Middlebury register. (Middlebury, Vt.) 1886-1937, 1915-12-10

disbursements Yor me present fiscal
year, including twenty-five millions for
the Panama canal, twelve millions for
probable deficiency appropriations and
$4,000 for miscellaneous debt redemp-
lions, will be $753, S91, 900, and the bal
ance in the general fund Of the treas
ury will be reduced to $20,644, COS. 70.
The emergency revenue act II contin-
ued beyond its present time limitation
would produce during the half year
then remaining about forty-one mil
lions. The duty of l cent per pound
on sugar II continued would produce
during the two months OF the fiscal
year remaining after the LIST Of May
about fifteen millions. These two sums,
amounting together to ffty-six mil
lions, If added to the revenues OF the
second half Of the fiscal year would
yield the treasury at the end Of the
year an available balance Of SIC, 644,-
6O5.7 S.
The additional revenues required to
carry out the program Of military and
naval preparation Of which l have
spoken would. as at present estimated,
bC " thC hoNal lCdl lClt 9OO,CDODOOO
Those figures, taken with the figures
for the present fiscal year which !
have already given, disclose our f1nan-
cial problem for the year 1917. AS
Stunning that the taxes imposed by the
emergency revenue act and the pres
ent duty on sugar are to be discontin-
ued and that the balance at the close
NJ tho nrncanf AcnoI rno~ will ha a-Iu
$50, GA sos. 7S. that the disbursements
for the Panama canal will again be
about $25,OO0,0OO and hat the add
tional expenditures for the army and
navy are authorized by the congress.
the deficit in the general fund OF the
treasury IN the Both OF June. 1917.
will be nearly 1886. 900, 1000. To this
sum at least s5O,OOO.OOO should be add
ed to represent a safe working balance
FOR the treasury and S12.OOO.OOO to IN
clude the usual deficiency estimates in
1917, and these additions would make
a total deficit Of some $297, 100000. II
the present taxes should be continued
throughout this year and the next,
however, there would be a balance In
thO lCdouly vi oOLhC PtOtOOOtOOO ~
the end of the present fiscal year and
a deficit at the end Of the next year of
only some $4,000, 900, or, reckoning In
$62,OOO,OOO for deficiency appropria-
tons and a safe treasury balance at
the end Of the year, a total deficit Of
some SIP, OOO, 900. The obvious moral
Of the figures is that 1t is a plain coun-
onl rf nrtt1nnno 70 continue oil ~ thn
present taxes or their equivalents and
confne ourselves to the problem Of
providing SIP, 1000 Of new evenue
rather than 1927, 900.
How shall we obtain the new rev.
enue? We are frequently reminded
that there are many millions Of bonds
which the treasury is authorized under
existing law to sell to reimburse the
sums paid out Of current revenues for
the construction of the Panama canal,
and 1t is true that bonds for the
amount of 5000 4 900 are now avail
able for that purpose. Prior to 1913
$138,OOO,0OO of these bonds had ac-
tually been sold to recoup the eXpendi-
lures at the isthmus, and now con
stitute a considerable item of the pub
lie debt. But I for one do not believe
that the people OF this country approve
Of %postponing the payment of their
bills. Borrowing money is shortsight-
ed finance. 1t can be justified only
when permanent things are to be ac-
complished which many generations
will certainly benefit by and which it
seems hardly fair that a single genera
ton should pay for. The objects we
are now proposing to spend money for
cannot be SO classified, except In the
that everything wisely lone may
be said to be done in the interest of
posterity as well as In our own. 1t
seems to me a clear dictate of pru-
dent craftsmanship and frank finance
that in what we are now, / hope, about
to undertake We should pay as we go.
The people OF the country are entitled
to know just what burdens of taxation
they are to carry and to know from the
outset now. The new bills should be
paid by internal taxation.