Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1915-04-08
UNCLE SAM CAN
keep WOLF OFF
Senator Simmons Says Deficit
Amounts to SIG, 900, 1000.
MAKES DETAILED STATEMENT
Chairman of Finance Committee of
Senate Sees No Basis For Alarming
Figures-Poor Business Due to Euro
pean War Is Chief Factor In Lowering
Receipts-Sees Brighter Days Ahead.


Washington. Senator Simmons,
chairman Of the finance committee,
does not think the treasury deficit Will
be excessive and is not alarmed over
lack of money to run the government
There have been so many conflict
Ing statements with reference to the
present fiscal year, some persons plac
ing it as $100,000,O00, some as high as
$130OO0,O0O," said he, II have thought
it well to look thoroughly into the sit
uation with a view to aScertaining
what were the real facts. During the
past few weeks have been in confer
ence with officials Of the treasury de-
partment, and feel safe in saying the
probable deficit will not much exceed
$26,0OOO00.
''This does not include the expendi-
lures on account Of the Panama canal.
These are otherwise provided for by
law and are not required to be paid
out of the current funds of the govern
ment. Estimated receipts Of the gov
eminent from all sources as made in
September. 1913. were as follows:
From customs, $249,OOOOO0; internal
revenue, $305, 100000; corporation and
income tax, $122, 600, 900; miscellaneous,
$G0,00O,O00. Total receipts, S736,OOO,-
600. The probable net ordinary eX-
penditures were estimated at $718,0OO,-
600, showing an estimated excess Of
receipts of $1SOO0,O0O.
''The receipts from practically every
source have fallen below the estimate,
due TO depressed business conditions on
account of the war in Europe. AL
though the revenue derived from the
internal revenue tax will probably be
increased by the emergency revenue
act over the estimate by about $20,OO0,-
600, there was on March Is, 1915, an
excess of ordinary expenditures over
receipts of approximately $S5,O0OOOO
against deficit Of $24,OOO,OOO on the
same date last year.
1.-THE estimated receipts for the re-
mainder OF the fiscal year are: From
customs, 72,OOO,OOO; internal revenue,
$97, 900 600; corporation and income
tax, $76,0O0OOO; miscellaneous receipts,
sol ,O0O,0 900, total Of $266, 100000 The
ordinary disbursements will amount to
$207, 900 600. An excess of receipts
over expenditures for the remainder OF
the year of $59OOO,OOO. This shows a
net deficit at the end Of the fiscal year
of about $2G,000,OOO.
1.-THE increases are due, in part, to
the normal growth Of the government
and in part are due to conditions arts
ing out of the European war and the
abnormal conditions In Mexico. When
the facts that the income tax is not re-
quired to be paid by law until about
the end of the fiscal year June 30).
and that the bulk Of this tax is not, in
fact, paid until about the end Of the
fiscal year are considered, the circum-
stance of an excess of disbursement
over receipt for the first half of the
year. and an excess Of receipts over
disbursements during the last half,
will be readily understood, and it will
also be apparent that any estimate
based upon the assumption that the
proportion Of the receipts and disburse
ments will be the same during the sec
ond half of the year as during the first
half is both misleading and erroneous"