Omaha daily bee., 1915-11-26

Continued from Page one.)
appropriated by the oongreas for supple
mental estimates and DEFICIENCIES for the
fiscal year 1916. total OF $1,000. ooo.oo
surplus for fiscal year 1915 assuming
that emergency taxes and sugar duties
are continued. sioi. s4l .sc5.7a
Panama canal payments for 1915 are
estimated at s3t.o0o.Ooo These. under
existing law. may be paid by sale OF
bonds. IL paid. however. out OF current
revenues. wo must deduct t26.ooo.0oo.
ION this basis, available balance at end
OF fiscal year 1919. would be s7s.s4l.eOs
Now let US consider the fiscal year
lalT. which We begin with a balance in
the treasury OF t7e.eil.eob.Ts.
Total estimated receipts. on the as
sumption that present emergency revenue
taxes and duties on raw sugar are con-
tinued. Fso.boo.oOo.
Total for 1917. ssO7.1t4eoN1.
Estimated Disbursements.
"Totai estimated disbursements. includ-
ing Sea 10000 new or additional expendi-
lures for greater national defense or
preparedness and excluding Panama
canal payments. tss2 .s6i. 900.
Deficiency. 1917. saS.Doe. sel.22-
Estimated deficiencies and supple
mental appropriations for 1917. tieoooo.ooo
add for working balance in treasury
TO begin fiscal year 1915. tbo.0oo.ooo.
Panama Canal payments for isi7 are
estimated at s25.0oo.Ooo.
III paid out OF revenues and not from
sale OF bonds. adds tss.ooo.ooo.
ION this basis the total new revenue
to be raised for fiscal year 1917 is Si2,-
SOC. ss4.a
III. however. the Panama canal pay
ments for the years 1916 and 1911. amount
ing TO a total OF tso.ocooOo. should be
paid from the proceeds OF bond sales.
then the amount OF additional revenue
which must be raised for the fiscal year
1871 Is estimated 20 be te2.Soe, seAzl IL
would not be an unusual thing 70 finance
the Panama canal payments by the sale
OF government bonds: IN fact. tiSs.eoo.-
5000 Of Panama canal payments have
been met b. the sale Of such bonds as
follows:
series Of 1909.
Series OF 100. administration OF Pres
sdent Roosevelt. per cent. principal OF
bonds. ssl.sai.ssO; premium received
si.slGeo6o2
series OF lOos. administration Of Pres
ident Roosevelt. per cent, principal on
bonds. sOoooO.cc; premium received.
y7si 0oGS.
series OF 1911. administration Of Pres
ident Taft. per cent. principal on
bonds. sSe.oOo.oooi premium received.
sl.El.z7Lls.
Total principal Of bonds. sisLssi. 80;
total premium received. ass. SSsoa.
Total realized. SIS. coo. SeeO2.
Under the present administration all
payments for the Panama canal have
been made out OF current revenues.
amounting since March 4. 1913. 70 date.
10 ss7.oss,siSsO There 4 no necessity in
my opinion for the issuance OF bonds.
notwithstanding the continuance Of the
European war and It's inevitable effects
upon the revenues.
what ne Prefers.
= believe that Il would be far prefer
able 70 continue 10 pay the expenditures
for the Panama canal out OF current rev.
enues. especially since the canal is al
most completed and Il Is likely that the
demands upon the treasury from that
source WIN largely decrease In the near
future. II the policy Is adopted Of pro-
viding sufficient revenues to cover the
Panama canal payments a. well AZ all
other demands on the treasury. II win
probably be broad enough TO take care
OF any ordinary fluctuations IN the rev.
snues and expenditures OF the govern
ment IN the future.
Therefore. II bonds aro not issued for
Panama canal Payments. the total
amount Of new revenue required for the
fiscal year 1911 (assuming. a. before
stated. that the present duty on SUGAR