The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1916-05-24
THE NATIONS MONEY NEEDS.
MADOO'S REPORT INDICATES
AMOUNT OF FUNDS no BE
RAISED.

AMOUNT OF FUNDS no BE
RAISED. us
?pxoLG6-
Statement to Kitchen and
Simms Showing That Situation IN.
Not Serious-$15O, ,OOO, 900 Extra for,
Preparedness Plans will be Raised
by Revenue from Incomes, Inheri,
tance and Munition Manufactures, us
Washington, May 1S.-Secretarv-
McAdoo today submitted to Chairman
kitchin of the house ways and means,
and Chairman Simmons of
the senate finance committee revised
estimates Of the government receipts
and expenditures for the remainder of
the current fiscal year and the fiscal
year ending June 80, 1917, tending to
show that much less new revenue will
have to be raised to meet the bill for
and other large contem-
plated expenditures than had been
supposed.
Only about $3.50. 900, 900 in addition
al revenue will have to be provided
during the coming year. Mr.. McAdoo
said. This is less by $1,000. 900 than
the most conservative members of
congress calculated at the outset of
the session would be needed. All the
revenue will come from
taxes on incomes. inheritances and
munitions in accordance with a plan
approved last week by President Will
son.
A meeting Of the Democratic MEM
bers Of the ways and means commit
tee quickly followed the return of Mr..
Kitchin to the capitol. Later he an
nounced that the revenue raising
plan would be whipped into shape
within two weeks and that the house
would begin to consider it immediately
after the national conventions.
1t is probable that all the revenue
measures, including provisions for
preparedness, tariff commission and.
the encouragement Of the dyestuffs In
dustry, will be included in an omnibus
bill. The president is understood to
favor that plan.
Solution Of the revenue problem,
which as result of the conference to.
day appears to be in sight, will 10
far, Mr.. Kitchin believes. towards
making an early adjournment Of con-
gress possible. He told the ways and
means conferees that nothing would
prevent him putting the legislative
programme through the house so as to
be ready to adjourn August 1. The
senate however may delay adjourn-
ment by prolonged debate on some OF
the big measures. 'S@'e
Secretary McAdoo's figures showed
that the balance in the geenral fund
exclusive Of disbursing officers credits
probably would be $50. 600. 900 at the
end of the present fiscal year and $1s,-
100000 at the end of the fiscal year OF
1917. This estimate included expendi-
lures likely to be made for the pro.
posed increase in the standing army
and expenditures which probably will
be made next year on the naval pro-
gramme. t,t
In addition to preparedness meas
ures. the revised estimates included
liberal provisions for good roads.
rural credits and flood prevention
expenditure.
In making up the estimates the ad-
ditional cost to the country of pre-
paredness during the year 1917 was
placed at from $4,000. 900 to $780,
100000. An estimate compiled by
Mr.. McAdoo when congress convened
last December showed deficit of
$62,000.000 in the general fund June
80. 1917. instead of the $13,500.Oe0
balance 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 ex-.
pires by limitation December 81 next
and in the revised estimate Mr.. Nc
Adoo figured on eliminating the stamp
tax features Of the measure from
July 1.
The estimated $62,000,0OO deficit.
which seemed likely when congress
convened, did not include provisions
for good roads, rural credits or flood
all Of which are includ-
ed in the revised estimate. It was
then figured that congress would have
to raise $12.00O,0O0 by additional
legislation.