Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1915-12-09

be for the fiscal year 1917, s93.SOO, 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
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
| S20,644, COSTS. 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 mill
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 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 preesnt taxes or their
equivalents, and confine ourselves to
the problem of providing sl12,000,000
of new revenue rather than 1897 ,000,-
600.
New Sources Of Revenue.
How shall we obtain the new reve-
nue.? 1t seems to me a clear dictate of
prudent craftsmanship 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 il 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 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 oppressively heavy. The pre-
else reckonings are fully and accurate
ly set out in the report of the secre-
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-
| penditure. A one per cent tax per
gallon on gasoline and naptha would
yield, at the present estimated pro-
duction, $10,000,000; tax of so cents
| per horse power on automobiles and
| internal explosion engines, $15,000,-
| 900; a stamp tax on bank checks,
probably $4,000, 900; tax of rs cents
per ton on pig iron, sl0,00O,000; a tax
| of so cents per ton on fabricated iron
and steel, probably s10,000,000 In a
country Of great industries like this it
| ought to be easy to distribute the bur-
| dens of taxation without making them
| anywhere bear too heavily or too ex-
clusively upon any one set of persons
or undertakings. What is clear is,
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 to care
| for its own security and to make sure
| of entire freedom to play the impartial
| rola tp this bapniepbara apd ;p tho
world which we all believe to have
been providentially assigned to it. 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 is
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.
I 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 to admit,
born under other flags but welcomed
under our generous naturalization
laws to the full freedom and oppor-
tunity of America. who have poured
the poison of disloyalty into the very
arteries of our national life; who have
sought to bring the authority and
good name of our government into
contempt. to destroy our industries
wherever they thought it effective for
their vindictive purposes to strike at
them, and to debase our politics to
the uses of foreign intrigue. Their
| pupohaf. 10 nnf 0raaf cOuna MI n