Speech #640245756

There is. however. this distinction: First. that for permanent investments. such as the purchase of the Danish West Indies and the construction of the Alaskan railway. second. for tile construction. and purchase of vessel for the merchant marine and tle construction of nitrate and armorplate plants. all of wlich have a commercial and marketable. value and which. are also in the nature of permanent investments. and* third. for extraordinary expenditures due to national emergencies. such as the. necessity for patrolling the Mexican border. and which it. is- manifestly impossible to anticipate. In revenue lcglslatlonfor all of* these it is proper to issue bonds. This also applies to thePanama Canal. which is a permanent investment and. on account of* which there. has already been expended out of* current revenues $231.108.283. "Thking into. consideration-. however. only the. following: Estmated expenditures for the Mexican border patrol up to June 30. 1917. $162.418.000. estimated expenditures for the Alaskan Ra:iway up to une 30. 1918. $21.838.000. there will be a total expenditure of $184.256.000 out of: the general fund of the Treasury. for which it is clear that the Treasury ought to be reimbursed by the Issue of a like amount of bonds. To summarize: The total new money to be raised for the fiscal year � ending Iune 30. 1918. is. as estimated. $379.073.000. proposed bond issue. $184.256.000.. leaving to be raised by taxation.. $194.817.000. " The wealth and resources of the country are so great that it will not be difficult to raise this amount (approximately $200.000.000) by internal taxation. which can he distributed in such a. way. as not to bear heavily or unjustly upon anybody. "The Congress has already authorized the Issue of bonds to provide the $50.000.000 authorized for a merchant marine and the $20.000.000 authorized for a nitrate plant.. I presume that bonds will be authorized by the Congress for the $25.000.000 required for the purclase of the Danish. West Indies. If this should be. done. and bonds should be issued. to cover the Mexican border patrol and Alaskan Railway expenditures. a total issue of $279.256.000 of bonds. will. be made ultimately. " There is not included In the foregoing anything for an omnibus pnblicbullding�. bill. " I earnestly hope that even as to some of the Items which are included in the estimates. material reductions and savings may be effected. Rigid economy. to the extent that It does not impair efficiency. should be practiced In all. departments of the Government." So that every dollar that you are voting in this bill to put up a public building in PodunkI was going to say Kentucky. but in view of the eloquent remarks of my friend from Kentucky . I will put. it some other placePodunk. anywhere. must be raised by direct taxation of the .people of Podunk and elsewhere.