The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1915-03-23
Senator Simmons CorreCtS All
That Wild Talk About Lean
reaSUry
MUCH LESS THAN THOUGH
instead Of Hundred Millions
Careful Calculations Reduce
Figures To Twenty-Six MIL
lions, Despite The War; Last
Half Of The Year Receipts
win 0yerrun Expenses

wv. =. YELNEItION.p
Washington, D.. c., Mar. 20.-Sen-
ator Simmons-iseued the following
statement tonight: There have beer
90 many conflicting and mis-state-
ments with reference to the probable
deficit in the revenues for the pres
pnt fiscal year, some newspapers ana
persons placing the probable defclt
at 800. 600, O00, some at Sl25, o0O,OeO
and some as high as 81 0,0OO,ooO. L
have thought it we'll to look thor
oughly into the situation. with a view
20 ascertaining what were the real
facts," said Senator Simmons.
During the past week l nave been
closely Investigating this matter III
conference with officials Of the Treas
ury Department. and as a result o.
these Investigations and conference
( feel safe in saying that the probable
deficit will not, If any, much exceed
$4,000. 900.
''This does not include tine ezpen-
di:ures on account Of the Panama Ca
nal. These expenses are otherwise
provided for by Law and are not re-
duired TO be paid out Of the curren'
funds of the government. The .oi-
- us Nv Wa IN 1NN@@~ ~
on which this calculation has beea
made and tho result reached.
Estimation Of Receipts
tine estimated receipts of the gov
eminent from all sources as made II
September. 1913 We're as follows:
From Customs -. ..$249, 10000
Internal Revenue. :. 3o5,000,00'
Corporation & Income
ITax.... =. :. >. =. 1~22,O00,0O
hiGnG1la Moons hi OOU. W.
Tota Receipts. ..S73t OOO.O0
'The probable and ordinary expen
6:tures were estimated at S718,OOo,-
900, showing an estimated excess G
receipts of $50 900. The receipt
from practically every source hav
fallen below the estimate. due to dc
pressed business conditions on &C
count OF the war in Europe.
Although the revenue derive
from internal revenue tax will prof
ably be increased by the emergenC
Tevenu act over the estimates /
about $40, .00e, there is at TT
present time, March 10, 1915. an e.
cess OF ordinary expenditures over r.
ceipts of approximately $S5.0O0.00
against n deficit of $4,000, zoo. c
the same date last year.
Plus Side for last Half.
"The estimated receipts for the r
mainder OF the fiscal year ire as 70
lows
From Customs {. T.. . 81 10000 o.
lnt&snal Revenue. . $4,000
Corporation and Income
Miscellaneous Receipts 100000
Tota Receipts. 1926. 5000
While he ordinary disbursement
will amount to $207. O0O. 900.
An excess Of receipts over expen(
lures Cor the remainder Of the We
Of $50. 1000.
Showing a net deficit at the end
n fiscal year of about $26.00O.O0
THE increases are due in part
the normal growth of the COVER
ment and in part to conditions arisi
out Of the European war and the a
normal conditions in Mexico.
"When the fact that the incoi
tax is not required by law to be q:
until about the end of the fiscal We
(June 30th) and that the bulk Of {
tax is not in fact paid until about
end CT the fiscal year Is Consider
n circumstances OF an excess Of d
ourseTant over receipts for the fl
half OF the year. and an excess Of
aeiptS over disbursements during
last half. will &c readily understo,
and 1t viii also ne apparent that ?
estimate based upon assumpt
hat the proportion OF receipts 3
disbursements will be the same d
ing the second half OF the YEA
during the first half Is both 1n;s.a
ing and erroneous"