Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-19
IMPOSITION OF ADDED
TAXES IS PROBABLE
Secretary Ventures No Plan
for Rcplcnishing u. S.
Treasury.
u PEN sf: SrII.I
SOA rs
expenditures During Fiscal Yenr VIII
T"tni :3G57 .100.0OO. with Receipts
Estimated AT sa.2DS, OOO. OOO-Dcncit
OF Half Billion.
Dy John G:IeixSner,

United News stan Correspondent
WASlilNGTON. April ia deficit
IF half "A billion dollars for the fiscal
year, 1923. is predicted by Secretary
OF the Treasury Mellon.
Tn" incom" OF the Federal govern
n"nt during the year viii fall short
by thut amount of meeting the de-
mands on tho treasury. Mellon has
Informed Chairman MuCumbcr Of tho
senate Finance Committee. and Chair
man Fordn"y. OF the House Ways and
Means Committee.
Mellon ventures no opinion as to
how this huge dcfci, should bet met
80 recently pointed out by In"
writer. however. opinion is gaining
sun" ground In Responsible quarters
iHat imposition OF ncw taxes may bc
necessary III" govcrniu-nt's iucom"
has shrunk materially expenditures
nay" not declined In an equal amount.
=" II the budget Is to b" balanced. il
VIII have To be through new taxa
ton.
The present revenue law, +, viii be
recalled. was termed a temporary
measure by high officials at the time
81 its enactment.
Expenditures during the fiscal
wear 1923 which starts July nrst next.
VIII be .3s5T.OOc. 600. according TO
Melons estimates. Excess Of cx-
pcnditures OF $4,000 600. In al
dition, there will he $4,000. GOO ac-
cunulatcd interest OF war saving
stamps January /. 1929 when this
IN added. the total ia SisiO0UOG0.
DO Not Include s"idi-r Bonu-.
Bu, that is not all. Melons ag-
ures do not take into account pos
Sihlc expenditures as the result Ot
"a soldier bonus. ship subsidy. or
Increased rivers ana harbCrs appro-
prittious. The ship subsidy would
ad! 10000 600: tho bonus ST5. GOO. 900
rivers aud hsrhors Increased APP
proved hy tho House already amount
70 s25.OpG.Ou0. 50 there j. 100000.
600 more. which IL seems I.,Soly CON
gross Viii spend
Tho total dcAcit. win tho addition
OF this figure. IS increased 10 sG34 =
100000
Mellon explained tina, most OF the
important appropriation bills for
1929 remain to b" enacted. and IL Is
Therefore impossibl" TO estimate
with precision Just what will bc
spent Bu, such figures as were
available have been checked with tho
available hnv. been checked with the
departments concerned Apprupria
lions do not furnish an accurate
guaEc al what a department VIII OK
pend. in any event. so u IS probabl.
Mellon aSur"s ar" reasonably &C
curHtc.
Some assistance may y" expected
from payments Of interest by the
British government. but Mellon is
not sure OF that He said: 9TH"
treasury has not had any official
notification that interest viii ne
paid IN that year On tho British OBJ
legation held by the United states,
though there have been several Of
fetal announcements in Great Britain
of an intention 10 include that item
of expenditure in tho British budget
the current nscal year.
Figures on S"uol0n.Mn.
Despite The tacl; OF official assur-
anccs from Britain. Mellon figures
on payments OF about ScC0.00 600. III
arriving a. his estimated deficit. II
tic payments arc not forthcoming.
:nc deficit would he increased by
That amount Mellon took into Ac-
count also AN indicated shrlnkagc in
internal revenue collections of about
$4,000. 900. AN "stimated shrinkaEc
in bank franchise receipts "f abou;
s25 GOO 600 estimated collections by