The Hartford republican. (Hartford, Ky.) 18??-1926, 1915-11-12
DEMOCRATIC DEFICIT
IS STILL GROWING
Even the Income and War Taxes
are Unable to Garry Burden
Put On People.

SlOO,O00,0OO. At the present time
il is lowering about 100000. Al
this time in every Democratic ad
ministration the financial failure o'
the country is announced. The Viii
son administration is no exception.
Not only is there deficit. but tht
government today is being benefited
ior the first time in its history by
the collection OF an income tax and
extra war" taxes. But still the gov
eminent, after three years manage
ment by the Democrats. cannot raise
sufficient revenue. This condition
inevitably will lead to the issue of
bonds as was the case in Cleveland S
administration.
1t will lead to the re-enactment
of war taxes and to the establish
ment of false economy. Noisy Dem
ocratic orators will assail the Rivers
and Harbors bill and other measures
There will be the usual saving at the
spigot and letting out at the bung.
There is bound to be a loss of eff
cheney.
Democrats are prepared to argue
that the Underwood act has not had
a fair chance because the war cut off
imports and therefore revenues. On
the other side Republicans declare
that the war helped the Democrats,
because it Topped off volume OF i'm
ports that would have swamped the
country and broken down our indus
trial fabric. Discussion, however. is
more likely to deal with things that
have actually happened than with
those that under other conditions
might have happened. Bonds actual
ly issued will be more impressive
than revenues that might have been
collected. but were not.
II has been alleged recently that
the President has no terror OF a bond
issue ii one be necessary in order 10 |
carry out program of preparation |
TOT war. That view is not entertain 7
ed, however, by many practical poll !
ficians in his party. These are de-
termined to stretch revenues in soae
fashion to avoid the bond issue.
1t is not difficult to- gain in WASH
Ington the impression that Democrat
&c leaders have in mi1d To finance
heir preparedness program out OF
that they hope to- effect in
he general expenses of the govern
1ent. Only the Out-Stagers i'll ieSis-
alton express profound doubts about
he praciticability of this plan. The {
nan with the little bill" is going to
ave hard shedding next winter be- i
ause OF the desire to carve appro-
riatiOns to the bone. There is likely )
be no public building bill in the c
oming session. while prospects for I
river and harbOr measure are sad, i
ldeed. Just at present river snd
arbor legislation is highly unpOpu- t
;r; ii is easy for Congressman to il
ain repute as an economist by de- {
lamation against this sort of apprO- q
ration; precisely as few years "
go il was certain to give him new r.
istinction as a liberal il he was in
ivor OF giving amply to waterway
evelopmcnt. Fashions change; in
OthinG moro than in this kind of q
,gislation Just a few years ago a
was good politics to favor a billion CO
ollar appropriation for rivers and ii
arbors. Now there arc political ad- c
antageS in opposing milliOn-dOllar il
i'll to do the same thing. ST
Closely akin to this matter OF bet y
ring waterways is the Panama Ca C,
al construction account. When the t.
overnment decided to build the "a
reat waterway it said. thru lcgisla- &
on: n
We will build this work, no mat.
r what ii costs. Ii curr2n: reven-
es are sufficient to pay Tor it. well
nd good. Ii they are not sufficient. p
ne Treasury will he authorized to is b.
ne bonds as they may bo needed TO II
ay the costs" 4 bill to ,hat effect Y
as passed a.
Those were good times. and the 81
anal bills were paid in large part \,
ut of current revenues. On July 80 n
lst the canal had cost $3S2. 100000. b.
+ which $aTG.OOO.00O might have o
cen paid from proceeds of bonds,
no in fact only 34.OO0.O00 of p
onds had been issued. In other o
,ords. S240. eco 200 more of bonds Il
light have been issued than had I,
cen at that time. and charged q
gainst the caaal. The law is still p
4 effect. and the Treasury might is II
ne these bonds at any time ii need
d the money. Exactly whether il
Guild be sound politics to issue them