Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1915-12-16
,sent unparalleled opportunity o,

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
70 the present congress for the purchase
or construction of ships to be owned and
f thos by the government similar to
Iled IN some essential particulars. / rec
onmend these proposals to you for your
1 1eumpt acceptance with the more conf
efansea because stnaa every month that has
mage mas made the necessity for such
aston more and more manifestly impera-
I've. lnaI need was then foreseen; it is
now acutely felt and everywhere realized
ny those for whom trade is waiting blu
VINO can find no conveyance for their
8 o outIs +. am not so much Interested in the
taking immediate advantage Of the great
1poortunity which awaits US if we will
nu r a. ~ this emergency. In this mat
Ter, as In all others, a spirit of common
counsel should prevail, and out of If
should come an early s~o..tjon of this
pressing problem.
lnsu!ar Problems.
mere IS another matter which seems to
~ 10 De very intimately associated with
me question of national safety and prepa-
ration for defense. That is our policy
e of P 8 the p%hilippines and the people
and their attitude towards us are mani
lestiy or the first consequence In the de
OF our duties in the world and
u iItc mana TO perform those
naeies. We must be free from every UNI
necessary burden or embarrassment; and
f ba ere Is : no better way to be clear of EN-
sad than to fulfil our promises
pendent on us to the utmost. Bills for
the iteration and reform of the govern
f f,Git OF me Philippines and for rendering
I5a ni political justice to the people Of
Horto Rico were submitted to the Sixty
a1ip congress. They will be submitted
a their ID det sGn, To need sre not ,oas+ pa II
leaoy ialnlllar with them. But I do rec
ommend them to your early adoption with
rhe sincere eonyiction that there are few
more serVlceably clear the way for the
great policies by which we wish to make
goou, now and always, our right to lead
economic and political freedom.
me plans for the armed forces of the
nation which l have outlined, and for the
Tor mobilization and defense, involve of
course very large additional expenditures
OF money-expenditures which VIII con-
or the government. 1t is made my duty
by law. whenever the estimates of eSpen,
diture exceed the estimates of revenue,
to call the attention of the congress to
the fact and suggest any means of meet
ing the. deficiency hat it may be wise
or possible for me to suggest. 1 am ready
DO SO in any case: and 1 feel particularly
bound to speak of the matter when it an
pears ears that the deficiency, will arise di-
Of measures which I myself urge It to
adopt. Allow me, therefore, to speak
prlefly OF the present state of the treas
ury ana OF the fiscal problems which the
next year will probably disclose.
Problems of Revenue.
On the 18th of June, last. there was an
available balance in the general fund of
the treasury Of s14. 17o, 1857 The total
the assumption that the emergency rev
enue measure passed by the last congress
VIII not be extended beyond its present
the present duty of l cent per pound on
sugar will be discontinued after the FIRST
of Day Y 1916. will be sS7o, 1865, 500. The bal
enues come. therefore, to a grand total
Of $774, 535, sos. Is. The total estimated dis
buIsements : for For the present fiscal year,
$l2, 0oo, 700 for probable deficiency appro.
priations, and $4,000 for INSTALLATIONS
debt redemptions, will be s75s, 1871, 900; and
treasury will be reduced to $50 44, 6o5.7S.
The emergency revenue act, If continued
beyond its present time limitation, would
naming. ABOUT SAL H. 600 5 900. s The t dnty ref Of
l cent per pound on sugar, if continued.
would produce during the two months of
of May, about $500 ,ooo. THESE two % suns irrs.
amounting together to $50, 900, 600, il added
to the revenue of the second half of the
lIsCdi year, WOulu ylelO the treasury at
the end Of the year an available balance
of SIG, 644. SOS. rs.
The additional revenues required to
carry out the program of military and
naval preparation Of which I have spo-
ken, would. as at present estimated, be
for the fiscal year 1917, ssa, 100000. Those
figures, taken with the figures for the
given, disclose our financial problem for
the year 1911, Assuming that the taxes
imposed by the emergency revenue act
discontinued, and that the balance at
the close of the present fiscal year will
be only. s2o,6 GA, Cos. rs, that the disburse-
be about $25, 100000, n that the add
tlonal expenditures for the army and
navy are authorized by the congress, the
on the 18th of June. 1917, will be nearly
S2S5, 900, 900. To this sum at least $50, OO0, coo
should be added to represent a safe work
mates in 1917: and these additions would
make a total deficit of some s2s7, 0GO, 600. If
the present taxes should be continued
throughout this year and the next, how
ever, there would be a balance in the
treasury Of some s76,5o0,o 900 at the end Of
the end of the next year Of only some
$50. 0,ON0, or, reckoning in 1852, 100000 for
deficiency appropriations and a safe
a sre total d ealaaee Of at so she e sl12' g 81, tee sa The
obvious moral of the figures is that it is
a. plain counsel of prudence to continue
all OF the present taxes or their equiva-
Tents. and confine ourselves to the prob
lem of providing SLIP, 900, 900 Of new rev.
enue rather than 1927, 900, 900.
Must Pay as We Go.
How shall we obtain the new revenue?
We are frequently reminded that there are
millions of bonds which the treasury is
authorized under existing law to sell to
reimburse the suns paid out of current
revenues for the construction of the Pan
anna canal; and it is true that bonds to
the amount of approximately $222, coo, 600
are now available for hat purpose. Prior
to 1913 $134, 631, $50 of these bonds had actu-
ally been sold to recoup the expenditures
at the isthmus; and now constitute a con-
siderable item of the public deft. But I,
for one, do not believe hat the people Of
this country approve of postponing the
payment of their bills. Borrowing money
is short-stgi.ted finance. 1t can be justi-
fled only when permanent things are to
be accomplished 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
te so classified, except in the sense that
done in the interest of posterity as well
as in our own. 1t seems to me a clear die
tate of prudent craftsmanship and frank
finance that in what we are now, I hope,
about to undertake we hould pay as we
go. The people of the country are en-
titled to know just what burdens Of tax
alton they are to carry, and to know from
the outset, now. The new bills should
be paid by internal taxation.