The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1916-09-09
Bun Panama Canal Out Of Cur
rent Revenues, Periodically
boarding Bonds h Treasury !
Which Democrats Fitch
r Hide a Deficit. ..lsiEi
saRNIvAL OF DEBAUcHERY
IN PUBLIC EXPENDITURE
Issassrt Penross Believes the Looted
Condition Of the Treasury. VIII
peecessitats the Withholding Of
eontraets for BattieshIps and De-
8 ~ the Whole Scheme Of Prepared
ness - Natlon's Money FILTERED
lMays % Finance Hars-erained and
40 tAdMsed Projects.


~ Republican National Committee
bas received from Senator Penross .
sbrief but positive summing up Of the
skxfzayagances Of the Wilson Admins
sRaticn during the session Of Congress
tust about to close. The Senator
stsWhen the country realizes what
MS Congress has done In. the way Of
'tppropriations It win be dumfounded.
1Ieady. It has been shown that over
billion, seven or eight hundred mil
lon dollars have been appropriated
bore money than was ever appropri-
It'd IN any one year in the history
f TIA American. government The to-
hlgwth reach nearly two billion dol
hrs before the end Of this carnival
q debauchery in public expenditures
~ reached, because no account has
been taken Of the twenty-five millions
Eor the Danish islands, the thirty mill
tons which the government viii prob
kbly have to refund as a result Of
ne I'VE per cent rebate allowed on
Expectations brought across the seas
u American bottoms. and other mat
befs;which are likely to come up.
IT = only too evident that this bill
Ehlch is expected to bring in some
kwo hundred million dollars will alb
golutely fail to meet even the require
ments for the ill-advised and certainly
not urgent projects authorized by the
present Congress.
1T Il now claimed that these pro-
lee1 are to be financed by the issu-
hnee Of Panama Canal bonds. The
American people will regard such a
proceeding as q very queer one be-
cause the issuing of bonds by the
cleveland Administration largely help
"a to bring about the downfall Of the
Democratic party in 1896. A bond
issue has ever since been viewed with
Elbhorrence by the Democracy; now,
We ind the party leaders compelled,
~ reason Of their extravagance and
lnemdency, to resort to 1t.
10 defray the expenses Of q nitrate
plant and Of shipping board and
many other needless projects by the
issuing Of Panama bonds will be in
me last analysis equivalent to paying
tor them by bond issues. These bonds
ne lying In the treasury unissued as
he result Of the thrift and economy
md wise administration Of the Repub-
lean party.
Only about s13o, 100000 Of bonds
were put out in the construction of the
Panama Canal. The balance Of the
eost Of that stupendous undertaking
vas paid out Of current revenues;
md now, to advance the novel doc
Eine that these bonds which repre-
lent the thrift Of preceding years
hall be issued for these questionable
projects q. to my mind. preposterous.
D. fact, II was expressly provided In
he Spooner Act that Panama Canal
bonds should not be Issued for any
4 Sther purpose than that Of the con-
ruction Of the Canal, and the in
atenious theory that they can be Is
ped now to repay the treasury and
hat then the money can be squan-
iered By. the party In power to finance
doubtful projects and to make good a
eehdt WIN not alter the fact that
tuch q deficit exists.
NO amount Of reasoning on the
paxt Of the Chairman Of the Commit
be- on Finance will alter the fact
hat outside Of preparedness there has
been at least $500. 00o, 900 of wasteful
appropriations and expenditures by
The present Congress. That condition
pf the treasury will absolutely neces-
Mtats the Withholding Of contracts
Ioe battieships and delay the whole
1bchems Of preparedness.
The figures Of the Secretary Of
ne 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
wfll then ind that figures will not
make Q surplus In the treasury"