The state herald., 1915-12-10

VI otner natlOnS IN rivalry OF tnelr
own trade. and are without means to
extend our commerce even where the
doors are wide open and our goods
desired. Such a situation Is not to
be endured. II is of capital import
ance not only that the United States
and enjoy the economic independence
which only an adequate merchant ma
rine would give it. but also that the
American hemisphere as whole
should enjoy like independence and
selfsufiiciency, II 1t is not to be drawn
into the tangle OF European affairs
Without such independence the whole
question OF our political unity and
self-determination is very seriously
clouded and complicated indeed
| Moreover. we can develop no true
or effective American policy without
ships OF our own-not ships of war,
but ships Of peace. carrying goods and
carrying much more; creating friend.
ships and rendering Indispensable
services to all interests on this side
the water.
Must Provide Ships.
With view to meeting these
pressing necessities of our commerce
and availing ourselves at the earliest
possible moment of the present un-
paralleled opportunity OF linking the
two Americas together In bonds OF mu-
tual interest and service, an oppor.
tunity which may never return again
II we miss II now. proposals will be
made to the present congress for the
purchase or construction OF ships to
ment similar to those made to the last
congress. but modified in some essen
tial particulars. recommend these
proposals to you for your prompt ac-
ceptance with the more confidence
because every month that has elapsed
since the former proposals were made
has made the necessity for such action
more and more manifestly imperative.
That need was then foreseen: 1t is
! now acutely felt and everywhere real
ized by those for whom trade is wait
ing but who can fnd no conveyance
for their goods. ! am not so much In
terested In the particulars OF the pro-
gram as am In taking immediate ad.
vantage of the great opportunity which
awaits us II we will but act in this
emergency.
The plans for the armed forces OF
the nation which have outlined. and
for the general policy OF adequate
preparation for mobilization and de-
tense. involve OF course very large ad.
ditional expenditures OF money-ex-
penditures which will considerably ex.
coed the estimated revenues OF the
government. II Is made my duty by
law. whenever the estimates OF ex.
pendlture exceed the estimates OF
revenue. TO call the attention OF the
congress to the fact and suggest any
means OF meetin. the deficiency that
II may be wise or possible for me to
suggest I am ready to believe that II
would be my duty TO do SO In any case;
and Zee! particularly bound to speak
of the matter when II appears that the
deficiency will arise directly out OF
the adoption by the congress OF meas.
ures which ! myself urge II to adopt.
Allow me. therefore. to speak briefly
OF the present state OF the treasury
aud OF the fiscal problems which the
next year will probably disclose.
State OF the Finances.
On the thirticth Of Juno last there
was an available balance In the gen.
.ral fund OF the treasury OF si01.IT0..
i05.Is. The total estimated receipts
for the year 1916. on the assumption
that the emergency revenue measure
passed by the last congress viii not be
extended beyond It's present limit. the
thirty first OF December. 1915. and
that the present duty OF on. cent per
pound on sugar will be discontinued
after the hrst OF May. 1916. win be
s67o,ssb.S 800. The balance OF June last
and these estimated revenues come.
! therefore. to n grand total OF sTTf..
ts5.sob.7s The total estimated dis.
burscmen,s for the present fiscal year.
including s?b.0o0.00o for the Panama
canal. sis.ooo.oo0 for probabl. de.
hciency appropriations. and $780,.
900 for miscellaneous debt red.mp.
tons. will be s753.s9I, 900: and
the balance In the general fund Of III,
treasury will be reduced to ,20.stl,.
so6,7s. The emergency revenue act. n
continued beyond It's present time lin.
ithtion, would produce. during the half
| year then remaining. about st1, 900.
900, The duty OF one cent per pound
on sugar n continued, would produce
during the two months Of tho nncal
year remaining after the first OF May.
about $4,000 900, These two sums.
amounting together to $50 900 900. II
added to the revenues OF the second
half OF tho fiscal year, would yield tho
treasury nj the end Of tho year an
available balance Of s76,5ii, ,Gob.Ts
The additional revenues required
TO carry out the program of military
and naval preparation of which have
spoken would. an nj present estimated.