Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-12-08


the deficit in the general fund OF the
treasury on the goth OF June 1917
| VIII he nearly $685., 100000 TO this
sum 1T least S50.G00.00 should be added
| TO represent safe working balance
| Tor the Treasury. and Sl2.0OO.G COO TO in
cludc the usual deficiency estimates in
| 1917: and these additions would make
a total deficit OF some sao7. 900, 900. II
the present taxes should be continued
! throughout this year, and the next
! however, there would be a balance In
the Treasury of some s7G.50O. 900 at the
end OF the present fiscal year. and a
deficit At the end OF the next year If
only some so0,000.000. or. reckoning in
SGs.O00,e00 for deficiency appropriations
and q safe Treasury balance at tho
end o! the year. total deficit OF some
$ll2.o00. 600. The obvious moral of the
! figures is that IL Is a plain counsel OF
| prudence TO continue all OF the present
taxes or their equivalents, and confinc
ourselves 10 the problem OF providing
Sll2. 900. 900 OF now revenue rather than
! So.. .O00, 900.
BORROWING MONEY
SIORT-SIGIITED POLICY
How shall wc obtain the new rev
cnuc? 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 F:
and II is true that bonds TO the amount
/ OF approximately SEQ, Ooo 900 are now
available for that purpose. Prior TO
1913 sl3t,63i,9S0 of these bonds had
actually been sold to rccoup the cx-
! pcnd!turcs at the 1sthmus; and now
constitute a considerable item OF the
public debt. But I. for one. do not
believe that the people of this country
/
their bills. Borrowing money is Short
sighted finance. 1t can be justified only
when permanent things are to be &C
complshcd, which many generations
will certainly benefit by and which it
, seems hardly fair that a single genera
! ton should pay for. The object we
are now proposing 10 spend money for
cannot %" so classified. except III the
sense that everything wisely done may
be said 10 he done IN the interest OF
posterity as we'll as in our own. II
seems TO me :, clear dictate Of prudent
craftsmanship and frank finance that
in what we are now, 7 hope, about 10
undertake we Should pay as VIC go.
The people Of the country arc entitled
to know just what burdens Of taxation
they arc TO cary, ana 10 know from
tho outset, now. The new bills should
lie paid by internal taxation.
To what sources. then, shall we turn
! This is so peculiarly q question which
the gentlemen OF the House OF Repre-
sentativcs are expected Under the Con :
stitution to propose an answer TO that
YOU will hardly expect me to 40 moro
/ than discuss IL In very general terms.
We should he following an almost uni
vcrs:.l example Of modern governments
ii wc were TO draw the greater part
or even the whole of the revenues We
need from the Income taxes. BY some
what lowering the present limits OF
exemption and the figure at which the
rurtaX shall begin to be imposed. ana
by increasing, step by step, throughout
the present graduation, the surtaN it
self. the income taxes as 1t present
apportioncd would yield sums sufficient
to balance tho books of the Treasury
| at the end of the fiscal year 1917 with
! out anywhere making the burden nm
reasonably or opprcssivcly heavy. The
| precise rcckonings are fully and ac-
curately set out in the report OF the
. Secretary of the Treasury which viii
be Immediately laid before you.
And there are many additional
sources of revenue which can Justly lie
| resortcd TO without hampcrinG the in :
| austrics of the country or putting any
| too great charge upon individual OK
! penditurr. a lax Of cen; per gallon
! on gasoline and naphtha would yield. n [
| the present estimated production. Si".
! 600. 00O:' q tax of 80 cents per horse
! power on automobiles and internal OK :
! plosion engines, SI5.O0O.000: a stamp
tax on bank cheques. probably 5000.
| 900; u tax OF o. cents per ton on pig
| iron. $4,000. 600; {. tax Of 2J cents per
! ton OH Fabricated iron and steel, prob
! ably S10,000,000. In q country of great
, industries like this ii ought to be easy
/ to distribute the burdens OF taxation
without making them anywhere bear
! too heavily or too exclusively upon
any one set of persons or undertakings.
What is clear is. that the industry
OF this generation should pay the bills
! of this generation.
CITIZENS or COUNTRY
WHO HAVE BEEN DISLOYAI.
| ! have spoken to you to-day, gentle
men. upon a single theme, the thorough
preparation Of the nation to care for
its own security and TO make sure OF
! entire freedom TO play the impartial
role in this hemisphere and in the
world which we ali believe TO have been
providcntially assigned to il. l have
! had in my mind no thought of any i'm
mediate or particular danger arising
| out OF our relations with other nations.
We are ut peace with all tho nations OF
| the world, and there is reason TO hop"
that no question in controversy between
! this and other governments VIII lead
| to any serious breach of amicablc re-
! lations, grave as some differences Of at :
| titndc and policy have been and may
yet turn out 20 he. ] am sorry 30 say
that the gravcst threats against our
national peace and safety have been
uttered within our own borders. There
arc citizens OF the United States. !
blush to admit, born under other flags,
| but welcomed under out generous nat
uralizntion laws to tho full freedom and
opportunity OF America, who have
' poured the poison of disloynlty Into the
/ very arteries OF our national life: who
have sought 10 bring the authority and
| good name OF our government. into con-
tempt to destroy our industries where
over they thought 1t effective for their