Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1916-10-27

William r. Wilcox, chairman of the
Republican National committee, has re-
ceived from Senator Penrose a brief
but positive summing up Of the ex-
travagances of the Wilson administra-
ton during the session of congress just
about to close. The senator says:
'When the country realizes what this
congress has done in the way on ap-
preparations it will be dumfOunded.
Already it has been shown that over
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 total
will reach nearly $2,OO0,000,O0O before
the end of this carnival of debauch-
cry in public expenditures is reached,
because no account has been taken of
the $25,OOO,OOO for the Danish islands.
the $3O,OOO,OOO which the government
will probably have to refund as re
suit of the per cent rebate allowed
on importations brought across the seas
in American bottoms, and other mat.
tiers which are likely to come up.
''It is only too evident that this bill
which is expected to bring in some
$2OO0OO,OO0 will absolutely fail to
meet even the requirements for the
ill advised and certainly not urgent
projects authorized by the present con-
gress.
ut is now claimed that these pro
jects are to be financed by the issu-
ance of Panama canal bonds. The
American people will regard such
proceeding as a 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 in 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.
ITO defray the expenses of a nitrate
plant and of shipping board and
many other needless projects by the is
suing of Panama bonds will be in 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 Republican
party.
"Only about $13OOOO,OOO of bonds
were put out in the construction of the
Panama canal. The balance of the
was paid out of current revenues; and
now, to advance the novel doctrine
that these bonds which represent the
thrift OF preceding years shall be is
sued for these questionable projects is,
to my mind, preposterous. In fact, it
was expressly provided in the Spoon
err act that Panama canal bonds should
not be issued for any other purpose
than that of the construction of the
canal, and the ingenious theory that
they can be issued now to repay the
treasury and that then the money can
be squandered by the party in power
to finance doubtful projects and to
make good a deficit will not alter the
fact that such deficit exists.
"No amount of reasoning on the part
Of the chairman of the committee on
finance will alter the fact that outside
of preparedness there has been at least
$200,0O0,000 of wasteful appropriations
and expenditures by the present con-
gress That condition of the treasury
will absolutely necessitate the with
holding Of contracts for battleships
and delay the whole scheme of pre-
paredness.
'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"