New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-08

ceed the estimated revenues U =.
eminent. Il is made ms duty DE s,.,,re
whenever the estimates OF eNpenu -
exceed the estimates Of revenue, -
,.l the attention of the Congress 20
ne FACT and suggest any means o.
Ueatirg the deficiency that II NAV DC
eisa or possible for me 20 suggSst'
an, ready 10 believe that Il would De my
Guf, -o do so in any case ana lee'
particularly bound 20 speak OF 'Ie M mo-.
-er y,ben II appears that the deGclency
.,;f rise directly out Of the adoption
he the Congress Of measures which
,,,s.'f uryc Il 10 adopt Allow me-
tLerero re. 10 speak briefly Of the pres
au+ state Of the Treasury ana OF 'Ne
escal problems which the next year
viii nrob7hlv disclose.
on the 30th OF June last there was
AN available balance in the genetaI
fund of the Treasury OF SlVt'L.v'-
I05 Is The total estimated recelpts
for the year 1915, on the -ssHiap'-oH
tbat the emergency revenue measure
nsssed h. The last Congress viii not be
extended beyond lis present limit the
stat OF December, 1915, and that the
prsscrt duty Of ore cent a pound on
smear win b. discontinued after the
list Of May. 1916. will be S6lO36',oOO.
The balance Of Jure last and these es-
timatod revenues come. therefore, 10
rand total of S714.535. f05.7S. The to-
tai estimated disbursements Tor the
present fiscal year, including s-3'yJJ,-
600 for the Panama Canal =l-iUUuUUJ
for probable deficiency appropriations
and $50 600 'oI miscellaneous DEBT re-
demptious, will be S753,69l 600, and the
ba.a1c" in The general fund Of the
Treasury will b. reduced 20 SzO,b44,-
sos 49, The emergency revenue act
If continued beyond its present time
limitation. would produce during the
half year then remaining about SILL
0OO,o The duty Of one cent a pound
on sugar, If continued, would produce
duriag the two months Of the fiscal
year remaining after the LIST of May
about $4,000. 900. These two sums.
amounting together to $4,000 900, II
added TO the revenues Of the second
hall of the fiscal year, would yield the
Treasury at the end of the wear an
available balance Of S76.644605.73.
Coming Treasury Needs.
The additional revenues required TO
carry out the programme Of military
and naval preparation Of which | have
spoken would, as at present estimated,
be for the fiscal year 1917 S93 800 900.
Those figures, taken with the figures
for the present fiscal year which |
have already given, disclose our fInan-
cial problem for the year 1917. As
sumng that the taxes imposed by the
emergency revenue act and the present
duty on sugar are TO be discontinued,
and that the balance az the close Of
the present fiscal year will be only
S2O.644.6O5.78. that the disbursements
for the Panama Canal will again be
about twenty-five millions, and that
the additional expenditures for the
army and navy are authorized by the
Congress, the deficit in the general
fund Of the Treasury on the 30th
Of June. 1917. win be nearly two hun
bred and thirty five millions. To this
sum at least fifty millions should be
added 10 represent safe working bal
ance for the Treasury, and twelve mill
ions 20 include the usual deficiency
estimates in 1917; and these additions
would make total deficit Of some two
hundred and ninety-seven millions. II
the present taxes should be continued
throughout this year and the next,
however, there would be balance in
the Treasury of some seventy-siN and
a half millions at the end Of the pres
ent fiscal year, and a deficit at the end
! Of the next year of only some fifty
millions, or, reckoning in siXty-two
millions for deficiency appropriations
/ and a safe Treasury balance az the end
of the year, total deficit Of some one
hundred and twelve millions. The OBJ
yious moral Of the figures is that It is
plain counsel OF prudence 10 con-
tinue all of the present taxes or their
equivalents and coniine ourselves 20
the problem OF providing one hundred
and twelve millions OF new revenue
rather than two hundred and ninety
seven millions.
Borrowing Is Short Sighted.
How shall we obtain the new reve-
nue.? We are frequently reminded that
there are many millions Of bonds
which the Treasury is authorized under
existing law 10 sell to reimburse the
sums paid out of current revenues for
the construction of the Panama Canal;
and il is true that bonds 10 the amount
of approximately S2200o00O0 are now
available for that purpose. Prior to
1913 S134s3l $50 of these bonds had
actually been sold 20 recoup the eX-
penditures at the Isthmus; and now
constitute a considerable item of the
public debt. But /, for one, do not be-
lievc that the people of this country
approve Of postponing the payment Of
their bills. BOrr0Wl1~ money is short
sighted finance. Il can be justified only
when permanent things are to be ac-
complished which many generations
will certainly benefit BY and which it
seems hardly fair that a single genera
ton should pay for The objects we
are now proposing 10 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 10 me clear dictate of prudent
craftsmanship and frank finance that
in what we are now. | hope, about TO
undertake we should pay as We go.
The people of the country are entitled
70 know just what burdens of taxation
they are TO carry, and 10 know from
the outset, now. The new bills should
be paid by internal taxation
To what sources, then, shall we turn?
This is so peculiarly a question which
the gentlemen Of the House Of Repre-
sentative5 are expected under the Con-
stitution 20 propose an answer TO that
you will hardly expect me TO do more
than discuss it in very general terms.
We should be following an almost uni
versal example Of modern governments
HOW THE MESSAGE AT