The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1915-11-26

Washington. Nov. 26.-Increases in
internal taxation rather than issuance
OF bonds to meet the first years ex-
penses of the administrators defense
program are advocated by Secretary
McAdoo Of the treasury, in a formal
statement issued last night giving ar
estimate Of the federal governments
revenuts and expenditures up to the
end of the fiscal year beginning next
July. ~. ~..s o.. -.a-
Assuming that congress will contin-
ue in effect the present emergency tax
law and customs duty on sugar, the
secretary estimates that 122,806,3 ,394 in
additional revenue will be needed for
the expenditures for 1917. including $685.
100000 for new measures for national
defense.
"This amount" says the statement
"can easily be raised by internal tax
alton without appreciable burdens up
on the American people"
Mr.. McAdoo suggests q reduction In
the income tax law exemption on sin
gle persons from $4,000 to $4,000 and
on married persons from $4,000 to $3,-
coo; changes in the surtax imposed on
incomes above a certain figure; and
new taxes on gasoline, crude and re-
fined oils, horse power OF automobiles
other internal combustion engines. and
various other things.
4. The statement follows:
TN view of the many inaccurate and
misleading statements which are being
made. either deliberately CT ignorant
ly, about the condition OF the treas
urv and the finances of the government
with respect to the current fiscal year
and the fiscal year 1917, feel that q
true and accurate analysis OF the situ-
alton may be OF service to the public.
The question of the national finances
is so intimately related to other vital
problems which must be settled In the
interest of the American people, that
every right minded citizen should want
the truth in order that he may help
form that intelligent public opinion
out of which alone can arise sound and
Just conclusions. With this in mind,
/ desire to submit to the public the
following information:
I'VE began the fiscal year 1916 (July
!, 1915) with a. general fund balance,
not including amounts to the credit
OF disbursing officers, of $104 ,170. .105.7S.
Compared with the balance shown in
the daily treasury statement of June
80, 1915, this is composed of the fol-
lowing: Balance in general fund, June
80, 1915, as per treasury daily state
ment, $82,025.716.03. Add additional
bank note redemption fund, which by
law is a part Of the public debt and
not to be set up as a liability of the
general fund, SIS, 800, ,S45.50. Add cash de-
posits during the year 1915 and included
in the revised totals. advices of which
were received at the treasury after
June 80, 1915, 2,754.044.25. Balance in
general fund. June 80. 1915. (revised
basis) $104.170.105.7S.
"Under existing law the present duty
of / cent per pound on raw sugar
ceases May I. 1915, and the present
emergency revenue law expires on Dec.
81. 1915. Assuming that these two
sources of revenue are eliminated. the
following results may be expected for
the fiscal year 1915:
General fund balance in the
treasury July i. 1915. as already
shown. $104.170.105.7S.
"The estimate total receipts for 1916
are $670.365.500
Total STA .535. 5.605.7S.
"Total estimated disbursements for
1915, excluding Panama canal pay
ments. $716,S91.000.
Surplus or balance, June 80, 1915,
$57,644.605.7S.
"The duty on sugar and the
emergency revenue taxes ought to be
continued. If this is done. the addi-
tional receipts from these sources for
the fiscal year 1916 should be ($41 .000,-
900 from emergency taxes and SIS ,O00,-
600 from sugar). $56,000.000