The review. [volume] (High Point, N.C.) 1908-19??, 1915-12-09


a situation is not to be endured. 1t is
of capital Importance not only that the
United States should be it's own carrier
on the seas and enjoy the economic In
dependence which only an adequate ner-
chant marine would give 1t, but also that
the American hemisphere as a. whole
should enjoy like independence and self
suf1ciency, If 1t is not to be drawn into
the tangle of European affairs. Without
such independence the whole question of
our political unity and differentiation
is very seriously clouded and complicated
indeed
Moreover, we can develop no true or eff
fective American policy without ships of
our own-not ships of war, but ships Of
peace, carrying goods and carrying much
more: creating friendships and render
ing indispensable services to all interests
on this side of the water. They must
move constantly back and forth between
the Americas. They are the only shuttles
that can weave the delicate fabric of
sympathy, comprehension. confidence and
mutual dependence in which we clothe
our policy of America for Americans.
Ships Are Needed.
The task Of building up an adequate
merchant marine for America private
capital must ultimately undertake and
achieve, as it has .undertakens and
achieved every other like task AMONGST
us in the past, with admirable enterprise,
intelligence and vigor; and 1t seems to
me a manifest dictate Of wisdom that we
should promptly remove every legal OBJ
stacle that may stand in the way Of this
much to be desired revival of our old in
dependence and should facilitate in every
possible way the building, purchase and
American registration Of ships. But cap
ital cannot accomplish this great task of
a sudden. It must embark upon 1t by de-
grees, the opportunities OF trade de-
velop. Something must be done at once;
dan fo nrytn md
tunities where they are as yet undevel-
oped; done to open the arteries of trade
where the currents have not yet learned
to run-especially between the two Ameri-
can continents, where they are, singularly
enough, yet to be created and quickened;
and it is evident that only the govern
ment can undertake such beginnings and
assume the initial financial risks. When
the risk has passed and private capital
begins to find it's way in sufficient abund-
ance into these new channels, the gov
eminent may withdraw. But it cannot
omit to begin. 1t should take the first
steps and should take them at once. Our
goods must not lie piled up at our ports
and stored upon sidetracks in freight
cars which are daily needed on the roads;
must not be left without means of
transport to any foreign quarter. We
must not await the permission of foreign
ship owners and foreign governments to
send them where we will.
WIN d vie" 10 Injecting lHSSS pIOSSlH6
necessities of our commerce and awaiting
ourselves at the earliest possible moment
of the present unparalleled opportunity of
linking the two Americas together in
bonds of mutual interest and service, an
opportunity which may never return
again If we miss 1t now, proposals will
be made to the present congress for the
purchase or construction of ships to be
owned and directed by the government
similar to those made to the last con-
gress. but modified in some essential par
ticulars. recommend these proposals
to you for your prompt acceptance with
the more confidence because every month
that has elapsed since the former pro-
poSals were made has made the necessity
for such action more and more mani
testify imperative.
Question Of Finance.
The plans for the armed forces of the
nation which I have outlined. and for
the general policy of adequate prepara-
ton for mobilization and defense, in
volve Of course very large additional ex-
penditures of money-expenditures which
will considerably exceed the estimated
revenues of the government. 1t is made
my duty by law, whenever the estimates
of expenditure exceed the estimates of
revenue to call the attention of the con-
gress to the fact and suggest any means
of meeting the deficiency that it may be
wise or possible for me to suggest. l am
ready to believe that it would be my duty
to do SO in any case; and feel particu-
1arly bound to speak of the matter when
it appears that the deficiency will arise
directly out of the adoption by the con-
gress Of measures which / myself urge
it to adopt Allow me, therefore, to
speak briefly of the present state of the
treasury and of the fiscal problems
which the next year will probably dis
close.
On the thirtieth of June last there was
a 10 h 10 ho1o IN
of the treasury of So, ITO. rs. The to-
tai estimated receipts for the year 1916,
on the assumption that the emergency
revenue measure passed by the last con-
gress will not be extended beyond it's
present limit, the thirty-first of Deem
Der, 1915, and that the present duty of
one cent per pound on sugar will be dis
continued after the first of May, 1916,
will be $670, 365, 500. The balance Of June
last and these estimated revenues come,
therefore, to grand total of STA 535, 605.7S.
The total estimate disbursements for the
present fiscal year, including $25, O0O, 900
for the Panama canal, $12O0O,0O0 for prob
able deficiency appropriations and $780,
600 for miscellaneous debt redemptions,
will be $753, 1871 600; and the balance in the
general fund of the treasury will be re-
duced to $20,644, 6O57S. The emergency
revenue act if continued beyond it's pres
ent time limitation, would produce, dur
ing the half year then remaining, about
forty-one millions. The duty of one cent
per pound on sugar, if continued would
produce during the two months of the
fiscal year remaining after the first of
May, about fifteen millions. These two
sums, amounting together to $56, OO0, OOO
If 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 SIC, GA, 60578.
The additional revenues required to
carry out the program of military and
naval preparation Of which I have spok-
en-, would, as at present estimated be
for the fiscal year 1917, 500. SOO, 900. Those
figures, taken with the figures for the
present fiscal year which I have already
given, disclose our finaYleial problem for
the year 1917
How shall we obtain the new revenue?
1t seems to me a clear dictate Of pru-
dent craftsmanship and frank finance