The Keota news., 1915-12-10

Of meeting the deficiency that /, , ss
wise or possible for me to sugre,,
teady to believe that 1t would bs ,nv "a
to do 10 in any case: and | feel n,,.,4V uVV
larly bound to speak OF the mattsr IVY.
II appears that the deficiency viii .Ia ~
directly out OF the adoption by III. W. W.
gress Of measures which mys.If wv. W..
1t to adopt. Allow me. therefor.
speak briefly OF the present state y; w
treasury and OF the fiscal proh.a' @
which the next year will probably A..
close.
On the thirtieth OF June las, thar. -.
an available balance In the general ,u,s
of the treasury OF $l04. .l7O. los rs, m. I,s W
tai estimated receipts for the wear ,,W
on the assumption that the emerrsn.,
revenue measure passed by the last con.
gress will not be extended beyond Il,
present limit. the thirty first OF D.c.m
ber, 1915. and that the present duty !,
one cent per pound on sugar will be Al.
continued after the first OF May. I'M
will be $50. 81. 800. The balance OF Jun.
last and these estimated revenues com.
therefore. to q grand total of s774.SSWN
The total estimated disbursements for TN
present fiscal year. including sS.@M
for the Panama canal. l2.oo0. 800 for prob.
able deficiency appropriations and w..
900 for miscellaneous debt redemption,
will be $75S. .S9l 900: and the balance In ths
general fund OF the treasury viii be N.
duced to ta0.644.6067S. The emergency
revenue act. II continued beyond It's prss.
ent time limitation. would produce dur.
Ing the half year then remaining abou,
forty -one millions. Tho duty OF one cen,
per pound on sugar. II continued. would
produce during the two months OF the
fiscal year remaining after the nrst Of
May, about fifteen millions. These two
sums. amounting together TO S5s.0e.0@
n added to the revenues OF the second
half OF the fiscal year. would yield the
treasury at the end Of the year an avail.
able balance OF 7s.Na.eo57s.
The additional revenues required to
carry out the program OF military and
naval preparation OF which l have spok.
en-. would. ~ at present estimated, b
for the hscal year 1917. ssa.soo.coo. Tho''
figures. taken with the figures for the
present fiscal year which l have ALREADY
Given, disclose our financial problem :c'
the year 1917.
How shall We obtain tho new revenus'
II seems to me q clear dictate OF pru
dent stafesmanship and frank finance
that in what We are now, I hope. abou
to undertake We should pay as We &C
TIE people Of the country are entitled 4
know Just what burdens OF taxation the,
are to carry. and to know from the outset
now. The new bills should be paid BY In
ternal taxation.
To what sources, then. shall We turn
We would b following an almost uni
vsrsal example OF modern government
II We were to draw the greater part
even the whole Of tho revenues we nee
from the income taxes. BY somewna
lowering the present limits OF eSempto
and the figure at which the surtaS sha
begin to BE- imposed, and by tncreasn!
step by step throughout the present grad
uation. the surtax itself. the income taAe
a. at present apportioned would y'e'
sums suflcisnt to balance the books
the treasury at the end Of the fiscal 70.
1917 without anywhere making the oul
den unrsasonably or oppressivsly heaS.
The precise reckoniags are fully ana y
curately set out in the report of the ees
retary Of the treasury. which Will DO !"
mediately laid before you.
And there are many additional sour,' ...
OF revenue which can Justly Ge e,." .e.v.',
to without hampsring the industries
the country or putting any too srs'
charge upon individual expenditure. .
one per cent tax Per gallon on sasoh.
and naptha would yield. at the press,
estimated production. 10000 900; tax 8,
50 cents per horsepower on automoon, ~
and internal explosion engines. Sla'w~ Sla's
. stamp tax ON bank checks. prooso
$lS. 900 900: . tax Of = cents per ION
pig iron. $4,000. 900; . tax Of 80 cents =
ton on fabricated iron and steel prov
bly, 310.eoo.00o. In Q country OF sreN
dustries like this II ought to be easy
distribute the burdens OF taxation wiz
out making them anywhere bear =,
heavily or too exclusively upon any ~
SGT Of psrsons or undertaking. "h.s
clear 10. that the industry OF TINS se"s
alton should pay the bills OF this se"e'
tion.
transportation Problem.
The transportation problem is an .
ceedingiy serious and pressing one In u
country. There has from time to III
OF late been reason to fear that our RI