Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1915-11-27
M 'ADOO TWISTS
FIGURES OF HIS
MONEY REPORT
Revenue Estimates Are Too
High and Expenditures
Too Small-Smoot.
TREASURY BALANCE
Is IN BOOKKEEPING
Would Put Burden Of War
Tax on Gasoline and
Automobiles.

WASIIINGToN Nov. 20 Score
w tary McAdoo's plan for raising
by internal taxes the additional reve
nue. needed by the government to meet
a deficit and cover the initial expense
Of army and navy increases, was en-
dorsod today by Senator Simmons Of
North Carolina, chairman of the
finance committee.
Senator SmOot Of Utah, one of the
leading Republican members of the
finance committee, gave out a state
ment issued yesterday. The Utah
senator asserted that all of the sec
retary's revenue estimates were too
high and those for expenditures too
low and that misleading bookkeeping
changes had been resorted to.
Differing from his fellow North
Carolinian, representative kitchin,
new majority leader of the house, Sem
ator Simmons announced himself as
an advocate Of adequate defense and
merchant marine legislation and ex-
pressed the conviction that the pres
ent income tax exemption was far too
high and that gasoline and automo-
biles should share the burden of the
war tax.
"Frcnzicd Preparedness
although | have not had an oppor-
tunity to investigate closely the de-
tails of the administration defense
program" said Mr. Simmons, Il ap-
prove the general idea which | under
stand underlies it, With reference TO
preparedness generally, ! think the
sentiment of my state will be against
what has been termed trenzled pre-
paredness. but overwhelmingly IN IA
yOr of common sense preparedness.
81 think the reasons why the gov
ernment should provide for a mer-
chant marine are even greater today
than when the bill which failed at the
last congress was introduced and l be-
lieve that the reasons will be stronger
when the war closes than they nave
been during its continuance. IKE
very much the suggestion OF acquiring
ships that may be easily conNerllple
into auXiliarics for the navy.
Assuming that the treasury de-
ficit will be no larger next year jhah
this. it is evident that we Will nave 10
provide for raising a conSluerdply
larger sum Of money. ! assume thal
the present tax on sugar Will De con
tinued. | assume that the present war
tax will in the main be continued WIN
there will be some additional subjects
of taxation. | see the suggestion that
gasoline and automobiles should be
taxed. Speaking personally ! was III
favor Of this tax when the present law
was under preparation.
Tax Exemption Too High
81 incline also to think that the in
come tax exemption is too high. IL
1,.... ,,,-,,ItaI il, IpSe than a half million
people out of a total of one hundred
million paying the entire tax derived
from incomes. That does not seem to
me to be quite fair
In his statement as to Secretary NC
Adoo's figures Senator Smoot asserted
that they did not correspond with lhe
daily statement of the United States
treasury. issued on the date when the
secretary's tabulations were begun.
THE apparent increase of $Sh 64,-
ESQ in the treasury balance said Mr..
Smoot was I'm bookkeeping and was
procured by the transfer from the lla-
biHties to the assets side OF the ledger
of the disbursing officers balances
and the government bank note re
dcmptiou fund, both Of which always
have been recognized as Liabilities by
the government, and by the inclusion
of subsidiary silver coin, minor coins
and silver bullion, none Of which had
ever been reCkOned as available to pay
the government expenses
Senator Smoot further declared that
when the present administration took
over the treasury in March, 1913,
there was a net general balance or
SlA9.335.7 on September 30, 1915,
he continued. that balance had been
diminished by S10S,436,Sl6.