The commonwealth. (Greenwood, Miss.) 1896-1923, 1915-12-10

wide open and our goods desired. Such
a situation is not to be endured. 1t Is
of capital Importance not only that the
United States should be it's own carrier
On the seas and enjoy the economic in
dependence which only an adequate mer-
chant marine would give it. but also that
the American hemisphere as a whole
should enjoy a like independence and self
sufIiciency. if it Is not to be drawn into
the tangle Of European affairs. Without
such independence the whole question of
political unity and self-determination
IS very seriously clouded and complicated
indeed.
Moreover. we can develop no true or eff
fective American policy without ships of
our own-no ships of war. but ships of
peace. carrying goods and carrying much
more: creating friendships and render
ing indispensable services to all interests
on this side OF the water. They must
move constantly back and forth between
the Americas. They are the only shuttles
that can weave the delicate fabric of
sympathy. comprehension, confidence and
mutual dependence in which we clothe
our policy Of America for Americans.
Ships Are Needed.
The task of building up an adequate
merchant marine for America private
capital must ultimately undertake and
achieve. as it has undertaken and
achieved every other like task amongst
us in the past. with admirable enterprise,
iHtSlilSe0Ce ana ViSOr. and 1t seems to
me a manifest dictate of wisdom that we
should promptly remove every legal OBJ
stacle that may stand in the way Of this
much to be desired revival of our old in
dependence and should facilitate in every
possible way the building, purchase and
American registration of ships. But cap
ital cannot accomplish this great task of
a sudden. 1t must embark upon it by de-
greeS, as the opportunities of trade de-
velop. Something must be done at once:
done to open routes and develop oppor-
tunities where they are as yet undevel-
Oped: done to open the arteries of trade
where the currents have not yet learned
to ruH-especially between the two Ameri-
can continents, where they are. singularly
enough. yet to be created and uuickened;
and 1t is evident that only the govern
ment can undertake such beginnings and
assume the initial financial risks. When
the risk has passed and private capital
begins to ind it's way in sufficient abund-
ance into these new channels. the gov
eminent may withdraw. But it cannot
omit to begin. 1t should take the first
steps and should take them at once. Our
goods must not lie piled up at our ports
and stored upon Sidetracks in freight
cars which are daily needed on the roads,;
must not be left without means of
transport to any foreign quarter. We
must not await the permission of foreign
snip owners and foreign governments to
send them where we Will.
d view. u Iiepll1S THESE pressing
necessities of our and awaiting
ourselves at the earliest possible moment
of the present unparalleled opportunity of
mixing the two Americas together in
bonds Of mutual interest and service. an
opportunity which may never return
again If we miss it now. proposals will
be made to the present congress for the
purchase or construction of ships to be
owned and directed by the government
similar to those made to the last con-
gress, but modified in some essential par
ticulars. I these proposals
to you for your prompt acceptance with
the more confidence because every month
that has elapsed since the former pro-
posals We're made has made the necessity
for such action more and more mani
testify imperative.
Question of Finance.
The plans for the armed forces of the
nation which I have outlined, and for
the general policy of adequate prepara-
ton for mobilization and defense, in
volve of course very large additional ex-
penditures of money-expenditures which
will considerably exceed the estimated
revenues of the government. It is made
my duty by law. whenever the
OF expenditure exceed the estimates of
revenue to call the attention of the con-
greSS to the fact and suggest any means
OF meeting the deficiency that it may be
wise or possible for me to suggest. 1 am
ready to believe that it would be my duty
to do so in any case: and | feel particu-
larly bound to speak Of the matter when
it appears that the deficiency will arise
directly out of the adoption by the con-
gress of measures which | myself urge
it to adopt. Allow me, therefore,, to
speak briefly of the present state of the
treasury and of the fiscal problems
which the next year will probably dis
close.
On the thirtieth of June last there was
an available balance in the general fund
OF the treasury Of sIN. 40, los. rs. The to-
tai estimated receipts for the year 1916.
on the assumption that the emergency
revenue measure passed by the last con-
gress will not be extended beyond its
present limit, the thirty-first of Deem
Der. 1915. and that the present duty OF
one cent per pound on sugar will be dis
continued after the first Of May. 1916.
Will be Se,a. 36o, 500. The balance of June
last and these estimated revenues come,
therefore,, to a grand total of STA. 5S5 sos. IS.
The total estimated disbursements for the
present fiscal year. including SIS, Geo. co..
for the Panama canal. $12. DOC. coo for prob
able deficiency appropriations and $780,
600 for miscellaneous debt redemptions,
will be $753. S91, coo: and the balance in the
general fund of the treasury will be re-
duced to $50. 544. Goa. rs. The emergency
revenue act. If continued beyond it's pres
ent time limitation. would produce, dur
ing the half year then remaining. about
forty-one millions. The duty of one cent
per pound On sugar, if contintled. would
produce during the two months of the
fiscal year remaining after the first OF
May. about fifteen millions. These two
sums. amounting together to SH6 .0DO, 900,
If added to the revenues OF the second
half of the fiscal year, would yield the
treasury at the end of the year an avail
able balance OF $40, CA, 6l5.7s.
The additional revenues required to
carry out the program of military and
naval preparation OF which I have spok-
en-. would. as at present estimated, be
for the fiscal year 1917. 500. 500 600. Those
figures. taken with the figures for the
present fiscal Year which I have already
given, disclose our financial problem for
the year 1917.
How shall we obtain the new revenue?
1t GEMS to me a clear dictate OF pru-
dent Craftsmanship and frank finance
that in we are now, I 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 in
ternai taxation.
To what sources. then. shall we turn?
We would be following al almost uni
rersai example OF modern governments
II we were to draw the greater par. or
even the whole of the revenues we need
from. the income taxes. BY somewhat
,taeepreseat HrsisS of exemption
and the figure at which the surtax shall
--