West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1915-12-09


free hand To perform those duties. We
must DO free from every unnecessary
burden or embarrassment. and there
Is no better way to DO clear OF en-.
barrassment than to fulfil our prom.
ises and promote the interests OF those
dependent on us TO tho utmost. Bills
Tor the alteration and reform OF the
government OF tho Philippines and for
rendering fuller political justice TO the
people OF Porto Rico were submitted
10 the Sixty.thiri congress-. They will
DO submitted also To you. need not
partcularize their details. You are
most or you already familiar with
them. But | do recommend them 10
your early adoption with the sincere
conviction that there are few measures
you could adopt which would moro
serviceabiy clear the way for the great
policies by which we wish TO make
good. now and always. our right TO lead
In enterprises Of peace and good will
aud economic and political freedom.
The plans for the armed forces OF
the nation which ! have outlined aud
for the general policy OF adequate prep
aration for mobilization and defense
involve, OF course. very large addition
al expenditures OF money. expenditures
which will considerably exceed the es.
tiinated revenues OF the government.
lt In made my duty 10y law whenever
the estimates or expenditure exceed
the estimates OF revenue 10 call the
attention OF the congress TO the fnct
ahd suggest any means OF meeting tho
deficiency that II may he wise or pos.
sible for me To suggest. | am ready
To believe that II would be my duty to
do no I'm any case. and | feel pnrticu.
iarly bound TO speak OF the matter
when IL appears that the deficiency will
arise directly out OF the adoption by
the congress OF measures which my.
self urge II TO adopt. Allow me there
fore To speak briefly OF the present
state OF the treasury and OF the fiscal
problems which the next year will
probably disclose.
On the 3Oth OF June last there was
an available balance In the general
tund or the treasury OF $lOI, 40. IO5. .7S
Ihe total estimated receipts for the
year 1910, on the assumption that the
emergency revenue measure passed by
the last congress win not be extended
beyond It's present limit. the 3lst of
December. 1915. and that the present
duty OF l cent per pound on sugar VIII
be discontinued after the LIST OF Nav.
itlO. VIII be S6IO, O,365. 800. The balance
OF June last and these estimated rev.
enues come therefore 10 grand total
or S774,535.G05.7S. The total estimated
disbursements for the present fiscal
year. including twenty-five millions for
the Panama canal. twelve millions for
probable deficiency appropriations and
100000 for miscellaneous debt redcmp.
tions, Will be 1881 900. and the bal
ance In the general fund OF the trens.
ury VIII be reduced 10 $20.Gi4, ,GO5. 79. |
fhe emergency revenue net if cor,tin
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
on sugar if continued would produce
during the two months OF the fiscal
year remaining after the 1st OF Nav
about fifteen millions These two sums.
amounting together 10 fifty-slx mil
hons, III added to the revenues OF the
second half or the fiscal year would
yield the treasury nj the end OF the
year an available balance OF S7G.644
COSTS
Ihe additional revenues required 10
carry out the program OF military and
naval preparation Of which have
spoken would. mn Mt present estimated
be FOR the fiscal year 1917 500. 800 900.
Those figures, taken with the figures
Tor the present fiscal yenr which
have already given, disclose our 1nan-
cial problem for the year 1917. As-
spming that the taxes imposed by the |
emergency revenue act and the pres.
ent duty on sugar are TO he dlscontin.
ued aud that the balance at the close |
OF the present fiscal year will be only |
$2OG4a, COSTS, that the disbursements |
for the Panama canal will again be |
about $25,OOO,OO0 and that the addi- |
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.
viii be nearly $235, 100000. TO this
sum at least SJO,OOO,0OO should be add.
cd to represent n safe working balance
Tor the treasury and $12,0OOOOO TO In. |
clude the usual deficiency estimates In !
1917, aud these additions would make |
total deficit OF some $207 100000. II |
the present taxes should be continued |
throughout this year and the next. |
however, there would be balance In |
the treasury OF some S7G,5OO.OOO al |
the end OF the present fiscal year and |
a deficit at the end OF the next year OF |
only some $JO,OOOOOO, or. reckoning I'm
$G2,OOOOOO for deficiency appropria.
tons and safe treasury balance at |
the eBd OF the year, a total deficit OF |
some $l12O0O.O0O The obvious moral |
OF the figures Is that II Is a plain coun. /
sci or prudence TO continue all OF the |
present taxes or their equivalents and /
coniine ourselves to the problem 6f |
providing $l12,OOO.OOO OF new revenue
rather than S207, 100000.
How shall we obtain the new rev.
enuef We are frequently reminded
that there are many millions OF bonds
which the treasury " authorized under
existing law t0 sell 20 reimburse the
sums paid out Of current revenues for
the construction OF the Panama canal.
and II Is true that bonds for the /
amount OF $222,432.OO0 are now avail.
able for that purpose. Prior TO 1913
$tSaOOO00O OF these bonds had sc-
tnany been sold 20 recoup the expendi.
tur9s st the isthmus, and now con
Fiitute q considerable item OF the pub |
JIG debt But I for one do not believe
mat tho people OF this country approve |
OF postponing the payment OF their
bhls. borrowing money IL shortsight-