Gilpin observer., 1915-12-09

| wide open and our goods desired. Such
| situation is not to be endured. 1t Is
| of capital Importance not only that the
| United States should be its own carrier
| on the seas and enjoy the economic in
dependence which only adequate mer-
| chant marine would give 1t. but also that
| the American hemisphere as whole
| should enjoy like independence and self
sufficiency. II II Is not to be drawn into
| the tangle of European affairs. Without
such independence the whole question of
our political unity and self-determlnation
| Is very seriously clouded and complicated
indeed.
Moreover we can develop no true or ef-
fective American policy without ships of
our own-not ships of war. but ships OF
peace. carrying goods and carrying much
more: creating friendships and render
Ing indispensable services to all interests
on this side of the water They must
move constantly back and forth between
the Americas They are the only shuttles
that can weave the delicate fabric OF
| sympathy. comprehension. confidence and
mutual dependence I'm which we cIothe
our policy of America for Americans.
Ships Are Needed.
Tho task of building up an adequate
| merchant marine for America private
| capital must ultimately undertake and
achieve. rs II has undertaken and
achieved every other like task amongst
| us in tho past with admirable enterprise.
| mo a manifest dictate of wisdom that We
| should promptly remove every legal OBJ
stacle that may stand in the way OF this
much to be desired revival of our old in
| dependence and should facilitate In every
possible way tho building, purchase and
| American registration of ships. But cap
| ital cannot accomplish this great task of
| a sudden. 1t must embark upon II by de-
grees as the opportunities of trade de-
| velop Something must be done at once
1 HnrA nut pn1 dAUA
| tunities where they are as yet undevel-
| oped. done to open the arteries of trade
| where the currents have not yet learned
| to run-especially between the two Ameri-
| can continents, where they are. singuarly
| enough, yet to be created and quickened.
and It is evident that only the govern
| ment can undertake such beginnings and
| assume the initial financial risks. When
| the risk has passed and private capital
| begins to find its way in sufficient abund
ance into these new channels. the gov
| ernment may withdraw. But 1t cannot
| omit to begin. 1t should take the first
| steps and should take them at once. Our
| goods must not lie piled up at our ports
| and stored upon sidetracks in freight
| cars which are daily needed on the roads;
| must not be left without means OF
| transport to any foreign quarter. We
must not await the permission of foreign
ship owners and foreign governments to
send them where will
| With a view to meeting these pressing
| necessities of our commerce and availing
| ourselves at the earliest possible moment
| OF the present unparalleled opportunity of
linking the two Americas together In
bonds of mutual interest and service. an
| opportunity which may never return
| again IL we miss II now, proposals will
| be made to the present congress for the
| purchase or construction of ships to be
owned and directed by the government
similar to those made to the last con-
| l.,,fv Ra1 t,, ffa al
ticulars. | recommend these proposals
| to you for your prompt acceptance with
| the more confidence because every month
that has elapsed since the former pro-
| posals were made has made the necessity
for such action more and more mani
festly imperative.
Question Of Finance.
The plans for the armed forces OF the
\ nation which | have outlined, and for
the general policy of adequate prepara-
ton for mobilization and defense. In
volve of course very large additional ex-
| penditures of money-expenditures which
| will considerably exceed the estimated
revenues of the government 1t Is made
my duty by law. whenever the estimates
of expenditure exceed the estimates of
revenue to call the attention of the con-
gress to the fact and suggest any means
of meeting the deficiency that 1t may be
wise or possible for me to suggest / am
ready to believe that II would be my duty
to do so in any case; and | feel particu-
larly bound to speak of the matter when
II appears that the deficiency will arise
directly out OF the adoption by the con-
gress of measures which I myself urge
II to adopt. Allow me. therefore, to
speak briefly OF the present state of the
treasury and of the fiscal problems
which the next year will probably dis
| close.
| On the thirtieth of June last there was
| an available balance in the general fund
of the treasury of sl0i.l70. .l05.7s. The to-
tai estimated receipts for the year 1916.
on the assumption that the emergency
! revenue measure passed by the last con-
| gress will not be extended beyond its
present limit, the thirty-first of Decem-
ber. 1915. and that the present duty of
one cent per pound on sugar will be dis
continued after the first of May. 1916,
will he s6IG. 500. The balance OF June
last and these estimated revenues come.
therefore. to a grand total OF STA, ,535, ,6O5. rs
| The total estimated disbursements for the
present fiscal year including s25 90
for the Panama canal. $i2,000.0 coo for prob
able deficiency appropriations and SO. =
600 for miscellaneous debt redemptions.
will be 53,Ssi 600: and the balance in the
general fund OF the treasury will be re-
duced to sao.6ii.6o5.7s The emergency
revenue act. II continued beyond its pres
ent time limitation, would produce. dur
ing the half year then remaining. about
forty-one millions. The duty of one cent
per pound on sugar. IL continued. would
produce during the two months of the
fiscal year remaining after the first OF
May. about fifteen millions. These two
sums. amounting together TO S56.0oo,000.
II added TO the revenues of the second
half OF the fiscal year. would yield the
treasury at the end of the year an avail
able balance of 1864. .60a.7s.
The additional revenues required to
carry out the program of military and
naval preparation of which have spok-
en-. would, as at present estimated. be
for the fiscal year 1917. ss3,soo.ooo. Those
figures. taken with the figures for the
present fiscal year which have already
given. disclose our financial problem for
the year 1917.
How shall we obtain the new revenue
II seems to me a clear dictate OF pru-
dent craftsmanship and frank finance
that In what We are now. I hope. about