Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1915-12-08
SHOULD AGREE ON POLICY
IN THE PHILIPPINES.
Recommends Early Adoption Of Meas
ures Giving Them Fuller Justice.

NeSots'sno"oS Gary fooPksOn o. "oAo~
urss Giving Them Fuller Justice.
The president recommends the early
adoption of bills for the alteration and
reform Of the government Of the Phil
ippines and for rendering fuller polit-
ical justice to the people of Porto Rico,
which were submitted to the Sixty
third congress. The president refers
to the increased cost Of carrying out
the plans for the armed forces of the
nation and tells Of the fiscal problems
confronting the government
On the Both of June last there was
an available balance in the general
fund Of the treasury Of $104, ITO. 1O5.7S.
The total estimated receipts for the
year 1916 on the assumption that the
emergency revenue measure passed by
the last congress will not be extended
beyond it's present limit, the 31st Of
December, 1915, and that the present
duty of cent per pound on sugar will
be discontinued after the 1st4of May:
1916, will be $67O, 365,5O0. The balance
Of June last and these estimated rev
enues come therefore to a grand total
OF STA, $50, 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
$4,000 for miscellaneous debt redemp-
lions, will be $753, 1871 600, and the bal
ance in the general fund of the treas
ury will be reduced to $20,644, COSTS.
The emergency revenue act If cOntin-
ued beyond it's present time limitation
would produce during the half year
then remaining about forty-one mil
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 $76.G44,-
6O57S.
The additional revenues required to
carry out the program of military and
naval preparation Of which l have
spoken would, as at present estimated.
be for the fiscal year 1917 500 100000
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
suming that the taxes imposed by the
emergency revenue act and the pres
ent duty on sugar are to be discontin-
ued and that the balance at the close
of the present fiscal year will be only
500 GA COSTS. that the disbursements
for the Panama canal will again be
about $25.OOO.OOO 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 1926. 100000. To this
sum at least $5O.OOO,OOO should be add
ed to represent safe working balance
for the treasury and $12.000.00O to in
clude the usual deficiency estimates in
1917, and these additions would make
total deficit Of some 1927, 100000. If
the present taxes should be continued
throughout this year and the next,
however, there would be a balance in
the treasury Of some $76,5OO,O0O at
the end Of the present fiscal year and
a deficit at the end of the next year of
only some $50,0O0,O00. or, reckoning in
$62OOO,OO0 for deficiency appropria
tons and safe treasury balance at
the end of the year, a total deficit of
some $112. 100000. The obvious moral
of the figures is that it is plain coun
sci of prudence to continue all Of the
present taxes or their equivalents and
confine ourselves to the problem of
providing $112,OOO,OOO Of new revenue
rather than 1921. 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.
amount of 1926. 432, 900 are now avail
able for that purpose. Prior to 1913
$13S,OO0,OOO of these bonds had ac
tualy been sold to recoup the expendi-
lures at the isthmus, and now con-
stitute a considerable item of the pub
lie debt. But l 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