Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1915-12-09
for the general nolicv Of adeo11ato prer.

for the general policy Of adequate prep
aration for mobilization and defense
involve. Of course. very large addition
al expenditures Of money, expenditures
which will considerably exceed the es-
tiInated 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 congress to the fact
and suggest any means OF meeting the
deficiency that 1t may be wise or pos
sible for me to suggest. l am ready
to believe that 1t would be my duty to
do so In any case. and l feel particu-
larry bound to speak Of the matter
when 1t appears that the deficiency will
arise directly out Of the adoption by
the congress Of measures which | N.Y.
self urge It to adopt Allow me there
fore to speak briefly Of the present
state of the treasury and of the fiscal
problems which the next year will
probably disclose.
On the S0th of June last there was
an available balance In the general
fund of the treasury Of $lO4 10, 1O5. IS.
The total estimated receipts for tho
year 1916. on the assumption that the
emergency revenue measure passed by
the last congress will not be extended
beyond Its present limit the 31st OF
December. 1918. and that the present
duty Of l cent per pound on sugar will
be discontinued after the LIST of May.
1916. will be S670,365.5OO The balance
OF June last and these estimated rev.
enues come therefore to a grand total
Of S774,535. COSTS. The total estimated
disbursements for the present fiscal
year, including twenty-five millions for
the Panama canal twelve millions for
probable deficiency appropriations and
$50. 900 for miscellaneous debt redemI,.
lions. will be $753, sol 900. and the bal
ance In the general fund of the treas
ury will be reduced to S2O.G44. sos. IS.
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 II continued would produce
during the two months of the fiscal
year remaining after the LIST Of May
about fifteen millions These two sums,
amounting together to fifty-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 S76.644,-
GO5.78
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
tor the present fiscal year which I
have already given, disclose our flnan'
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
go ,6Oo.7S, that to- disbursements
for the Panama canal will again ba
about $25,OOO,0OO and that the addi'
tonal expenditures for the army and
navy are authorized by the congress,
the deficit In the general fund Of the
treasury on the 3Oth Of June, 1917.
will be nearly $23o. 100000. To this
sum at least $50OOO,OOO should be add
ed to represent Il safe working balance
for the treasury and $l2U0O0OO to In
clude the usual deficiency estimates In
1917. and these additions would make
a total deficit Of some $201 100000, II
the present taxes should be continued