The Yale expositor., 1916-09-14

William II. Wilcox, Chairman of
the Republican National Committee,
has received from Senator Penrose
brief but positive summing up of the
extravagances of the Wilson Admins
tration during the session of Congress
Just about to close. The Senator
says:
when the country realizes what
this Congress has done In the way of
appropriations II will be dumfounded.
Already, IL has been shown that over
a billion, seven or eight hundred mil
lion dollars have been appropriated
more money than was ever apprOpri-
ated in any one year In the history
of the American government. The to-
tai will reach nearly two billion dol
lars before the end of this carnival
of debauchery In public expenditures
is reached, because no account has
been taken of the twenty-five millions
for the Danish islands. the thirty mil
lions which the government will prob
ably have TO refund as result of
! the five per cent rebate allowed on
importations brought across the seas
| in American bottoms, and other mat
tiers which are likely to come up.
at is only too evident that this bill
which is expected to bring In some
two hundred million dollars will alb
solutely fail TO meet even the require
ments for the ill-advised and certainly
not urgent projects authorized by the
present Congress.
at is now claimed that these pro-
iects are TO be financed by the issu-
ance of Panama Canal bonds. The
American people will regard such
proceeding as very queer one be-
cause the issuing of bonds by the
Cleveland Administration largely help
| ed to bring about the downfall of the
| Democratic party I'm 1896. A bond
! issue has ever since been viewed with
adherence by the Democracy; now.
we find the party leaders compelled,
by reason of their extravaganza and
| inefficiency, TO resort to it.
"To defray the expenses of a nitrate
plant and of shipping board and
many other Reedless projects by the
| issuing of Panama bonds will be i'm
the last analysis equivalent TO paying
! for them by bond issues. These bonds
| are lying in the treasury unissued as
/ the result of the thrift and economy
and wise administration of the Repub-
lican party.
"Only about S130OO0.OOO of bonds
! were put out in the construction of the
| Panama Canal. The balance of the
cost of that stupendOus undertaking
was paid out of current revenues
and now, to advance the novel doc
| trine that these bonds which repre-
sent the thrift of preceding years
shall be issued for these questionable
projects is, to my mind, preposterOus.
| In fact, ii was expressly provided in
the SpoOner Act that Panama Canal
| bonds should not be issued for any
other purpose than that of the con-
struction of the Canal, and the in
| genious theory that they can be is
sued now to repay the treasury and
that then the money can be squan-
dered by the party In power to finance
doubtful projects and to make good
deficit will not alter the fact that
such deficit exists.
mo amount of reasoning on the
part of the Chairman of the Commit
tee on Finance will alter the fact
that outside of preparedness there has
been nj least $200,000000 of wastefu
appropriations and expenditures by
the present Congress. That condition
of the treasury will absolutely neces-
state the Withholding of contracts
for battleshlps and delay the whole
scheme of preparedness.
1.-THE figures of the Secretary of
the Treasury may be juggled as they
may. but when the Secretary Is up
against the brute fact of not having
money to pay for these projects he
will then find that figures will not
make surplus In the treasury"