Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-12-07

tional defense or preparedness and
excluding Panama canal pay
ments, ss32,951, 900.
Deficiency, 1917, 81. s06, 394.22.
Estimated deficiencies and sup
Elemental appropriations for 1917,
S12,O0O,0OO. ~. T.. 49,. 49,.
Add for working balance in
treasury to begin fiscal year 1918,
$50, 200. 600. II H.. ~ .... -.
4c Panama Canal Payments
Panama canal payments for
1917 are estimated at $25, 000, 900.
II paid out Of revenues and not
from the sale Of bonds, add $685.
100000. = : -. !
ION this basis. the total new
revenue to be raised for the fiscal
year 1917 is SIP, S06, 394.22. f.,..
IF, however, the Panama canal
payments for the year 1915 and
1917, amounting to total of $780,
100000, should be paid from the
proceeds of bonds sales, then the
amount of additional revenue
/ which must be raised for the fiscal
year 1917 is estimated to be $62,-
! SOC ,394.22 1t would not be an un-
usual thing to finance the Panama
payments by the sale of Panama
bonds; in fact, S13S,600, S39.02 Of
Panama canal payments have
been met by the sale of such
bonds. ~.
Canal Bonds Sold
Series of 1906, administration
President Roosevelt, per cent,
principal OF bonds, $54,631. $50;
premium received, $1,946,060.62.
Series of 1908, administration of
President Roosevelt, 2 per cent,
principal of bonds, $50, 900, 900;
premium received, $731, 008.21.
Series OF 1911, administration
of President Taft. 3 per cent, prin-
cipal of bonds, $50, 000, 900; pre-
MUM received, 81, 29I274.19.
Total principal of bonds, 1884,
631,980; total premium received,
1886, 1856. 02.
Total realized, s1Ss.60O,S69.02.
Under the present adyinistra-
ton all payments for the Panama
canal have been made out Of cur
rent revenues, amounting since
March 4, 1913, to date to $685.
$3.50, There Is no necessity in
my opinion for the issuance of
bonds, notwithstanding the con-
tfnuance OF the European war and
its inevitable effects upon the
revenues. -
Would Use Revenue
Il believe that it would be far
preferable to continue to pay the
expenditures for the Panama canal
out of current revenues, especially
since the canal Is almost COM
pleted, and it is likely that the
demands upon the treasury from
that source win largely decrease
in the near future. If the policy
is adopted of providing sufficient
revenues to cover the Panama ca
nal payments, as well as all other
demands on the treasury, it will
probably be broad enough to take
care of any ordinary fluctuations
in the revenues and expenditures
OF the government in the future.
Therefore, If bonds are not is
s,,Sd for Panama canal payments.
the total amount Of new revenue
reouired for the fiscal wear 1917
(assuming as before stated that
the present duty on sugar and the
present eIi,ereency revenue taxes
are continuedl. is s112. SOC. s94 %.
in which is included the sum of
s93. SOC. 900 for preparedness or
new measures for the national de-
Tense,
Resources Growing
This amount can easily be
raised by the internal taxation
without appreciate burdens upon
the American people, The re
sources and wealth of the country
are SO great and are increasing
so rapidly that the needs OF the
government for its normally grow
ing expenditures and for the car
rying out Of the larger program :,
for national defense can readily
be met. Merely as suggestions /
would say that consideration may
well be given to increasing the
rates OF taxation on Individual and
corporate incomes and OF reduc-
ing the exemption under the pres