Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1915-12-07

which were submitted 10 TIE sixty
third congress. The president refers
70 the Increased cost of carrying out
the plans for the armed forces of the
nation and tells of the fiscal problems
confronting the government.
On the Both of June last there was
an available balance In the general
fund of the treasury OF Sf04. 10, l05.Ts.
The total estimated receipts for the
wear 1916, en .ae assumption that the
emergency revenue measure passed By
the last congress will not be extended
beyond its present limit the 3lst of
December, 1915, and that the present
duty of 1 cent per pound On sugar will
be discontinued after the 1st of May,
1916. will be Se7o, 365,5o0 The balance
Of June last and these estimated rev.
enues come therefore to grand total
Of STA ,535, COSTS. The total estimated
disbursements for the present fiscal
year. including twenty-five millions for
the Panama canal. twelve millions for
probable deficiency appropriations and
$4,000 for miscellaneous debt redemp-
tions, viii be sT53. sci 900. and the bal.
ance in the general fund Of the treas
ury viii be reduced to S20, 644, COSTS.
The emergency revenue act If eontin-
ned beyond its present time limitation
would produce during the half year
then remaining about forty-one mil
lions. The duty Of / 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 fifty-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 SIG, ga, =
eo5. 7s.
The additional revenues required to
carry out the program Of military and
naval preparation of which / have
spoken would, as at present estimated.
be for the fiscal year 1917 SOS. 100000
Those figures. taken with the figures
for the present fiscal year which
have already given. disclose our finan-
ciai 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
Of the present fiscal year will he only
500. 844, 605.7S. that the disbursements
for the Panama canal win again be
about s25.000,00o and that the add
tional expenditures for the army and
navy are authorized by the congress-
the deficit in the general fund of the
treasury on the 30th of June. 1917.
WIFI be nearly s235. o00. 600. To this
sum at least 100000 should be add
cd TO represent a safe working balance
Tor the treasury and S12.000000 to In
Glade tie usual deficiency estimates III
I 1917. and ths5e additions would make
a total Gcfcii Ct some 500 100000. If
| the present Saxes should be continued
throughout this year and the next
/ however, there would be q balance IL
the treasury of some SI6,J00.000 at
! the end Of the present fiscal year and
a deficit at the end OF the next year Of
only some S50,000,00o, or, reckoning in
/ Sc, 100000 for deficiency appropria-
tons and a safe treasury balance at
/ the end of the year. Il total deficit Of
some $f120O0.000. The obvious moral
Of the figures Is that 1t is plain coun-
sci of prudence TO continue all of the
| present taxes or their equivalents and
confine ourselves TO the problem Of
| providing S112O00.00o of new revenue
rather than S297. 10000
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 it is true that bonds for the
amount Of S222, Az, 900 are now avail
| able for that purpose. Prior TO 1918
| $13S.000,0 900 Of these bonds had &C.
tually been sold TO recoup the expendi-
! lures at the isthmus, and now con-
! stitute a considerable item Of the pub
| lie debt. But 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 II
seems hardly fair that single genera
ton should pay for. The objects we
are now proposing TO spend money for
cannot be SO classified. except in the
sense that everything wisely done may
be said TO be done in the interest of
posterity as well as In our own. II
seems TO me clear dictate of pru.
dent craftsmanship and frank finance
that IN what we are now, hope, abou,
| to undertake We should pay as we 60
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.
Secret Foes Should Be Crushed.
The president says that the precise
reckonings of the problem to be met
are set forth In the report Of the score
tary Of the treasury.
have spoken to you today, gentle
men, upon single theme, the thor
ough preparation of the nation to car,
/ for Its own security and to make SURF