Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1915-12-08
SHOULD AGREE ON POLICY
IN THE PHILIPPINES.
Recommends Early Adoption of Meas
ures Giving Them Fuller Justice.


ures Giving Them Fuller Justice.
The president recommends the early
adoption of bills for the alteration and
reform Of the government of the Phil
ippines and for rendering fuller polit-
zeal justice to the people of Porto Rico,
which were submitted to the Sixty
third congress. The president refers
to the increased cost of carrying out
the plans for the armed forces of the
nation and tells Of the fiscal problems
confronting the government.
On the Both Of June last there was
an available balance in the general
fund Of the treasury Of $104, ITO, 1O5.7S.
The total estimated receipts for the
year 1916 on the assumption that the
emergency revenue measure passed by
the last congress will not be extended
beyond its present limit, the 31st Of
December, 1915, and that the present
duty Of l cent per pound on sugar will
be discontinued after the LIST of May,
1916, will be $670 ,365500. The balance
of June last and these estimated rev.
enues come therefore to a grand total
of STA ,535,G05.7S. The total estimated
disbursements for the present fiscal
year, including twenty-five millions for
the Panama canal, twelve millions for
probable deficiency appropriations and
$4,000 for miscellaneous debt redemp-
tions, will be $753 S91 900, and the bal
ance in the general fund of the treas
ury will be reduced to $20644, COSTS.
The emergency revenue act If contin-
ued beyond its present time limitation
would produce during the half year
then remaining about forty-one mil
lions. The duty of l.eent-per pound
on sugar If 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, if 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 rs.
The additional revenues required to
carry out the program of military and
naval preparation of which | have
spoken would, as at present estimated,
be for the fiscal year 1917 sos, $500 900
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
suming 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.G44.G0j.TS. that the disbursements
for the Panama canal will again be
about $25,00O.000 and that the add.
ti0nal expenditures for the army and
navy are authorized by the congress,
the deficit in the general fund of the
treasury on the 30th Of June, 1917.
will be nearly $3.50 100000 To this
sum at least $50.O0O.OOO should be add
ed to represent safe working balance
for the treasury and $12,000,000 to in
clude the usual deficiency estimates in
1917, and these additions would make
q total deficit of some $207 100000. III
the present taxes should be continued
throughout this year and the next,
however there would be Il balance in
the treasury Of some $TG,50OOO0 at
the end of the present fiscal year and
a deficit at the end of the next year of
only some $J0,OO0O00, or, reckoning i'll
Sc, 100000 for deficiency appropria-
tions and safe treasury balance at
., Of hn
some $l12000,000. 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
cOniine ourselves to the problem OF
providing $112O00,000 Of new revenue
rather than $297000,000.
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 5000, $4,000 are now avail
able for that purpose. Prior to 1913
$13S000,0O0 of these bonds had ac-
tually been sold to recoup the eXpendi-
lures at the iSthmus, and now con-
stitute a considerable item of the pub
lie debt. But 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. 1t can be justified only
when permanent things are to be ac-
complished which many generations
will certainly benefit by and which 1t
seems hardly fair that a 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 as well as in our own. 1t