The Denison review. [volume] (Denison, Iowa) 1867-current, 1915-12-08
president lson @eps Message to TIE 3xo Congress

ance in the general rund or the treas
ury will be reduced to $2O644. G05.1S
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 cent per pound
OH 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. IL 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.G44.
COSTS.
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 500. 800, 900.
Those figures. taken with the figures
for, the present fiscal year which
have already given, disclose our inan-
cial problem for the year 1917. AS
Stunning 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.G44.6O5.7S. that the disbursements
for the Panama canal will again be
about S25.OOOOOO and that the add.
tional expenditures for the army and
navy are authorized by the congress.
the deficit in the general fund Of the
treasury on the Goth Of June. 1917,
will be nearly $685.. 100000. To this
sum at least $5O.00OOOO should be add.
ed to represent safe working balance
for the treasury and $12.OOO.OO0 to In
clude the usual deficiency estimates in
1917. and these additions would make
total deficit of some $297 100000. II
the present taxes should be continued
throughout this year and the next.
however. there would be balance In
the treasury Of some $76,5O0,OUO at
the end of the present fiscal year and
a deficit at the end Of tho next year of
only some $5O,OO0.OOO, or. reckoning In
$6o.OOO,OOO for deficiency appropria.
lions and safe treasury balance at
the end OF the year. total deficit Of
some $1l2. OOO. COO The obvious Aoral
OF the figures ID that 1t Is q plain coUn,
sci Of prudence to continue all Of the
present taxes or their equivalents and
conflne ourselves to the problem Of
providing &l12,OOO.OOO of new revenue
rather than $297. 100000.
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 1t is true that bonds for the
amount Of S222,432,OOO are now avail
able for that purpose. Prior to 1913
$13S. 100000 of these bonds had ac-
tually been sold to recoup the expendi-
lures at the isthmus. and now con-
stitute 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 IRE to be ac-
complished which many generations
will certainly benefit by and which it
seems hardly fair that 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
seems to me q clear dictate of pru-
dent craftsmanship and frank finance
that in what we are now. I hope. about
to undertake we should pay as we go.
The people Of the country are entitled
to know just what burdens Of taxation
they are to carry and to know from the
outset now. The new bills should be
paid by internal taxation.