Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1915-12-08
Where viii Money Come From, to
Garry Out the Defense Program?

1.-THE plans for the armed forces OF the
nation which have outlined. and for
the general policy Of adequate prepare
ton for mobilization and defense, involve
of course very large additional expendl-
lures of ney-expenditures which will
considerably exceed the estimated reve-
nues OF the government. II is made my
duty by law, whenever the estimates of
expenditure exceed the estimates OF
revenue, to call the attention of the con-
gress to the fact and suggest any means
Of meeting the deficiency that It may be
wise or possible for me to suggest. I
am ready to believe that It would be my
duty to do SO in any case; and 1 feel
particularly bound to speak of the mat
ter when 1t appears that the deficiency
will arise directly out of the adoption by
the congress of measures 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 dis
CLOSE.
Condition of the Treasury
ION the thirtieth day of June last there
was an available balance in the general
fund OF the treasury of $104, 40 los. as.
The total estimated receipts for the year
1916. on the assumption that the emerg-
ency revenue measure passed by the last
congress will not be extended beyond
its present limit. the thirty-first of
December, 1915. and that the present duty
of one cent per pound on sugar will be
discontinued after the first of May, 1915,
win be $67O.S6 500. The balance of June
last and these estimated revenues come,
therefore. to a grand total Of s774.5S5,-
COSTS The total estimated disbursements
for the present fiscal year. including
twenty-five millions for the Panama
canal. twelve millions for probable de-
iiciency appropriation. and $4,000 for
miscellaneous debt redemptions, will
be $75S.S91,O0O; and the balance in
the general fund of the treasury will
be reduced to $20644.6O5.7s. The emerg-
ency revenue act, IL continued beyond
its present time limitation, would pro-
duce, during the half year then remain
ing, about forty-one millions. The duty
of one cent per pound on sugar, II con-
tinued. would produce during the two
months OF the fiscal year remaining
after the first Of May, about fifteen mil
lions, These two sums. amounting to-
gether-to fifty-six millions, 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 bal
ance Of $76.e44.eO6.7s.
Estimates of Additions.
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, ss3,SOO, 900
falx xutf kha
for the present fiscal year which have
already given. disclose our financia
problem for the year 1917 Assuming
that the taxes imposed by the emergency
revenue act and the present duty OF
sugar are to be discontinued. and thai
the balance at the close OF the presen
fiscal year will be only s2O.6 COSTS. tina
the disbursements for the Panama cana
will again be about twenty-five millions
ana that the additional expenditures fol
the army and navy are authorized by the
congress. the deficit in the general fund
of the treasury on the thirtieth of June
1917. will be nearly two hundred and
thirty-five millions. To this sum at leas
fifty millions should be added to repre-
sent 9 safe working balance for tn,
treasury. and twelve million to include
the usual deficiency estimates in 1917
and these additions would make a tota
deficit of some two hundred and ninety
seven millions. II the present take
should be continued throughout thi
year and the next, however, there woult
be balance In the treasury Of SOM
seventy-six and a half millions at tn,
end Of the present fiscal year. and
leficit at the end Of the next year o