Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1915-12-09


those made to the last congress. but modi-
fled in some essential particulars. rec
ommend these proposals to yol for your
dence because every month lthat has
/ elapsed since the former proposals were
made has made the necessity, for such
action more and more manifestly impera-
tive. That need was then foreseen; it is
now acutely felt and everywhere realized
by those for whom trade is waiting but
not % s5 IN ,hss she
sskins immedl.ts . advsntase ssata% the an sreae az
but as: ii this emergency. Int fn.this is mat. m"
ter. as in all others. spirit of common
eSanssl eSom,s aa. should prevs:l and sout OF i
pressing problem.
A lnsuiar Problems. u
There is another matter which seems to
me to be very intimately associated with
ration for defense That is our our policy pJh.
towards the Philippines. and 7,fhe people
Of Porto Rico. Our treatment of them
testify of the. first consequence in the de
velopment of our duties in theaworid and
i,,. N getting free hand to perform those
necessary burden or embarrassment and
there is no better way to be cihar OF EN-
baIrassment than to fulfil our promises
pendent on us to. the. utmost y Bills for
the alteration and reform of the govern
fs OF the philiippt,nss and for rendering
tb'rs eo were submitted tp the Sixty
their details You are mot MOST # sou a
ready familiar with them But 1 do rec
ommend ON them to your early adoption with
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 coed Will and
economic and political freedom.
The plans for the armed forces of the
general policy OF adequate preparation
Tor mobilization and defense, involve of
course very large additional expenditures
OF money-expenditures which will con-
siderably exceed the estimated revenues
Of the government: It is made my duty
5y law, whenever the estimates OF expen-
to call the attention of the congress to
the fact and suggest any means Of meet
on ms to 5na may be rens wIs
to believe that 1t would be my duty to
do so in any case; and I feel particularly
pears that the deficiency will arise di-
rectly out Of the adoption by the congress
OF measures which I myself urge 1t to
briefly Of the present state 81 the treas treas
4 ury and Of the fiscal problems which the
next year will probably disclose.
Problems Of Revenue.
the treasury Of slOa 17O, los. rs. The total
estimated receipts for the year 1916 ON
enue measure passed by the last congress
will not be extended beyond its present
limit. the 3lst Of December. 1915, and that
| the present duty of cent per pound on
aSsas May wiz iss e. sTfGa'aSss HE ias a.
enues 81 come 70 erand tota
\ of STA, ,635, ,605.7S. The total estimated dis
bursements IS for for the the present fiscal year.
sl2,000O05 for probable deficiency appro.
4 debt rEdemptions, win be tHs, ,ssl, 900; and
W, bs gsdsssd g ssSss g g
beyond its present time Limitation, would
mainipg. about 4i,ooo.ooo. The duty Of Of
Il cent? per pound on sugar if continued,
spa danS the tTe mGnthS Ss o
| amounting together to $56,Ooo00o, II added
fiscal year, would yield the treasury at
the end Of the year an available balance
of SIG, 6,644. .6057s
The additional revenues required to
carry out the program of military and
naval preparation of which have spo-
ken would as at present pre- q. ss sstimnated be
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
imposed by the emergency revenue act
and the present duty on sugar are to be
and that the balance
be only. s2o6a4,6o57s that the disburse-
for .g the ood panama an canal viii again
ona s apos expena.aTes I for the army and
navy are authorized by the congress. the
deficit N the general fund of the treasury
on the 18th of June. 1917. will be nearly
s235, 900, 600. To this sum at least s5O.0OOo0
should be added to represent safe work
ing balance for the treasury. and Sl2.000 :
Imates in 1917: and these additions would
J make a total deficit of some s2y7. 900, 600. II
the present taxes should be continued
present taxes should be cont nued .
throughout this year and the next, how
!. ever, there would be a balance in the
treasury OF some 0.0c0 at the end of
the present fiscal year. and a deficit at
] s5o,0oo.ooo. or. reckoning in s62,ooo,ooo for
deficiency appropriations and safe
J treasury balance at the end Of the year,
, obvious moral of the figures is that it is
plain counsel of prudence to continue
al of the present taxes or the.r re equl1h r0a
lem Of providing sll2, s2, ,oO0 ,0O 000 OF new rev.
, enue rather than $2y7 100000.
Must Pay as We Go.
How shall we obtain the. new revenue?
!. millions of bonds which the treasury Is
authorized under existing law to sell to
reimburse the. sums 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 00O,O ,OOC
are now available for that purpose. Prior
to 1913 $l346Sl $3.50 of these bonds had actu-
, ally been sold to recoup the expenditures
, at the isthmus; and now constitute CON
, siderable item of the public deft But J,
, for one. do not believe that the people. OF
this country approve of poStpontng the
payment OF their bills. Borrowing money
is short-sighted finance. II can be justi-
:, fled only when permanent things are ia
be accomplished which many generations
will certainly benefit by and which il
seems hardly fair that a single genera
ton should pay for. The objects we arc
. now proposing to spend money for cannot
tc so classified, except in the sense thai
! everything wisely done may be said to he
done in the interest of posterity as well
. as in our own. 1t seems to me clear die
tate of prudent craftsmanship and frank
! finance that in what we are now, hope,
about to undertake we should pay as we
go. The people of the country are en-
titled to know just what burdens of tax
, the outset, now. The new bills should
! be paid by internal taxation.
! To what sources, then, shall we turn
This Is SO peculiarly question which the
gentlemen of the House OF Representatives
are expected under the constitution to
} propose an answer to that you Will hardly
. expect me to do more than discuss II In
very general terms. We should be follow
ing an almost universal example of MOI
ern governments II we were to draw the
|. greater part or even the whole of the
revenues we need from the income taxes.
BY somewhat lowering the present lin
its of exemption and the figure at which
the surtax Shall begin to be imposed. and
! by increasing. step by step throughout the
present graduation. the surtax itself. the
income taxes as al present apportioned
would yield Sums suficien, to balance
!. the books Of the treasury at the end of
the fiscal year 1917 without a;iywhere max
= ing the burden unreasonabiy or oppres-
, sively heavy The precise reehoninss are