The Raymer enterprise., 1915-12-09

doors are wide open and our goods
desired. Such situation is not TO
be endured. 1t Is OF capital import.
ance not only that the United States
should be its own carrier on the seas
and enjoy the economic independence
which only an adequate merchant ma.
rine would give ii. but also that the
American hemisphere as whole
should enjoy like independence and
selt-suficiency. II ii is not to be drawn
into the tangle OF European affairs.
Without such independence the whole
question OF our political unity and
selfdetermination is very seriously
clouded and complicated indeed.
Moreover. We can develop no true
or effective American policy without
ships OF our own-not ships OF war,
but ships Of peace. carrying goods and
carrying much more; creating friend.
ships and rendering indispensable
services to all interests on this side
the water.
Must Provide Ships.
With view to meeting these
pressing necessities OF our commerce
and ayailing ourselves at the earliest
possible moment Of the present un.
paralleled opportunity of linking the
two Americas together in bonds OF mu.
tual interest and service, an oppor.
tunity which may never return again
II we miss II now. proposals will be
made to the present congress for the
purchase or construction Of ships to
be owned and directed by the govern.
ment similar to those made TO the last
congress, but modified in some essen.
tial particulars. ! recommend these
proposals to you for your prompt ac-
ceptance with the more confidence
because every month that has elapsed
since the former proposals were made
has made the necessity for such action
more and more manifestly imperative
That need was then foreseen il Is
now acutely felt and everywhere real
lied by those for whom trade is wait
ing but who can find no conveyance
for their goods | am not so much in
terested in the particulars of the pro-
gram as am in taking immediate ad-
vantage OF the great opportunity which
awaits us II we will but act in this
emergency,
The plans for the armed forces OF
the nation which | have outlined, and
for the general policy Of adequate
preparation for mobilization and de-
Tense involve OF course very large ad-
ditional expenditures OF money-ex.
penditures which will considerably ex-
ceed the estimated revenues OF the
government II is made my duty by
law. whenever the estimates Of ex.
penditure exceed the estimates OF
revenue, TO call the attention OF the
congress to the fact and suggest any
means OF meeting the deficiency that
ii may be wise or possible for me to
suggest am ready to believe that 1t
would be my duty TO do so in any case;
and feel particularly bound to speak
Of the matter when II appears that the
deficiency will arise directly out OF
the adoption by the congress of meas
ures which | myself urge 1t 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 disclose.
State Of the Finances.
On the thirtieth of June last there
was an available balance in the gen.
eral fund Of the treasury of sl04,17O.-
l057S 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
thirty.frst of December. 1915, and
that the present duty OF one cent per
pound on sugar will be discontinued
after the first of May. 1916, will be
$670,36550O The balance of June last
and these estimated revenues come,
therefore, to a grand total of $774,.
435,605.7S. The total estimated dis
bursements for the present fiscal year.
including s25.O00.000 for the Panama
canal, sl2.000.000 for probable de-
iciency appropriations. and $780,
900 for miscellaneous debt redemp-
tions. will be $753,S91 900; and
the balance in the general fund Of the
treasury will be reduced to $20,644.-
COSTS. The emergency revenue act, II
continued beyond its present time linn
itation. would produce. during the half
year then remaining. about $4l,000,-
900. The duty of one cent per pound
on sugar. II continued. would produce
during the two months OF the fiscal
year remaining after the first Of May.
about $4,000 600. These two sums,
amounting together to $56.000,000, II
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 $76.644.605.7S.
The additional revenues required
to carry out the program Of military
and naval preparation of which have
spoken, would, as at present estimated.