The De Soto County news. [volume] (Arcadia, Fla.) 1898-1924, 1916-05-25


Washington, May 2I.-Uncle Sans
finances are In far better condition
than this time a year ago. This fact
was revealed ut a conference between
Secretary McAdoo, Of the treasury.
Majority Leader Kitchin, Senator
simmons, chairman of the finance
committee, and Representatives HUI
and Rainey, IF the house ways and
means committee.
The estimates for additional rev.
ertues have been reduced to almost
one-half what they were three months
ago. when many experts contended
that II would require between 5000.
100000 and $4o1OOOoOO over and
above the regula" revenue to finance
the government post wear.
Upon his return from the Latin.
American tour Secretary McAdoo
found the treasury in far better con-
dltlon than it was when he left here
owing to the fact that there has been
a great revival Of business through
ont the nation.
Mr.. McAdoo told the congressman
-.that thc treasury would show sur.
plus instead Of n deficit this year.
Tho deficit last year was about S7j,-
100000. Mr.. McAdOo said that il il
we're not for the additional demand
to be made on the treasury by the
preparedness measures no special
revenue legislation would he requir-
ed. and about half OF the war tax
features Of the emergency bill, passed
soon after the European war began,
could be eliminated.
The new revenue bill will provide
for about s150OOO.OOO for the extra
expenses caused by the army and ma
w programs. In fact, this was rhe
sum agreed upon at a caucus Of the
democratic members Of the ways and
means committee.
The taxes imposed by the present
emergency or war tax law will be re.
duced about half; the stamp tax items
will be stricken out. What is left OF
the law will bring in between $25,.
( 100000 and S50,OOO,Oo0.
Il is practically agreed by the
house and senate leaders of the ways
and means and finance committees
that the new revenue Jaw will pro.
vide for readiustmeni of the income
tax, which will bring $5O,0OO,000 ad-
dtlonal revenue; a levy on inheri.
nnces, which will yield between $780,
100000 and S6O,OOO,OOO, and an excise
tax on war munitions tc bring about
NO0O0,O00 Or more.
These three sources OF revenue, adj
ded to what will be retained in the .
present emergency tax law, will run
ne total provided for preparedness, 4
putting into effect the rural credits .
law the good roads law, and one or
Two other new projects, up to about
ND0OOO,OOO. 1t will require about
NoOO'OOO to carry OUT the provisions
Of the rural credits, good roads and
ether new laws. B
Present indications show that teh
income tax law now in effect will
rFing more than $10u.OOO,O00, or an .
increase of S20,0OOOOO over the est. !
yates OF December that customs will .
'now Sl5,OO0,O00 increase for the year
ana that the Internal revenue receipts
WI likewise show al increase OF
SloVOO'OOO. In addition to these items
Tue receipts from miscellaneous
sources will b. increased over the es.
INMATES by 25OOO,OOO.
II Is the plan of the democratic
"aoers to have the revenue bill ready
LOT Presentation to the house before
'ae meeting Of the democratic conven'
"on on June Ii.
IN the senate, Senator Thomas, Of
co'orado asserted that the demo-
"ss IN the next campaign would
~"'s no Tear Of the charge of extrav-
,s1nce from republicans. He present
. list Of bills introduced for pro.
ea measures to show that the re-
'1"ncans Of ,he senate would sppro-
r''ate IN the aggregate 1888, O62 207.
~ pointed out that bills introduced
Z senator Warren would draw from
~ treasury $5Tp2, 733: Senator
. ~olks. siS3,534,OI5: Poindexter, So.
~ Jones, S23,5T3.345; Cummins