The Detroit times., 1915-12-07

Panama canal. $4,000. 900 for prob
able deficiency appropriations. and
$50 900 for miscellaneous debt re-
demptions viii ne 1888. s9l 900; and
the treasury will be reduced to 500
So. 4.G05.7S The emergency revenue
act. IL continued beyond its present
time Limitation. would produce. dur
about $4,000 600 The duty OF one
cent per pound on sugar. if contin-
ued. would produce during the two
months OF the fiscal year remaining
after May /, about $4,000. 900 These
two sums. amounting together "a
SIS 900. 600. II added TO the revenues
OF the second half OF the fiscal year,
would yield the treasury at tho end
Of the year an available balance oil
C6.6fi, 6O5.IS.
The additional revenues required "a
carry out the program Of military
and naval preparation OF which
have spoken. would. as at present es-
timated, be for the fiscal year 1917
500. s00.0 900. Those figures. taken with
the figures for the present fiscal year
which | have already given. disclose
our financial problem for the year
1917 Assuming that the taxes Inn
and the present duty on sugar are 70
be discontinued. and that the balance
at the close OF the present fiscal year
will be only s20.644. .s0b.7s. that the
will again be about twenty-five mil
lions and that the additional expen-
ditures for the army and navy are
authorized by the congress, the deh-
cit In the general fund OF the treas
ury on the thirtieth OF June. 1917.
will he nearly two hundred and thir-
tv-hve millions. To this sum at least
ffty millions should be added 10 rep
the treasury. and twelve millions 70
include tho usual deficiency esti-
mates In 1917 and these additions
would make total detcit or some
two hundred and ninety-seyen mil
lions. II the present taxes should be
continued throughout this year and
the next, however. there would be a
balance In the treasury OF some s16.
100000 at the end Of the present
fiscal year. and a deficit at the end
Of the next year OF only some $50,
600. .0oO. or. reckoning In $50. 900. 600
for deficiency appropriations and q
safe treasury balance at the end OF
the year = total defcit OF some ti12.-
100000. The obvious moral Of the
figures is that n is a plain counsel OF
prudence to continue all or the pres
ent taxes or their equivalents. and
providing s112Oo 900 OF new revenue
rather than 2s7.ooo.000.
should Pay A. We Go.
How shall we obtain the new reve.
nue7 We are frequently rcTemindc ed
tNAr tnere are many UltlllOnN DOnur
which the treasury - authorized un-
der existing law to sell to reimburse
the sums paid out OF current reve-
nues for the construction OF the Pa
mama canal: and IL iE true that bonds
10 the amount OF t222.432.0 900 are now
available for that purpose. Prior to
1918 ti3s.000. 900 Of these bonds had
actually been sold TO recoup the ex-
penditurer at the Isthmus: and now
constitute n considerable item Of the
public debt But I. for one. do not
believe that the people OF this coun'
try approve Of postponing the pay
ment OF their bills Borrowing money
ls short-sighted finance. II can bs
justified only when permanent things
are TO be accomplished which many
generations will certainly benefit by
and which IL seems hardly fair tha,
single generation should pay for
The object we are now proposing "a
epend money for cannot be 30 classi
1cd. except In the sense that every
hing wisely done may be said TO be
lone In the interest OF posterity n
we'll as IN our own. II seems TO me
a clear dictate OF prudent statesman
ship and frank finance that In what
we are now. ] hope. about 10 under
take we should pay as we 20. The
rcople OF tho country are entitled q
know just what burdens OF taxation
'hey ere 20 carry and 20 know from
the outset. now The new bills should
be paid by Internal taxation.
To what sources then shall we turn
This n 80 peculiarly n question which