South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-02-07
MORE ISSUES
Of j. s. BONDS
MAY De NEEDED
Big Tax Measure Will Raise
Only Third of Cost of Gov
ernment During Coming
Year, Estimates Show.
BY l.. c. MARTIN.

By United Press
WASHINGTON. Feb. Records
Of the treasury department and the
appropriations committee Of the
house and senate today showed why
congress is about to enact the big
gest tax bill in history-S6, 900. .OOO.- =
600 revenue measure that will take
am average of $50 this year and $40
next year from every individual Of
the nations 10O,000.OOO population
These records show that the gov
eminent Will cost the people SIS
100000. 600 this fiscal year and S10.-
0OO.OOO.OOO the 1920 fiscal year.
Raises Only Part Needed.
The tax bill now before congress
raises only One-tenth of the amount
required for the tax-spending year
ending June 30. 1919. and only 40
percent Of the tax expenditures for
the tax-spending year ending June
30 1920.
Where is the rest OF the money
coming from?
There Is only one way 70 get it,
bonds Therefore. unless the tax
spending can be brought TO the linn
it's Of tax-payirF. there will be bond
issues not only in 1919 but in 1920.
For the 1919 tax-spending year
congress appropriated more than
s36.OOO.OOG.OOO But the ending OF
the war caused cancellation of con-
tracts totalling more than $1,000
coo. 600 and a bill In congress con-
cells 81. .OOO.0OO.O0O more. The ulti-
mate total OF such cancellations will
be about $4,000. 100000 or half
the sum appropriated. This leaves
$4,000. 100000 as the net cost Of the
government this year.
Leaves IL Billions TO Raise.
OF this amount. the pending tax
bill is estimated TO raise 5000
100000
Some congressman say IL won ?
raise more than $4,000. .0O0 600 but
II il raises the amoCnt its sponsors
hope for Il will leave approximately
$4,000. 600. 600 unprovided for.
This means two Liberty bond is
sues this year many members be
lieve.
Next year. the tax bill is estimated
10 raise a little less than $4,000. .oOO,-
O00 Sen. Smoot SAYS il will hardly
raise $4,000. 600. 600 But if it comes
an 10 expectations. that viii leave
nearly $4,000. coo. 600 TO be raised by
more bond issues
Estimates Borne Out
Appropriations for the 1920 tax
year hear out the estimate Of S10.-
600 600 600. which has been made 10y
mem bers ~ the house and senate
ond which was forecast by former
Soc'v Of the Treasury NcAdoo, he
fore the senate finance committee.
Congress passes "a regular ap-
propriation bills for the support NJ
the government Those "A bills viii
total 5.50T.OO0.OQO for 1920 This
ecurc is obtained from bills already
PASSED and departmental estimates
ON the others. III the army OF oCcT-
nation is kept I'm Germany "a long
rfrne. or the total armed strength of
rra United states exceeds 100000
.his figure viii bc too low. inasmuch
as the army appropriation hill carry
f.- s1q16.OoO.O00 is based on an
army OF 500. 600. ON the other hand
81 the three year navy program is
elected bv congress that means
some reduction. rs the ST46.o0o.oo0
NAVY bin is included in the $5.-50.-
oNO.Ooo Eut in addition TO these reg
ular appropriations. there are a
number OF extras. including,
Paving tho guaranteed price for
vbeat-S1. .o0O. 600 600. (ostimatedl
Interest on bonds 0oo.ooo.o00.
Railroads. S750.O0O. 600
pav bonus for soldiers 100000
GOO
Labor departments housing plan
fnot vet decided onl. s2.0oo.0oo.ooe
Food Tor Europe SioO.o0o,o0o.
Total $3.50. 600 900.