The Washington times., 1915-10-06
CLAIM NO FAIR CHANCE.

Democrats are prepared to argue that
The Underwood act has not had a fair
chance because the war cut of imports
ana therefore revenues. On the other
side Republicans declare that the war
helped the Democrats, because It Topped
on volume OF imports that would
nave swamped the country and broken
down our industrial fabric. Discussion,
however. Is more likely to deal with
things that have actually happened than
with those that under other conditions
might have happened. Bonds actually
issued will be moro impressive than rev.
enues that might have been collected
but were not
II has been alleged recently that tho
PRESIDENT has no terror Of a bond issue,
II one be necessary In order to carry
out program CT preparation for war
lhat view Is not entertained. however,
by many practical politicians In his
party. These are determined to stretch
revenues In some fashion to avoid the
bond Issue
1t Is not difficult to gain In Washing
ton the impression that Democratic
leaders have in mind to finance their
preparedness program out OF economies
that they hope to effect in the general
expenses OF the Government Only the
old-stagers in legislation express pro-
round doubts about the practicability Of
this plan. The man with the little
bill' IL going to have hard shedding next
winter because OF the desire 10 carve
appropriations to the bone. There IL
likely to be no public building bill in
for river and harbor measure are
sad, indeed. Just at present river and
harbor legislation ts highly unpopular;
~ s easy Tor a Congressman to gain
repute as an economist by defamation
against this sort OF appropriation; pre-
cisely as. a few years ago, II was GER
tain to give him new distinction as a
amnjn rgSTai -, u ne was IN favor Of giving
Ions change: In nothing more than In
this kind OF legislation. Just a few
years ago y was good politics to favor
and S''Snm%Iar hSnbap. spproPria.ion for river,
aavantages In opposing a million d. dollar
Dill to do the same thing.
Panama Canal Account.
Closely akin to this matter of better
Ing waterways is the Panama canal
construction account. When the Govern
ment decided to build the great ditch
It said. through legislation:
I'VE will build this work, no matter
what il costs. II current revenues are
sufficient to pay for II. well and good.
II they are not sufficient. the Treasury
will be authorized to issue bonds as
they may be needed. to pay the costs"
a bill to that effect was passed.
,n,n unose were good times. and tho canal
current revenues. On June 30 last the
Treasury statement showed that the
canal had cost S3so. 900. 900. Of which
1915 10000 might have been paid from
lS4.ooO.ooO Of bonds had been issued. In
other words. S2'o. .00O.0O6 more Of bonds
might have been issued than had been
to that time; and charged against the
the Treasury might issue these bonds
Mt any time II needed the money. Ex-
actly whether 1t would be sound poll
tics to issue them now. is one Of the
canal is finished. How would the pub
lie regard issuing a loan against It
now? True. 1t would not be quite the
same as a general extension Of the
issue. would he attacked by enemies
Of the Administration as such. and
there is little wish to make the ex-
pertinent
Estimate Is Vague.
At the close of last year the Treasury
estimated that customs receipts for the
fiscal year 1915. which ended June 90
last. would be $22o, 10000 1t was ad-
mitted that this estimate was vague
because the wIr has so greatly inter-
fered with normal conditions. At any
rate the estimate proved rather bad.
for the customs receipts Tor the year
prSdIeed pre- n6S only s2Gs O"o co., as against
Democrats now insist that II there had
been no war their fiscal problem would
have been easy. for they say that II
custom revenues had held up to ante
hellum figures there would be no
trouble today. On the other hand Re-
publicans say that a great volume Of
imports was held back when 1t be-
came certain that the Democrats were
going to revise the tarifY downward,
and that these rushing in after the
law took effect. increased customs re-
ceipts above the normal that could be
expected under the Unde, wood act.
Therefore. In the second year OF that
laws effectiveness there would have
beeN a slump.
At any rate, the Democratic revenue
measures failed to bring In as much
cash as was expected. The customs re-
ceipts fell, in the 1915 fiscal year, from
s2920oo,0oo to $2o9,ooo.O0o. The Treasury !