New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-29
WATCHFUL WAITING
AS DEFICIT GROWS
No Revenue Legislation,
Decision After White
House Conference.
from The Tribune Bureau J

Washington, Jan. 2S.-Despite the
optimistic statement issued late to-day
BY Secretary McAdoo regarding the
condition of the Treasury, Democratic
leaders Of the House were concerned
over the threatened deficit and showed
an inclination to shift responsibility
on the President and his advisers.
The Secretary's statement and the ap-
pearance Of gloom among House Demo
Gratis followed conference az Uhe
White House, in which the president
Secretary McAdoo, Majority Leader
Underwood and Chairman Fitzgerald OF
the House Appropriations Committee
took part. This conference was pro
ductive Of a tacit understanding tha'
the administration will await develop
ments. and that no revenue legislation
will be attempted at the present ses-
sion. ,, 81
Mr.. Fitzgerald disagreed with Secre-
tary NcAdoo's figures and informed the
President that the outlook was Iar
from satisfactory. IL was intimaVeu:
however, that there Is small chahce OF
pairing appropriations Tor me heNt us
cal year unless the administration IL
self unequivocally makes retrehehhent
an issue and agrees TO demand openly
tho slicinp OF millions from pending
appropriation bills.
leaders of the House uttered warn
ING several weeks ago TO administra-
ton oficials-specitica TO Secretary
NcAdoo that there must be either
economy or danger Of a large dehcit.
soon after the holidays the attention
of the President was also called 10
mounting appropriations.
A member Of the Ways and Means
Committee. not the chairman, asserted
to-day that there are two ways ouI
Of the present difficulty Topping
off of S5O.OOO.0 900 or S60,0OOOOO of ap-
propriations or a bond issue.
one Democratic leader said to-day
that five years ago the working bal
ance in the Treasury ranged from S2OO,-
600 600 to $500 600 900; that a year ago
il was approximately sl70,0OO,OOO, and
today was only S62000,00O. Conhden-
.ial estimates among Democrats IN
oosition 10 know, he said, were that the
Treasury deficit at the end of the next
Cscal year. June so, 1915, would be from
S50 600 600 to Sl00,000,000, without in
GLIDING the ship purchase bill.
Representative Madden, an Illinois
Republican. said he was convinced
there would be a deficit at the end OF
the current fiscal year, and that at the
end of another fiscal year this deilcit
would be from $S0,0O0,0OO to SlOO,-
100000.
The increase OF expenditures over re-
CENTS for the fiscal year TO date took
lump of more than Sl,OOO,OOO over
night. the deficit now amounting to
$50 900 600. inclusive of the Panama
Canal. This is S50000,O0O more than
for the corresponding period OF the
preceding year. &C.. ..
said: ,-...
law was passed in 1913 there IS de-
ferred until June OF each fscal year
the payment into the Treasury OF So
600. 1000 to SS0,000,OOO OF corporation
and personal income tax. Previous TO
that time almost the total receipts OF
The government were reflected IN the
revenues collected daily and shown IN
the daily Treasury statement. In june
1gIb. almost the entire amount OF cor
noraticn and personal income tax will
no maid. lust as in 1914, and what APP
pears 70 be loss in revenues IN the
meantime will be overcome.
"The only uncertain element in the
situation is the European war, which,
as has been frequently stated, affects
the customs receipts. The conference
this morning between the President,
Mr.. Underwood. Mr.. Fitzgerald and my
self had relation to the revenues. The
conclusion was reached that no action
il necessary now, as we shall know
better AT the end of the fiscal year
1915 what the eTects Of the European
war will he and what, If anything, Is
,ocoesorv n he done"