Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1915-12-09

should therefore be devised and adopt
ed"
Further Revenue Raising Measures.
Mr.. McAdoo expressed the belief
that with a return Of peace in Europe
customs receipts which fell of sS6,-
100000 in the last year will increase
| and that the legislation suggested
with a provision to make the surtax
of the income tax law applicable at
$4,000 instead of $4,000, the whole
or part of the additional revenues can
be raised. Taxes on gasoline, crude
and refined oils, horsepower of auto
mobiles and various other things" are
suggested as further revenue raising
/ measures.
Estimates for Next Fiscal Year.
The total estimated appropriations
for the fiscal year which begins July
l next, Mr.. McAdoo puts at S12S5 s57.-
sOss. including 1915, 364,S7s for the
postofhce, which is reimbursable and
| about $4,000, 600 more for the Panama
canal and sinking fund Receipts for
the same year based on existing Law
| without extension of the sugar duty
| or the emergency tax. Mr.. McAdoo
! puts at $3.50, 200. 900 and ordinary dis
bursements at $500, 901. 900, leaving an
excess of disbursements over receipts
if legislation not passed TO change
conditions, of $685.. 70i, 900. As explain
ed in his recent statement, however,
that amount would be reduced to
about $5O.OOO,0OO by the extension Of
the emergency and sugar tax laws
| Secretary McAdoo's report says the
people of the United States have rea-
son to congratulate themselves on the
financial and business condition of the
country after the serious situation
| which confronted them a year ago.
Industrial Situation.
The European g-a- produced newt
| STIffpTirrr N N all
as in Europe" said the secretary. Our
industrial situation was, Tor 4 time.
seriously hurt, and the cotton growing
states f the south sustained heavy
losses through declines in the - g
of cotton Every power Of the oGv-
eminent was exerted to mitie IT, he
situation and believe ii is not mex
act to say that but for the active
agency of the government in protect
ing and conserving the business inter
ests of the country during that crit
ical period grave disaster would have
resulted.
Patriotic Cooperation.
1t is a pleasure to acknowledge that
the efforts Of the government were
seconded ard supported by the earnest
and patriotic cooperation of the bus
mess interests of the country During
the "oar there has been a steady
healthy, forward movement in every
line of activity, until now prosperity
has been firmly established through
out the country
Letters to Support Statement.
Mr.. McAdoo included letters from
mercantile agencies to support his
statement and quoted figures on rail-
road and other business operations to
show increased activities.
Financial Situation Never So Favor
able.
The financial situation of this coun-
/ fry Ea fr,rrn E1,S,a-
so strong and favorable as now Our
financial resources are the greatest in
our history. and our banking system,
through the creation of the federal
reserve system is now the strongest
in the world. In every respect the
economic and finaicial condition of the
country is extraordinarily sound II
is greater than that of any other ma
ton and if we use our resources and
our opportunities intelligently and
wisely, we shall establish the pros
! perity of this nation upon an impreg-
nable foundation for many years to
come"
, Largest Stock of Gold Ever.
In that connection the secretary's
report showed the stock of gold in the
United States on November l. 1915,
was S2.19S, 113, 762, compared with 81
S05,SI6,5S0 on January and that il
is by far the largest sum in gold ever
held by one country. Indications were,
be greatly augmented.
The report reviews at length. oper-
atoms of the treasury department for
the year. Mr.. McAdoo's deposits Of
gold in the Atlanta, Dallas and Rich
mond federal reserve banks, and his.
decision to make reserve banks gov
eminent depositaries and fiscal agents.
Legislation recommended included
$4,000 for a second Pan-American
financial conference in Washington in
1917 and $4,000 for the use Of the
United States section Of the interna-
tional high commission on uniformity
of laws for the two Americas.
Disapproves Omnibus Bills.
The method of legislation for public
4 buildings IN an omnibus bill received
the secretary's disapproval and he
asked that it be discontinued. Need
less waste of public money, he said,
will be avoided If congress will here
after not authorize the acquisition OF
public building sites until authorize
ton is made for the buildings to go
on the sites He asked that the sec
rotary of the treasury be authorized
to fit the building to the city and not
sum appropriated under the present
system will permit.
Two Coast Guard Cutters.
Mr.. McAdoo asked for two cruis-
ing cutters for the coast guard SER
vice on the Pacific coast, to cost $780,
600, a harbor cutter for New York
to cost 1925, 900. and one for San Fran
cisco, to cost $4,000. He says that In
plans for national defense the coast
guard will have important assignment
and that authorizations for the service
, will be valuable from military stand
point.
Reviewing the o1eomargarine and
, whisky fruads of the year the report
again recommends changes in the oleo
law to reduce the invitation to COM
NIT similar frauds.