South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-05-19
j. s. TREASURY IN
GOOD CONDITION
Only S15O,O00,000 in New
Revenue is Needed For
Ali Projects.

McAdoo Thursday submitted 20
Chairman Kitchin OF the house ways
and means committee and Chairman
Simmons OF the senate finance COM
mittee revised estimates Of the gov
ernments receipts and expenditures
for the remainder OF the current
hsca: year and the fiscal year end
ing June 80. 1917. tending 20 show
that much less new revenue will
have 10 be raised 10 meet the bill
for preparedness and other large
contemplated expenditures than had
been supposed.
only about S15O.OOO.OOO in add
tional revenue will have to be pro-
vided during the coming year, Mr..
AfcAdoo said This is less by S75,-
OOO. 900 than the most conservative
member Of congress calculated at
the outset Of the session would be
needed. All Of the additional Teve-
nue. will come from taxes on in
comes. inheritances and munitions.
in accordance with a plan approved
last week by Pres't Wilson.
Is Pleasant Surprise.
News Of the condition Of the treas
urz came as a pleasant surprise to
members Of the ways and means
committee. who have been ponder
ing for weeks on the framing Of rev
enue measures. A meeting Of the
democratic members of the commit
tee quickly followed the return Of
Mr.. Kitchin TO the capitol. and later
ne announced that the revenue rails
ing plan would be whipped into
shape within two weeks and that
the house would begin TO consider it
Immediately after the national con-
ventiOns.
II Is probable that all Of the reve-
nue. measures, including provision for
preparedness revenues, a tariff com
mission and the encouragement Of
the dye-stuffs industry will be i'm
Guided in an omnibus bill. The
president is understood to favor that
plan.
Early Adjournment.
Solution of the revenue problem
which as a result of the conference
Thursday appears to be in sight. will
20 far, Mr.. Kitchin believes, towards
making an early adjournment of
congress possible. He told the ways
and means cOnferees during the
meeting that nothing would prevent
him putting the legislative program
through the house so as TO be ready
to adjourn on Aug. 1. The senate.
however. may delay adjournment by
prolonged debate on some of the big
measures.
Sec'y McAdoo's figures showed
that the balance in the general fund,
exclusive of disbursing officers cred
its. probably would be $3.50. OO0.0 900
at the end of the present fiscal year
and s13. 500. 900 at the end of the
fiscal year OF 1917. This estimate
included expenditures likely TO be
made for the proposed increase in
the standing army on the basis Of
the conference measure passed last
night by the senate. and eXpendi-
lures which probably viii be made
next year on the naval program now
before congress.
Preparedness Cost.
In addition to preparedness meas
ures. the revised estimate presented
by MIR. McAdOo included liberal pro-
visions for good roads, rural credits
and expenditures 20 prevent and
cone with floods. In making up the
estimates. the additional cost TO the
country OF preparedness during the
year 1917 was placed at from 500
100000 to 100000. 600. a figure
considerably less than appropriations
20 be used by congress. but approx
mating the sum which actually
would be spent during the year un-
der the authorization
An estimate compiled by Mr.. Nc
AdOO when congress- convened last
December showed deficit Of S62,-
coo, 600 in the general fund June 80.
1917. instead OF the $4,000. 900 bal
ance in the present estimate The
previous estimate contemplated the
extension Of the emergency revenue
tax TO the end of the fiscal year of
1917 The emergency measure eN-
pires by limitation Dec. 81 next and
in compiling the revised estimates
Mr.. McAdoo figured on eliminating
the stamp tax features Of the meas
ure from July 1 next.
Dad MEMC TIMEC MIonf A rio