The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1915-12-10

be for the fiscal year 1917. ss3.So0. 900.
Those figures. taken with the figures
for the present fiscal year which
have already given, disclose our finan-
cial problem for the year 1917 As
suming 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 twenty-five millions. and that
the additional expenditures for the
army and navy are authorized by the
congress. the deficit In the general
fund OF the treasury on the thirtieth
of June. 1917. will be nearly two hun
dred and thirty-tive millions To this
sum at least fifty millions should be
added 10 represent safe working bal
ance for the treasury, and twelve mil
lions To include the usual deficiency
estimates in 1917: and these additions
would make n total deficit OF some two
hundred and ninety.seven millions. lf
the present taxes should be- continued
throughout this year and the next.
however. there would be a balance in
the treasury OF some seventy-six and
a half millions AT the end OF the pres
ent fiscal year. and deficit at the
end OF the next year OF only some fifty
millions. or. reckoning in sixty.two
millions for deficiency appropriations
and n safe treasury belance at the end
OF the year. total deficit OF somo
one hundred and twelve millions. The
obvious moral OF the figures is that IL
is plain counsel Of prudence TO con.
tinue all OF the preesnt taxes or their
equivalents, and coniine ourselves tn
the problem OF providing sll2.0oo,00o
OF new revenue rather than s297. .000..
600.
New Sources Of Revenue.
How shall we obtain the new revc-
nue.? II seems to me clear dictate OF
prudent statesmanship and frank
finance that I'm what we are now,
hope. to undertake. we should pay as
we go. The people OF the country are
entitled to know Just what burdens OF
taxation they are to carry. and TO know
from the outset. now. The new bills
should be paid by internal taxation.
To what sources, then. shall wa
turn? This IL SO peculiarly a question
which the gentlemen OF the house Of
representatives are expected under
the Constitution 10 propose an answer
to that you will hardly expect me TO
do more than discuss II In very gen
eral terms We should be following
an almost universal example of mod.
ern government N we were TO draw
the greater part or even tho whole of
the revenues we need from the In.
come taxes. by somewhat lowering the
present limits OF exemption and the
figure nj which the surtax shall begin
TO be imposed. and by increasing. step
by step throughout the present gradu.
alton. the surtax itself, the income
taxes as at present apportioned
would yield sums sufficient TO balance
the books OF the treasury at the end
of the fiscal year 1917 without any.
where making the burden unreason.
ably or opprcssively heavy. The pre-
else reckonings are fully and accurate.
ly set out I'm the report OF the secro.
tary OF the treasury which will be i'm
mediately laid before you.
And there are many additional
sources OF revenue which can Justly be
resorted TO without hampering the In.
dustries OF the country or putting any
too great charge upon individual ex.
pendture. A one per cent tax per
gallon on gasoline and naptba would
yield, at the present estimated pro
duction. $l0,000.000; tax OF 90 cents
per horse power on automobiles and
internal explosion engines, $4,000.
600; stamp tax on bank checks.
probably sl8,000,000; tax OF % cents
per ton on pig iron. $40 600; "A tax
OF so cents per ton on fabricated iron
and steel. probably sl0,000,000 In a
country OF great industries like this IL
ought to be easy 20 distribute the bur
dena OF taxation without making them
anywhere bear too heavily or too ex.
clusively upon any one set Of persons
or undertakings. What In clear In.
that the industry OF this generation
should pay the bills Of this generation.
have spoken TO you today. gentle
men. upon a single theme, the thor
ough preparation of the nation 10 care
for its own security and 10 make sure
OF entire freedom TO play the impartial
role in this hemisphere and in the
world which we all believe to have
been providentlally assigned TO 81. I
have had in my mind no thought OF
any immediate or particular danger
arising out OF our relations with other
nations. We are at peace with all
the nations OF the world, and there IN
reason TO hope that no question In
controversy between this and other
governments will lead TO any serious
breach OF amicable relations, grave as
some differences OF attitude and policy
have been and may yet turn out to be.
! am sorry TO say that the gravest
threats against our national peace and
safety have been uttered within our
own borders. There are citizens OF
the United States, blush 10 admit.