The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-08

S-dHdI, IWtINe IilllDtlS " w
ficieacy appropriations. and nifty thou
sand dollars for miscellaneous debt re-
demptions, will be $780, 91 900 ; and the
balance In the general fund of the Treas
ury will be reduced to $20.6iA. 6Oo.IS.
The revenue act, IL continued
beyond It's present time limitation. would
produce. during the half year then re-
naming, about forty-one millions. The
duty Of one cent per pound on sugar. VI
continued. would produce during the two
months Of the fiscal year remaining after
The first of May. about fifteen millions.
These " sums. amounting together TO
ffty-six millions, II added to the reve-
nues of the second half of the fiscal year,
would yield tbs Treasury at the end Of
the year an available balance OF $751;
6~4i.605.7S.
The Obvious Moral.
The additional revenues required to
curry out the programme of military
and naval preparation OF which I have
spoken. would. AZ at present estimated.
be for the fiscal year 1917, $g3, 500 600.
Those figures. taken with tho figures
for the present fiscal year which I have
already given. disclose our financial
problem for the year 1917. Assuming
that the taxes imposed by the emer-
Stilty TtNtlbut act dtNu tle DTtrtTt NUN
on q are 10 he discontinued. and
that tho balance at the close of the
present fiscal year will he only ~s20.64&.-
6O5.7s, that the disbursements for the
Panama Canal will again be about
twenty five millions. and that the ad-
ditional expenditures for the army and
navy are authorized by the Congress.
the deficit in the general fund of the
Treasury on tho thirtieth OF June, 1917.
u-t1I 1n A. f,,. h,,y-.l .-l .L.-s,
hve millions. To this sum at least fifty
millions should be added to represent
a safe working balance for the Treas
ury. n twelve millions to include the
usual deficiency estimates IN 1917 and
these additions would make a total
deficit OF some two hundred and ninety
seven millions. If the present taxes
should be continued throughout this
year n the next. however, there would
be a balance in the Treasury Of some
seventy-six and a half millions ut the
end of the present fiscal year. and n
deficit at the end Of the next year Of only
rome nifty millions. or, reckoning In
siSty-two millions for deficiency appro-
p%riatiors and a safe Treasury balance
at the end OF the year. "a total deficit ~
some one hundred and twelve millions.
The obvious moral OF the figures Is
that 1t Is a plain counsel OF prudence
~ MI VI AHV u'Ftl tdA't OF
their equivalents. n confne ourselves
10 the problem Of providing one hundred
and twelve millions OF new revenue
rather than two hundred and ninety
seven millions.
"shOuId ray a. We Co..
How shall be obtain the new rev.
enue? We are frequently reminded that
there are many millions Of bonds which
the Treasury Is authorized under ex-
listing law to sell to reimburse the
sums paid out of current revenues for
the construction OF the Panama Canal (:
and II Is true hat bonds to the amount
OF approximately $222. 900. 900 are now
1913 sl34.s3l. 9se of these bonds had
actually been sold 10 recoup the ex-
pendi,ures at the Tsthmus: and ndS
constitute n considerable item of TIE
public debt. But /. for one, do not
believe that the people OF this country
approve OF p~ostponing the payment Of
their bills. Borrowing money Is short
sighted finance II can be justified
only when permanent things are to be
accomplished which many generations
will certainly benefit by and which II
seems hardly fair that a single genera
ton should pay for. The objects we
are now proposing TO SPEND money for
cannot he SO classified. except in the
sense that everything wisely lone may
he said to be done in tho interest OF
posterity as well as in our W II
seems TO me q clear dictate OF prudent
craftsmanship and frank finance that
in what we are now. ! hope. about 20
undertake We should pay as we 20. The
people OF the country are entitled To
know Just burdens OF taxation they
are to carry, and to know from the out