St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1915-12-08

beyond its present limit. the 31st or
December. 1915. and that the present
duty OF 1 cent per pound on sugar will
be discontinued after the 1st of May
1916, will be $3.50. 365.5OO. The balance
of June last and these estimated rev.
enues come therefore to a grand total
of $774.535. COSTS. The total estimated
disbursements for the present fiscal
year, including twenty-five millions foE
the Panama canal. twelve millions for
probable deficiency appropriations and
$4,000 for miscellaneous debt redemp-
lions, viii be S753 S91 ,O0O and the bal
ance in the general fund of the treas
ury will be reduced to $20.644. 605.7S.
The emergency revenue act if contin-
ued beyond its 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 1st Of May
about fifteen millions. These two sums.
amounting together to ffty-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 $76.644
COSTS.
The additional revenues required to
carry out the program of military and
naval preparation of which | 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 fnan-
cial problem for the year 1917 As
Stunning 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
&20.644.605. 7S. that the disbursements
for the Panama canal will again be
about $25.0oO.OC0 and that the add
tional expenditures for the army and
navy are authorized by the congress
the deficit in the general fund Of the
treasury on the Goth of June 1917
will be nearly 1926. 100000. To this
sum at least S50OOOlOOO should be add
ed to represent safe working balance
fir tlne treasI1r and $40 mn mn +o fn-
e1ude the usual deficiency estimates in
1917, and these additions would make
a total deficit of some 1921, 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 $76,500,000 at
the end of the present fiscal year and
a deficit at the end Of the next year of
only some $5O,OOO,0OO. or, reckoning in
$62, 100000 for deficiency appropria-
tons and a safe treasury balance at
the end of the year, a total deficit of
some $112.O00O00. 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 $112,000O00 of new revenue
rather than $297,OOO,OOO.
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 1922, 900 are now avail
able for that purpose. Prior to 1913
$138, 100000 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 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 |
when permanent things are to be ac-
which many generations
will certainly benefit by and which it
seems hardly fair that single genera
ton should pay for. The objects we
are now proposing to spend money for
cannot be so classified. except in the