckoning in
SCI, 100000 for deficiency appropria-
tons and a safe treasury balance al
the end of the year, u total deficit of
some S112,00O,000. The obvious moral
Of the figures is that it Is q plain couG-
sci of prudence to continue oil OF the
present taxes or their equivalents and
confne ourselves TO the problep of
S112.OO0.OOO of new revenue
rather than S297,0COOOO.
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
mount Of approximately $4,000 are
low available for that purpose Prior
o 1913 s134631,9S0 of these bonds had