Semi-weekly herald. [volume] (Durango, Colo.) 1907-1917, 1915-12-09

The need was then foreseen; it is
now actually felt and everywhere
realized by those for whom the trade
is waiting but who can find no con
vevance for their goods. I'm not Sc
much interested in the particulars
of the program as l am in taking
immediate advantage Of the great OPP
pottmity which awaits US if we vii,
but act this emergency. In this
matt, as in all others, spirit OF
common counsel should prevail, and
out of it should come an early solu-
ton OF this pressing problem.
There is another matter which
seems to ME to be very intimately
asociated with the question of nation
al safety and preparation for defense.
That is our policy towards the Phil
ippinos and the people of Porto Rico,
Our treatment Of them and their at
titude toward US are manifestly of
the first consequence in the develop
ment of our duties in the world and in
getting a free hand to perform those
auties. We must be free from every
unnecessary burden or embarrass-
ment; and there is no better way to
be clear of embarrassment than to
fulfil our promises TO promote the in
terest of those dependent upon us to
the utmost Bills for the alteration
and reform of the government OF the
Philippines and for rendering fuller
political justice to the people of Porto
Rico were submitted to the sixty
third congress. They will be submit
ted also to you. | need not particu-
larize their details. You are most of
you already familiar with them. But
do recommend them to your early
al tR%t t.yat 4t.. -.
that there are few measures you
could adopt which would more servic-
ably clear the way for the great poll
cies by which we wish TO make good,
now and always. our right to lead in
enterprises of peace and good will and
economic and political reform.
The plans for the armed forces of
the nations which have outlined,
and for the general policy of adequate
preparation for mobilization and de-
Tense, involve of course very large
additional expenditures of money
expenditures which will considerably
exceed the estimated revenues of the
government. 1t is made my duty by
law, whenever the estimates of ex-
penditure exceed the estimates of rev.
endue, to call the attention of 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
it would be my duty to do SO IN any
case; and l feel particularly pound
TO speak of the matter when it ap.
pears that the deficiency will arise
directly out of the adoption by the
congress OF measures which / myself
urge it to adopt. Allow me, therefore,
to speak briefly of the present state
of the treasury and of the fiscal prob
lens which the next year will prob.
ably disclose.
On the thirtieth of June last there
was an available balance in the gen
eral fund of the treasury of Sl04.170,-
1O5.79. The total estimated receipts
fer the year 1916, on the assumption
that the emergency revenue measure
passed bv the last congress will not
be extended beyond its present limit,
the thirty-first of December, 1915,
and that the present duty OF one cent
per pound on sugar will be discon-
tinued after the first of May, 1915,
will be S670,365,500 The balance on
June last and these estimated rev
enues come, therefore, to a grand
total of STA ,535, 605.78. The total
estimated disbursements for the pres
ent fiscal year, including S25,000000
for the Panama canal, 100000 for
probable deficiency appropriations
and $4,000 for miscellaneous debt
redemptions, will be $753,S91 900 and
the balance in the general fund of the
treasury will be reduced to S20,644,-
COSTS. The emergency revenue act,
if continued beyond its present time
limitation. would produce, during the
half year then remaining, about SAL
000,0O0, The duty of one cent per
pound on sugar, if continued, would
produce during the two months of
the fiscal year remaining after the
first of May, about SIS 100000. These
two sums amounting to gether to $780,
100000, 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
S76,644 ,605.7s.
The additional revenues required
to carry out the program of military
and naval preparation of which l have
spoken, would, as at present esti-
mated, be for the fiscal year 1917
$93,S00,000. Those figures, taken
with the figures for the present fis-
cal year which / have already given
disclose our financial problem for the
year 1917. Assuming that the taxes
imposed by the emergency revenue
act and the present duty on sugar are
to be discontinued, and that the bal
ance at the close of the present fiscal
year will be only $20,644,6 05.7S, that
the disbursements for the Panama
canal will again be about $25, 100000
and that the additional expenditures
Tor the army and navy are authorized
by congress, the deficit in the gen
eral fund of the treasury on the thir-
tieth of June, 1917, will be nearly
two hundred and thirty-five millions,
To this sum at least fifty millions
should be added to represent a safe
working balance for the treasury, and
twelve millions to include the usual
deficiency estimates in 1917; and these
additions would make a total deficit