The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1915-12-07
True American Policy Is Impossible Without Ships of Our OWn
Resources OF Should Be Ready For Mobilization Says Wilson

appears that the deficiency will arise
directly out Of the adoption by sthe |
CongresB OF measures which ] myself |
urge II to adopt. Allow me. therefore, !
the Treasury and OF the fiscal problems
WHICH the next year viii probably dis
On the thirtisth Of June last there was
81 the Treasury Of SlOl.I7O, iO5.7S The
total estimated receipts for the year
1916, on the assumption that the
emergency revenue measure passed soy
beyond fits present limit, the thirty-first
OF December. 1915, and that the present
duty OF one cent per pound on sugar
will be discontinued after the first OF
MAY. 1915 Will be $50 1856, 800. The ball
ance of June last and these estimated
revenues come, therefore, to q grand
total OF t774,5S5,6O5.7s The total esti.
fiscal year, including twenty-five mil
lions for the Panama Canal, twelve
millions for probable deficiency appropri-
ations, and htty Thousand dollars .I1,,, t or
S75S, S91, 900; and the balance in the gem
eral fund of the Treasury Will be re-
duced to $20,6l4, COSTS. The emergency
revenue act, ~ continued beyond Its
present time limitation, would produce,
during the half year then remaining,
about forty-one millions. The duty OF
one cent per pound on sugar, u con-
months OF the nacal year remaining
after the first OF May, about fifteen
millions. These two sums, amounting
together to hfty-six millions, II added 70
the revenues OF the second half Of the
fiscal year, would yield the Treasury at
Of S16, e44 6O5. as.
The additional revenues required to
carry out the program OF military and
naval preparation OF which i have
spoken. would, as at present estimated,
be for the fiscal year 1877, sos, 500, 900.
for the present fiscal year which 1 have
already given, disclose our financial
problem for the year 1917 Assuming
ency revenue act and the present duty
on sugar are to be discontinued, and
| that the Balance at the close of the
present fiscal year WIN be only S2O.644.-
/ 605.78, that the disbursements for the
Panama Canal will again be about
| twenty-five millions, and that the adj
ditional expenditures for the army and
navy are authorized by the Congress,
the deficit in the general fund OF the
Treasury on the thlrtieth of June, 1917,
i Will be nearly two hundred and thirty
| nve millions, To this sum at least fifty
millions should be added to represent q
safe working balance for the Treasury,
and twelve millions TO include the usual
| deficiency estimates In 1917; and these
additions would make total deficit OF
some two hundred and ninety-seven
millions. II the present taxes should
be continued throughout this year and
i the next. however. there would be a
balance In the Treasury of some
! seventy-six and half millions at the
Il end OF the present fiscal year. and a
deficit at the end of the next year OF
Y only some fifty millions, or. reckoning In
sixty-two millions for deficiency sppro.
prtations and safe Treasury balance
at the end of the year. a total deficit
OF some one hundred and twelve mil,
J lions. The obvious moral of the figure,
Is that II il a plain counsel of prudenc,
to continue all of the present taxes oil
to the problem Of providing one hundred
and twelve millions of new Fevenu,
rather than two hundred and ninety
seven millions.