Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-12-07

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ct June last ana tASss estimated rsv-
enues come therefore to . grand total
Of 4774,626, 00S7a The tDtal 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 redemp.
tions, viii be 1853. Sol, 900, and the bal.
ance In the general fund Of the treas
ury will be reduced to $o0.644. eos. Is.
The emergency revenue act IL 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, II 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 $76.644.-
Cos. Is.
The additional revenues required to
carry out the program Of military and
naval preparation Of which I have
spoken would. as at present estimated.
be for the fiscal year 1917 $93.S0O,0OO
Those figures. taken with the figures
for the present fiscal year which I
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.
ent duty on sugar are to be discontin-
ued and that the balance Mt the close
OF tie present fiscal year will be only
$40. Gi4,GO5. 7S. that the disbursements
for the Panama canal will again be
about $25,O0O,OOO and that the addi-
tional expenditures for the army and
navy are authorized by the congress
the deficit in the general fund of the
treasury on the Both of June. 1917.
will be nearly $685.. 100000. To this
sum at least $5O.O00OO0 should be add
ed to represent safe working balance
for the treasury and $12000.O0O to in.
clude the usual deficiency estimates in
1917. and these additions would make
a total deficit of some $297, 100000. If
the present taxes should be continued
throughout this year and the next.
however, there would be balance in
the treasury Of some $76,500,O0O at
the end Of the present fiscal year and
a deficit at the end Of the next year of
only some $50OOO.00O, or. reckoning in
S62,OOO,OOO for deficiency appropria-
tons and safe treasury balance ut
the end of the year, tota deficit OF
some $112,OOO.OOO. The obvious moral
Of the figures is that it is plain coun-
sci Of prudence to continue all Of the
present taxes or their equivalents and
confine ourselves to the problem Of
providing $112OOO.OO0 Of new revenue
rather than $297, 100000.
How shall we obtain the new rev.
enue? We are frequently reminded
that there are many millions Of bonds
which the treasury is authorized under
existing law to sell to reimburse the
sums paid out Of current revenues for
the construction Of the Panama canal,
and It Is true that bonds for the
amount Of 500, 900 are now avail
able for that purpose. Prior to 1918
5000, 900 Of these bonds had &C.
tually been sold to recoup the expendi-
lures at the isthmus, and now con-
stitute considerable item of the pub
lie debt But l for one do not believe
that the people of this country approve
Of postponing the payment of their
bills. Borrowing money, is shortsight-
ed finance. It can be justified only
when permanent things are to be ac-
icomplished which many generations
viii certainly benefit by and which 1t
seems hardly fair that single genera
ton should pay for. The objects we
are now proposing to spend money for
cannot be SO classified, except in the
sense that everything wisely done may
be said to be done in the interest of
posterity us well as in our own. 1t
seems to me q clear dictate Of pru-
dent craftsmanship and frank finance
that In what we are now, hope. about
to undertake we should pay as we 60.
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.