The Bridgeport evening farmer., 1915-12-07

CONVICTION CnaL C1eTG are rev measures
you could adopt which would more
serviceably 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 l have outlined and
for the general policy OF adequate prep
aration for mobilization and defense
involve. of course. very large addition
al expenditures of money. expenditures
which will considera bly, 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 be wise or pos
sible for me- to suggest 1 am ready
TO believe that it would be my duty to
do SO in any case. and l feel particu-
larly bound to speak of the matter
when it appears that the deficiency will
arise directly out of the adoption by
the congress of measures which i my
self urge it to adopt Allow me there
fore to speak briefly of the present
state of the treasury and of the fiscal
problems which the next year will
probably disclose.
On the 30th of June last there was
an available balance in the general
fund Of the treasury of $1O4, Ito. 1O5.7S.
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
Deceslber. 1915. and that the present
duty of cent per pound on sugar will
~ -
1916. will be $3.50. 800 500 The balance.
OF June last and these estimated rev
enues come therefore to a grand total
of STA. So. COSTS. The total estimated
disbursements for the present fiscal
year. including twenty-five millions for
the Panama canal. twelve millions for
proba bic deficiency appropriations and
$4,000 for scellaneous debt redemp-
lions. will be $753. Soi 900, and the bal
ance in the general fund of the treas
ury will be reduced to $20.644, COSTS.
The emergency revenue act if contin-
ued beyond it's 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. f1fty-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
Is year an available balance of $76.644,-
Cos. 72
The additional revenues required to
carry out the program of military and
naval preparation of which have
spoken would. as at present estimated
-, 1fS
Those figures. taken with the figures
|. for the present fiscal year which
have already given, disclose our fnan-
cia1 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 discontin-
ued and that the balance at the close
/ OF the present fiscal year will be only
$2O,644, COSTS, that the disbursements
for the Panama canal will again be
I about $25, 100000 and that the add
tionaI expenditures for the army and
navy are authorized by the congress.
t the deficit In the general fund Of the
treasury on the 3oth of June, 1917.
will be nearly $235, 100000. To this
sum at least $4,000, 900 should be add
ed to represent safe working balance
for the treasury and So, 600, 900 to in
clude the usual deficiency estimates in
1917. and these additions would make
a total deficit OF some 1921, OO0, 600. If
the present taxes should be continued
throughout this year and the next.
5 however. there would be a balance in
the treasury OF some $76.5OOOOo at
the end Of the present fiscal year and
deficit at the end of the next year of
sonly some $5OOOO.OOO. or. reckoning in
$62, 100000 for deficiency appropria
lions and safe treasury balance at
the end OF the year, a total deficit of
some $4,000, 600. The obvious moral
of the figures is that it is plain coun-
S sci of prudence to continue all of the
present taxes or their equivalents and
confne ourselves to the problem of
providing $112, 100000 of new revenue
rather than 1921, 100000.
How shall we obtain the new rev
enue2 We are frequently reminded
that there are many millions of bonds
which the treasury is authorized under
existing lawSito sell to reimburse the
sums paid out of current revenues for
the construction of the Panama canal.
and it is true that bonds for the
amount OF $222. 432, 600 are now avail
able for that purpose. Prior to 1913
/ $138. 100000 of these bonds had ac-
tually been sold TO recOup the expendi-
lures at the tsthmus, and now con
| stit1te considera BILE 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. It can be justified only
when permanent things are to be acs
compIished which many generations
will certainly benefit by and which it
seems hardly fair that single genera
lion should pay for The objects we
are now proposing to spend money for
cannot be so classified. except In the
sense that everything wisely done may
be said to be done In the interest Of