The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1915-12-08

Assuming that the imposed BY the emergency rev
act and the present duty sugar to be dis
continued and that the balance the close of the
emit fiscal year viii be only s2os4so57s that the dis
bursements for the Panama canal WIN again be abou.
s250oo000 and that the additional expenditures for the
army and navy are authorized by the the de
fcitn the general fund of the treasury the soth
June 1917 will be nearly s2s5 100000 To this sum al
least 100000 should be added TO represent safe
balance for the treasury and to include the
usual deficiency estimates in and these additions
would make total deficit Of some s2s7 100000 IL the
taxes should be continued throughout this year
and the however there would be a balance In the
treasury of some end OF the present
fiscal year and deficit at the end OF the next year Of
only some reckoning In ss20ooooo for de-
ciency appropriations and safe treasury balance at
the end Of the year. total deficit Of some 600
The obvious moral Of the figures Is that It Is plain
counsel OF prudence continue all OF the present
or their equivalents and conne ourselves 10 the prob
lem of providing Of revenue rather than
s2s700O00O 1if sI
How shall we obtain the new revenue? We are FIRE.
quently reminded tina There many millions Of bonds
which the treasury is authorized under existing law 10
sell to reimburse the sums paid out Of current
for the construction Of the Panama canal and Is true
that bonds for the amount OF are now avail
able for that purpose Prior Of these
bonds had actually been sold to recoup expenditures
at the sthmus and constitute item
of the double debt But for do not believe that the
people OF this country approve Of postponing the pay
ment of their bills. Borrowing money Is shortsghted
finance It be justified only when permanent things
are to be accomplished which many generations will GER
tanly benefit by and which It seems hardly fair that
single generation should pay for. The objects We are
now proposing to spend money for cannot be SO class
fed except In the sense that everything wisely done
may be said to be done In the interest OF posery we'll
as in our own It seems to me clear dictate OF pru.
dent Craftsmanship and frank finance that in what we
are now, hope about to undertake We should pay as
we go. The people Of the country entitled to know
Just what burdens Of taxation they to carry and
know from the outset now. The new bills should be
paid by internal taxation.
To what sources then shall we turn? This is SO pc.
cuiary question which the gentlemen Of the house Of
representatives expected under the constitution to
propose to that you will hardly expect me
do more than discuss It in very general terms. We
should be following almost universal example Of mod
governments II to draw the greater part or
the whole Of the revenues need from the In
come taxes. By somewhat lowering the present limits
Of exemption and the figure at which the surtax shall
begin to be imposed and by increasing step by STEP
throughout the present graduation the surtax ITSELF the
income taxes as at present apporoned would yield sums
sufficient to balance the books Of the treasury at the
end Of the fiscal year 1917 without anywhere making the
puIueH oppfSaelFely nedfy. 1He pre-
else reckonings fully and accurately set out in the
report of the secretary of the treasury which will be
Immediately laid before you.
And there many additional sources Of revenues
which Justly be resorted without hamperng the
industries of the country putting any great charge
upon individual expenditure Ajax of cent per gallon
gasoline and naphtha would Yield at the present
tmated production, s1ooooooo; tax Of 50 cents per
horsepower on automobiles and internal explosion en-
gines $15ooo00O stamp tax bank checks probably
s1soOoooo a tax Of Is cents per ton pig iron s1o-
1000 tax ot25 cents per ton fabricated iron and
steel probably In country Of great indus
tries like this it ought to be easy to distribute the bur-
dens otnta1aton without making them anywhere bear
too heavily too exclusively upon any Of per-
or undertaking. What is clear is that the indus.
OF this generation should pay the bills Of this Esner
alton. ~ q
Did Wilson stop to think about the advisibility Of
real tariff, which would bring protection to American
industries and bring money into the u s. Treasury