The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1915-12-07
$222, OOO,O 900 In Bonds
Available at Present

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 exist |
ing law to sell to reimburse the sums
paid out OF current revenues for the
construction OF the Panama canal. and
1t Is trus that bonds to the amount of
approximately $222,OO are now available
for that purpose. Prior TO 1913 SlS4, 6S1 $50
Of these bonds had actually been sold to
TecUup the expenditures at the Isthmus.
and now constitute q considerable item
OF the public debt. But /, Tor one do
not believe that the people o. this couE-
Try . approve Of Dostponing the payment
shcrt-sighted finance. II can he iusti-
Ned only when permanent things arc
10 be accomplished which many gener-
atoms win certainly benefit by and
which It seems hardly fair that q sim
gle generation should pay for. The OBJ
jects We are now proposing to spend
LnoEey for cannot be so classed except
in the sense that everything wisely
done may be said to be donn in the
interest Of posteTity as we'll as ir our
own. 1t seems to me a clear dictate of
prudent Craftsmanship and frank
finance that In what we are now, l
hope. about to undertake we should
pay as we go. The people of the coun-
try are entitled to know just what bur
dens of taxation they are to carry, and
to know from the outset now. Tho
new bills should be paid by internal
taxation.
To what SOU ces. then, shall we turn?
This Is so peculiarly a question which
the gentlemen of the House Of Repre-
sentatives are expected under the Con-
stitution to propose an answer to that
you will hsrdly expect me to do more
than discuss It in very general terms.
We should be following an almost uni-
versal example of modern governments
IL we were to draw the greater part
or even the whole OF tho revenues we
need from the income taxes. BY come
what lowering the present limits OF eS-
emption and the figure At which the
surtax shall begin &c he imposed, ana
by increasing. sten by stem throughout
/ the present graduation, the surtnN it.
self. the income taxes as at present ap:
portioned would yield sums sufficient
TO balance the books 81 tine Treasury at
the end of the fiscal year 1917 without
/ anywhere making the burden unreuson-
else reckonjDgs are fully and accurate
| " set out IN The report ot the Score
| tarv OF the Treasury. which will be i'm
mediately laid before you.
And there are many additional sources
| OF revenue which can Justly he reSorteh
Ito without hampering the industries OF
| the country or putting any TOO crest
charge unon individual eNDenditnr" A
tax OF per cent per gallon on gasolens
and naphtha would yield. ~ the present.
| estimated production, $40 mo. 900; a tax OF
50 cents rer horsepower on automobiles
and internql explosion engines, $lAJOco,
ON: a stamn tax on bsnls checks. nroh-
| phlv SIS Ono on: tav 0f * cents Der ~"
j on pig iron 5000 900; a tax of 25 cents pei
i ton on fabricated iron and steel. probably
i S1O, OOO nO0 Tn n country Of great INDUS
tries like this II ought to be easy 10 dis
tribute the burdens OF taxation without
making them anywhere hcnr too heavily
or too exclusively unon JAW one set Of
persons OF undertakings. What rs clea'
is. that the Industry OF this generation
should pay the bills OF this generation.