Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-12-08

lQuSI UG lICc AAoAh WY NAS>~~S>>-s
burden or embarrassment. and there
is no better way to be clear of EN-.
than to fulfill our prom
ises and promote the interests OF those
on us to the utmost Bills
for the alteration and reform OF the
Of the Philippines and fol
rendering fuller political justice to the
neople Of Porto Rico were submitted
to the Sixty-third congress. They will
be submitted also to you. need not
particularize their details. You are
most of you already familiar with
them. But l do recommend them to
your early adoption with the sincere
conviction that there are few measures
you could adopt which would more
serviceably clear the way for the great
policies by which We wish to make
good. now and always. our right to lead
in enterprises of peace and good will
and economic and political freedom.
The plans for the armed forces OF
the nation which have outlined and
for the general policy Of adequate prep
aration for mobilization and defense
involve. Of course. very large addition
al expenditures of money, expenditures
which will considerably exceed the es-
timated revenues Of the government.
1t Is made my duty by law whenever
the estimates Of expenditure exceed
the estimates OF revenue to call the
attention of the congress to the fact
and suggest any means Of meeting the
deficiency that it may he wise or pos
sible for me to suggest. | am ready
to believe that it would be my duty to
do so in any case. and l feel particu-
larly bound to speak Of the matter
when it appears that the deficiency will
arise directly out Of the adoption by
the congress Of measures which | my
self urge it to adopt Allow me there
fore to speak briefly Of the present
state Of the treasury and of the fiscal
problems which the next year will
probably disclose.
On the Goth OF June last there was
an available balance in the general
fund of the treasury Of $lO4. 170. 105.1S.
The total estimated receipts for the
year 1916, on the assumption that the
emergency revenue measure passed by
the last congress will not be extended
beyond its present limit. the 31st Of
December. 1915. and that the present
duty of ! cent per pound ON sugar will
be discontinued after the 1st of May.
1916 will be S6703G5.500 The balance
OF June last and these estimated rev.
enues come therefore to a grand total
Of STA .5J33l.G05.1S. The total estimated
disbursements for the present fiscal
year. including twenty-five millions for
the Panama canal. twelve millions for
probable deficiency appropriations and
$4,000 for miscellaneous debt redemIp-
tons. will he s1I553. sol geo. and the bal
ance in the general fund Of the treas
ury will be reduced 20 S20.G4+. G05.7S.
The emergency revenue act if contin-
ued beyond its present time limitation
would produce during the half year
then remaining about fUrty-one mil
lions. The duty OF I cent per pound
on sugar If continued would produce
during the two months of the fiscal
stiii itittiIhtllS tttti tIe Isl W May
about fifteen millions. These two sums.
amountin: together 10 ffty-six mil
lions. II added to the revenues of the
second half OF the fiscal year would
yield the treasury ut the end of the
year an available balance of S1G.64i,-
505.7S
The additional revenues required to
carry out the program Of military and
naval preparation of which have
snoken would. as at present estimated.
he for the fiscal year 1911 SOC. 500 600
Those figures. taken with the fCnres
for the present fiscal wear which
have already given. disclose our tnan-
cial problem for the year 1917. AS
Stunning that the taxes imposed by the
emergency revenue act and the pres
ent duty on sugar are to be discontin-
ued and that the balance at the close
Of the present fiscal year will be only
S20.644 ,G0l1s, that the disbursements
for the Panama canal will again be
about $oo,O0o,O00 and that the addi-
tional expenditures for the army and
navy are authorized by the congress.
the deficit in the general fund Of the
treasury Oh the Goth Of June, 1917.
will be nearly $3.50, 100000 To this
sum ut least $4,000. 600 should be add
ed to represent Il safe working baiance
for the treasury and S1o,COV,uOo 10 il.
clude the usual deficiency estimates in
1917. and these additions would make
a total deficit OF some S297 100000 If
the present taxes should be continued
throughout this year and the next,
however. there would be a balance i'll
the treasury Of some SIG.50O.C00 at
the end Of the present fiscal year and
a deficit at the end Of the next year OF
only some S5O.O00,0o0. or. reckoning in
SG2,Oo0.G00 for deficiency appropria-
tons and a safe treasury balance at
the end OF the year. total deficit of
some S112,G0o.OOO. The obvious moral
Of the figures is that it is plain coun-
sci Of prudence to continue all OF the
present taxes or their equivalents and
cOnfine ourselves to the problem of
providing S112OOO.OOO of new revenue
rather than $297 100000.
How shall we obtain the new rev.
enue! We are frequently reminded
that there are many millions Of bonds