Albuquerque morning journal., 1915-11-26
LOCAL WEATHER REPOKT.

/
LOCAL WEATHER REPOKT.
For twenty hours. ending at
t 6 p. M. yesterday
Maximum temperature. 56 degrees;
4 minimum temperature, 20; range, 80.
/ Temperature al 6 p. m. yesterday, 80.
t North winds; partly cloudy.
e~~~~~~~N--Ne~~~>-~~~~-~~ ~-~~~-~~~~~-~~>~~-~~~~-~
Deflcienc, for year 1917, S25.S06,
/ 39422
Estimated deficiency and supple
mental appropriations for 1917, 500
/ 100000.
/ Add for working balance in treas
Jury to begin rscal year 1918, 100000
/ 600.
Canal Expenditures.
Panama canal payments for 1915
are estimated at $25,0O0,00o,
/ II paid out Of revenues and not
| from sale of bonds add S25.00O,0O0.
on this basis the total net revenue
Ito be raised for fiscal year 1917, is
12.S06,39A22.
IT, however the Panama canal pa
ments for the Years 1916 and 1910.
lamounting to "a total of $50, 600 600,
| should be paid from the proceeds oi
bond sales, then the amount ot addi-
tional revenue which must be raised
for the fiscal year 1917 is estimated
10 be $G2. S06.394.22 10 woulJ not be
Ian unusual thing TO finance the Pan
anna canal payments hy the sale OF
government bonds; In fact, $l3S,6Oe,
S69.O3 OF Panama canal payments
have been met by the sale of such
lhonds as follows;
Series of 1906, administration OF
President Roosevelt. per cent. prln-
cipal Of bonds. $54.63L98ei premium
received, Sl,946.606.62.
Series of 1905. administration of
President Roosevelt 2 per cent, ptln-
cipal of bonds. $50. 0.0O0, 600; premium
received, $73t.O0S21
Series of 1911. administration Of
President Taft. per cent principal
Of bonds. $4,000, 600, premium re-
ceived, SL29i,2T4.19.
Total principal of bonds SlSA6al-
$50. total premium &3,96N. N.SH9o2.
Total realized &1SS, $500.
Current Revenues Uscd.
Under the present administration
all payments for the Panama canal
have been made out of current reVe-
pues amounting since March f. 1913,
to date. to SS7.036. 6.S1S2O. There is
no necessity IN my opinion, for the
issuance of bonds, Notwithstanding
the continuance of the European war
and IFS inevitable effects on the rev
enues. / believe that it would be
far preferable to continue to pay the
expenditures for the Panama canal
out Of current revenues especlauy
since the canal is almost completed
and il is likely that the demands
upon the treasury from that source
viii largely decrease in the near tu-
ture Ii the policy is adopted for
providing sufficient revenues to cover
the Panama canal payments as wen
as all other demands on the treasury
il viii probably be broad enough 70
take care of any ordinary fluctuaa-
tions In the revenues and eXpendi-
Therefor, bonds are not issued
iIof Pauanfi etanal payments. the to-
tai amount of new revenue required
for the fiscal year 1917 assuming,
as before stated that the present
duty on sugar and the present emerg-
ency revenue taxes are continued is
}S112.S06, ,39422, I'm which is included
the sum of S93. 10000 for prepared
ness or new measures for the nation
al defense. This amount can easily
be raised by the internal taxation
without appreciable burdens upon
the American people
Resources Are Ample.
The resources and wealth of the
country are so great and are increas-
ing so rapidly that the needs of the
government for it's normally grow
ing expenditures and for the carry
Ing out of the larger program, Tor
national defense can readily be met
Merely as suggestions ] would say
that consideration may well be given
to increasing the rates of taxation on
individual and corporate incomes and
of reducing the exemption under the
present law of $4,000 for single and
$4,000 for married persons 10 $2,O0O
and $4,000 respectively The surtaX
could begin at $4,000 or $4,000 in
stead Of $40, 900 as provided at pres
ent.
I'm addition to any increases that
may be made in the corporation and
individual income taxes, a tax could
: be imposed on such products as gaso-
line. crude and refined oils, horse
power of automobiles and other in
ternal combustion engines and Vari-
Gus other articles not necessary to
mention. These taxes would be wide
~ diffused and scarcely felt Ger
= tainly the nation is willing when IL
is so able to do so. to raise by taxa
ton the amount needed Tor such a
: vital purpose as national prepared
+. ness and defense.
1t is. of course the function of the
congress to determine what revenues
shall be raised and how, and these
views must not be considered as a
program but merely as suggestions
3 for discussion.
Secretary McAdoo explained tonight
that while the proposed army ana
navy appropriations In 1917 would
represent an increase for prepared
ness considerably in excess Of the $93,-
100000 referred to in his statement
a part of the expenditures authorized
actually would not be spent during
THAT year. He estimates that $gB'-
100000 will cover the increase for
which additional revenues must be
found by the next congress.
iHEINIE DESERTS WAR