The Climax-Madisonian. (Richmond, Madison County, Ky.) 1914-1917, 1915-12-08
Presidents
Address
Continued from Page Q

dLleuQO0 OF Tue cOukIesS " tut tdct
and suggest any means OF meeting the
deficiency that it may be wise or pos
sible for me-to suggest am ready
to believe that 1t would be my duty to
do so In any case. and ! feel particu-
larry bound to speak of the matter
when 1t appears that the deficiency will
arise directly out of the adoption by
the congress OF measures which | my
self urge 1t 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 S1O4. 10. l05.TS.
The total estimated receipts for the
year 1910, on the assumption that the
emergency revenue measure passed by
the last congress will not be extended
beyond its present limit. the >31st OF
December, 1915. and that the present
duty of cent per pound on sugar will
be discontinued after the 1st of May.
1916. will be $6I0. 365.50O. The balance
Of June last and these estimated rev.
enues come therefore to grand total
of>$7I4. 535. COSTS. The total estimated
disbursements for the present fiscal
year. including twenty-five millions for
the Panama canal. twelve millions for
probable deficiency appropriations and
1000 for miscellaneous debt redemp-
lions. will be S753 S91 900. and the bal
ance In the general fund of the treas
ury will be reduced TO $2O.644. COS. r.
The emergency revenue act If contin-
H<r-
would produce during the half year
then remaining about forty-one mill
lions. The duty OF cent per pound
on sugar If continued would produce
during the two months Of the fiscal
year remaining after the LIST OF May
about fifteen millions. These two sums,
| amounting together to fifty-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
year an available balance Of $16644,-
eos. rs
The additional revenues required to
carry out the program of military and
naval preparation of which have
spoken would. as al present estimated.
be for the fiscal year 1917 sos. 900.
Those figures. taken with the figures
for the present fiscal year which
have already given, disclose our finan-
cial problem for the year 1917. AS
summing that the taxes imposed by the
emergency revenue act and the pres
emit duty on sugar are to be discontin-
ued and that the balance at the close
Of the present fiscal year will be only
SIC. GA, COSTS. that the disbursements
for the Panama canal will again be
about $25.OO0,0O0 and that the addi-
tional expenditures for the army and
navy are authorized by the congress,
the deficit in the general fund of the
treasury on the Both of June, 1917,
will be nearly $235. 100000. To this
sum at least $50.0OO.OO0 should be add
ed to represent a safe working balance
for the treasury and $12.000,OO0 to in
clude the usual deficiency estimates in
1917. and these additions would make
total deficit OF some $297 100000. Ii
the present taxes should be continued
| throughout this year and the next.
however, there would be balance in
the treasury of some $76.5O0,O00 at
the end of the present fiscal year and
deficit atthe end of the next year Of
only some $50.O00.0OO. or. reckoning in
S62,O00.OO0 for deficiency appropria-
| tons and a safe treasury balance at
the end of the year. total deficit Of
some $112.O00.OO0 The obvious moral
Of the figures is that 1t is plain coun-
sci of prudence to continue all of the
present taxes or their equivalents and
confine ourselves to the problem of
providing S112,OO0.OO0 of new revenue
rather than $297 100000.
How shall we obtain the new rev.
enue? We are frequently reminded
that there are many millions OF bonds
which the treasury is authorized under
existing law to 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. 432 900 are now avail
able for that purpose. Prior to 1913
$13S,OOO,OO0 Of these bonds had ac-
tually been sold to recoup the expendi.
lures at the isthmus, and now con-
stitute considerable 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. 1t can be justified only
when permanent things are to be &C
complished which many generations
VIII certainly benefit by and which II
seems hardly fair that single genera.
ton should pay for. The objects we
are now proposing TO spend money fol
cannot be so classified. except in the
sense that everything wisely done may
be said to be done in the interest OF
posterity as well as in our own. II
seems to me a clear dictate of pru
dent statesmanship and frank finance
that in what we are now. hope, about
to undertake we should pay as we go
The people of the country are entitled
to know just what burdens of taxation
they are to carry and to know from the
outset now. The new bills should bs
paid by internal taxation.
To what sources. then. shall We
turn? This is so peculiarly a question
which the gentlemen of the house Of
representatives are expected under the
constitution to propose an answer Il
that You will hardly expect me to d.
more than discuss 1t in very genera
terms. We should be following an al
most universal example OF modern
governments If we were to draw ths
: IL.