The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1915-01-29

MAY ESCAPE
ALL DEFICITS
LEADERS AGREE THAT lEGiSlA-
TIVE ACTION is NOT NEEDED
AT PRESENT TAXES MAY
SWELL REVENUES.

cided that there was no immediate
need for legislative action to increase
the governments revenues.
Secretary McAdoo of the treasury
announced Thursday night that it had
/ been agreed that at the end of the
fiscal year the government would
know better the effects of the Euro
pean war and what, if anything, is
necessary to be done.
Mr.. McAdoo declared that he still
stood by his estimate of the govern
ment's revenue for the fiscal year
ending June next, which, compared
with his estimates of expenditures
would leave deficit of sl0,O00,00O.
1t was announced after the confer
ence that suggestions of the war rev.
enue act be extended for six months
and that congress abandon the $34,-
O0O,O0O river and harbor bill, struck
no responsive chord. On the other
hand the cabinet officers were said
to have made it plain that, in ac-
cordance with the presidents sug
gestion, they had cut their estimates
of expenditures to the very limit
and could not make further reduc-
tions without risking impairing the
efficiency of their departments.
Estimates Exceed Income.
The estimates sent to congress in
December aggregated $710000,0O0, to
which S2S,OO0,00O was to be added for
Panama canal disbursement.
Some additional estimates have
been sent in since then. however, and
substantial additions to the proposed
appropriations have been made by
the house committees in drafting the
supply bills. Secretary McAdoo's es-
Inmates of revenues, exclusive of
the postoffice department, was $72S,
100000 This included $4,000 900
from customs, $3O5, 100000 from ordi-
mary internal revenue, $54,0O0000
from the emergency war tax and
$4,000 600 from the income and cor
poration tax.
In statement on the White
house conference which Maioety
Leader Underwood and Chairman
Fitzgerald of the house appropria
tons committee attended, Mr. Nc
Adoo said
THE conclusion was reached that
no action is necessary now as we
shall know better at the end of the
fiscal year 1915, what the effects of
the European war will be, and what,
if anything, is necessary to be done.
Corporation and Income.
Since the new tariff and income
tax law was passed in 1913 there is
deferred until June of each fiscal
year the payment into the treasury
of $75.OOOOOO to $SO,0OOO0O of cor
poration and personal income tax,
Previous to that time, almost the
total receipts of the governments
were reflected in the revenue collect
ed. daily and shown in tn daily
treasury statement. In June. 1915,
almost the entire amount of the cor
poration and personal income tax will
be paid Just as in 1914, and what
appears to be loss in revenue will
in the meantime be overcome"
In support of Mr. McAdoo's state
ment, some officials pointed out that
there was reason to believe that the
war revenue act would at least be as
big a revenue producer as had been
Xpected Available figures up to
December. last. show that 6O0.O00000
war revenue stamps had been sold by
internal revenue collectors throughout
the country. During the entire year
1899 when the Spanish war tax was
effective. the number of stamps sold
was 16,050,OO0 The value of those
sold to date under the present law
has not been determined.
Secretary McAdoo's estimate for
customs receipts for the coming year
S220,OO0 600. is about S72,OO0,OOO un-
der the receipts for the fiscal year
1914.
To date customs receipts have been
about s122,O0O.OOO with five months
yet to go before the end of the fiscal
year. In the same period last year
the customs receipts were about
S17S.OOO.00o. Treasury officials, how
ever. said today that with a revival
of business there might be a marked
picking up in customs receipts dur
ing the next FIVE months It was said
that large importations of sugar were
expected in the spring
The liver loses its activity at times