Greene County herald. (Leakesville, Miss.) 1898-current, 1915-12-10


for the present fiscal year which ]
have already given. disclose our finan-
cial problem for the year 1917. AS
Stunning that the taxes imposed by the
emergency revenue act and the pres
emit 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-five millions. To this
sum at least fifty millions should be
added to 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 total deficit OF some two
hundred and ninety-seven millions. II
the present taxes should be continued
throughout this year and the next,
however, there would be 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 a safe treasury belance at the end
of the year. total deficit of some
one hundred and twelve millions. The
obvious moral of the figures is that it
is plain counsel of prudence to con-
tinue all of the present taxes or their
equivalents, and confine ourselves to
the problem of providing $112.000.000
of new revenue rather than 1921, Ooo,-
900.
New Sources Of Revenue.
How shall we obtain the new reve-
nue.? It seems to me clear dictate Of
prudent statesmanship and frank
finance that in 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 we
turn? This Is so peculiarly question
which the gentlemen of the house Of
representatives are expected under
the Constitution to propose an answer
to that you will hardly expect me to
do more than discuss It in very gen.
eral terms. We should be following
an almost universal example Of mod
ern government II we were to draw
the greater part or even the whole Of
the revenues we need from the in
come taxes BY somewhat lowering the
present limits Of exemption and the
figure at which the snrtax 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 oppressively heavy. The pre-
else reckonings are fully and accurate
ly set out in the report of the secre-
tarv ~ the treasury which will he I'm.
mediately laid before you.
And thera arc MANY add,t,ona,
.ourcas ~ ravarue which can ,uat,v ha
rasortad 20 without bamnerinr tho IN.
duatrias ~ Tho country or nutt;ng anv
too great charge mon individual, ar.
renditure one nor cent tar nor
gallon On gaso,,na and nantha would
Yield at the nresent estimated nro.
duc,,on Sin 0oo ooo. q tax ~ so cents
nor hor.e mower on automohi,a. and
internal ernlosion engines s15 600
0o0. . .tamn taY on hank cbecks
nroha b,v s1s ono 600. a tax ~ 25 Giants
nor ton IN n,y iron SIN 600 mo-. q tay
~ so cont. NOR ton on Fabricated iron
ond stea, rrohah,v s1o Ooo 00o In a
.. .-'s,'..~.., IT, 49,, a.