The Ordway new era., 1915-12-10

trade. and are without means to extend
our commerce even where the doors are
wide open and our goods desired. Such
a situation is not to be endured. 1t is
of capital Importance not only that the
United States should be its own carrier
on the seas and enjoy the economic in
dependence which only an adequate mer-
chant marine would give It. but also that
the American hemisphere as whole
should enjoy a like independence and self
sufiiciency. II II Is not to be drawn into
the tanrle OF European affairs without
such Independence the whole question of
our political unity and self-dcterminat tion,
is very seriously clouded and complicated
indeed.
Moreover, We can develop no true or ef-
fective American policy without ships of
our own-nnt 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 1t has undertaken and
achieved every other like task amongst
US I'm tho past. with admirable enterprise.
intelligence and vigor: and 1t seems to
me 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. 1t must embark upon 1t by de
grces. as the opportunities of trade de
velop. Something must be done at once:
done to open routes and develop oppor-
tunities where they are 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. slngularly
enough. yet to be created and quickened.
and II 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 its way in sufficient abund-
ance into these new channels, the gov
ernment 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 will.
With view to meeting these pressing
necessities of our commerce and availng
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 II 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
festly imperative.
Question Of Finance.
The plans for the armed forces OF the
nation which have outlined, and for
the general policy of adequate prepara-
tion for mobilization and defense. in
volve of course very large additional ex-
pendtures of money-eXpcnditures 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
wise or possible for me to suggest l am
ready to believe that 1t would be my duty
to do so in any case; and feel particu-
larly bound to speak of the matter when
1t appears that the deficiency will arise
directly out of the adoption by the CON
gress of measures which | myself urge
1t to adopt. Allow me. therefoEe. 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
an available balance in the general FUND
of the treasury of S1Oi 40. l05.7S. The to-
tai estimated receipts for the year 1916,
on the assumption that the emergency
revenue mea sure passed by the last con-
Gress will not be extended beyond Its
present limit. the thrty-first of Decem-
her. 1915. and that the present duty of
one cent per pound on sugar will be dis
continued after the first OF May. 1915,
Will be sc1o265.560 The balance of June
last and these estimated revenues come.
therefore. 10 grand total of STA, ,535. COS. IS.
The total estimated disbursements for the
present fiscal year, including S2J.60O0Ju
for the Panama canal. sl200o.G0O for prob
able deficiency appropriations and $50.
coo for miscellaneous debt redemptious.
will be s7a3, S9! 600: and the balance in the
general fund of the treasury will he re-
duced to s2n.Gi, ,605.7S. The emergency
revenue act. IL continued beyond its 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. II 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 s5C.O10.tHO.
II added to the revenues OF the second
half of the fiscal year. would yield the
treasury at the end of the year avail
able balance of SI6,6iI COSTS.
The additional revenues required {"
carry out the program of military and
naval preparation OF which ! have spok
en- would. as at present estimated. be
for the fiscal year 1917. 500. SEQ. 900. Those
figures. taken with the figures for the
present fiscal year which have already
given. disclose our financial problem for
the year 1911.
How shall we obtain the new revenue?
II seems to me clear dictate OF pru-