Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-12-08

coo The duty OF one cent per pound
ON sugar 10 continued. would produce
during the two months OF The fiscal
year remaining after TAO FIRST OF May.
about Sl5o000Oe These two sums.
amounting together 20 SJ600NOO0. IL .
sdded 20 the revenues of the second
half Of the fiscal year. would yield the
treasury &C the end % the year an
available balance OF S16.6tt605TS +
The additional revenues required
20 carry out the program OF military .
and naval preparation OF which have
spoken, would. as at present estimated
be for the fiscal year 1917. S93.S000 oo
Those figures. taken with the figures
for the present fiscal year which
have already given, disclose our hnan
cial problem for the year 1917 AS.
Stunning that the taxes imposed hy the
emergency revenue act and the pres.
ent duty on sugar are 90 be discoutiu.
ued and that the balance al the close
Of the present fiscal year will be only
$20.6l4 ,6O5.7S, that the disbursements
for the Panama canal will again be
about twenty-five millions, and that
the additional expenditures for the
army and navy ara authorized by the
congress, the deficit in the general
fund of the treasury on the thirtieth
OF June, 1915 will be nearly two hun.
bred aud thuty-hve millions To this
sum at least fifty millions should be
added to represent a safe working bal.
anCe for the treasury. and twelve mil.
lions 90 include the usual deficiency
estimates IN 3et7; aud these additions
would make a total deficit Of some two
hundred and ninety seven millions II
the present taxes should be continued
throughout this year and the next,
however, there would be a balance in
the treasury of some seventy-siX and
a half millions az the end OF the pres.
ent fiscal year. and a deficit at the
end of the next year OF only some fifty
millions, or. reckoning In siXtytwo
millions for deficiency appropriations
and a safe treasury belance at the end
Of the year, e total deficit Of some
one hundred and twelve millions The
obvious moral Of the figures is that it
is a plain counsel Of prudence TO con
tnue al OF the present taxes or their
equivalents, and cun6ne ourselves to
the problem Of providing Sll2,000 600
OF new revenue rather than S291, 000,-
600.
New Sources Of Revenue.
How shall We obtain the new reye-
nue.? We are frequently reminded
that there are many millions Of bonds
which the treasury "a authorized an.
der existing law TO sell TO reimburse
the sums paid out Of current revenues
for the construction Of the Panama
canal. and Il is true that bonds TO the
amount Of S22,432 600 are now avail.
able for that purpose. Prior to 1913
Sl3S, 900. GOO of these bonds had actual
ly been sold TO recoup the expenditures
az the lsthmus, and now constitute a
considerable item OF the public 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 shortsighted
finance. IL can be justified only when
permanent things are TO be accom-
pllshed 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 80 classified except In
the sense that everything wisely done
may be said to be done in the interest
Of posterity as we'll as In our own. Il
seems to me a clear dictate OF prudent
craftsmanship and frank finance that
In what we are now, | hope, TO under.
take 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.
10 what sOurcB then. shall we
turn This Is so peculiarly "A question
which the gentlemen Of the house OF
representatives are expected under
the Constitution 20 propose an answer
tn that you will hardly expect me to
do more than discuss it In very gen
eral terms We should be following
an almost universal example OF mod
ern government IL we were 20 draw
the greater part or even the whole Of
the revenues we need from the IN.
come taxes BY somewhat lowering the
present limits of exemption and the
figure al which the surtaX shall begin
to be imposed, and by increasing, step
by step throughout the present gradu-
alton, the surtax Itself the income
taxes as at present apportioned
would yield sums sufficient TO balance
the books OF the treasury at the end
OF the fiscal year 1917 without any.
where making She burden unreason.
ably or oppressiyey heavy. The pre-
else reekonings are fully and accurate
/ ~ set ont IN the report Of the secre-
tary Of the treasury which will be i'm.
modlately laid before you.
And there are many additional
sources of revenue which can Justly be
resorted to without hampering the I'm.
dustries Of the country or putting any
too great charge upon individual OK
pendituro. A one per cent tax per
gallon on gs@oiine and naptha would
yield, at the present estimated pro