Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1916-02-10
UNCLE SANS INCOME.

With the wealth of the world pour
ing into this country, with more than
two billion dollars worth of gold and
bullion in reserve, with splendid
crop just harvested and material pros
perity everywhere, Uncle Sam is a
poor man. His position is like tina,
of certain country gentlemen who
own large landed estates that do not
yield much income. Despite all his
wealth. he is unable to meet his cur
rent obligations. He has not even
enough money to buy a gun for his
own defense. w..
The causes of Samuel's financial
embarrassment are we'll known and
the subject of much political contro
versy. In the first place, we reduced
our tariff, inviting foreign commodi
ties to come in larger quantities at a
lower rate. The lower rate went into
effect all right. but the European wal
cut down the imports SO that customs
revenues fell considerably below the
estimated amount. Then the income
tax, which was intended to make up
part Of the inevitable loss on Gus.
toms, did not yield as we'll as it might
have People displayed singular
reticence concerning their wealth, and
the methods of making them pay up
have not yet been perfected. Add to
these causes the general commercial
depression brought on by the Euro
pean war. with it's effect upon all
sources of internal revenue. and you
have the principal reasons why the
national ledger shows an unfavorable
balance. r.. e. 49, ~ g. IA
This financial diff culty is at present
the crucial fact in our national life.
1t is obvious to all careful observers
that the question of preparedness is
largely a question of money. 1t is in
the powerful ways and means commit
tee--not those on military and naval
affairs-that the fight for arms will
take place. Whether the American
people are going to prepare them
selves and assume their rightful posi-
ton as world force, or rely upon
the width of the seas for safety, de-
Ponds largely, upon this matter of
finance. The arguments about the
ethics of war are mere preliminary
fourishes. How to pay the bill is the
real question.
A certain eminent peace advocate
who is also gentleman Of long ex-
perience in national politics, has
frankly stated that he expects the
preparedness program to be defeated
by the inevitable dissension over what
sort Of tax shall be levied to pay
for it. Wether or not he is right, he
has certainly posed the question that
faces the American people. They have
spoken with considerable unanim-
ity for preparedness. The war and
navy departments have announced
that preparedness will cost about
1888, 100000. Now are the American
people willing to foot the bill?
To get down to hard dollars, the
secretary of the treasury estimates
that about $112,OO0,O0O of additional
revenue must be raised to make up
the deficit in the treasury account and
pay for Uncle Sans new shotgun.
This estimate is a matter of some
controversy. 1t is claimed that GER
tain items on the national ledger, for
merly counted as liabilities, are now
shown as assets, and that in reality
a much larger sum will be needed
The important fact Is that the federal
government must get more money
from the people-and that means you
There are three principal methods
by which Uncle Sans income may be
The government may is
sue bonds, thereby borrowing the
money from the people at low rate
of interest. Since the money to re-
deem the bonds must come from the
people, however, this would be merely