for married persons could be reduced to $2,000 and $3,000, respectively, without hardship. The surtax could begin at $10,000 or $15,000 instead of $20,000, as provided by the present law. A tax could also be imposed on such products as gasoline, crude and refined oils, horsepower of automobiles and other internal combustion engines, and various other things, where collection could be made at the source with certainty and at small expense. I shall be glad to place at the disposal of the Congress all information in the possession of the department which may be useful to the Congress in its deliberations upon this important matter. FINANCES. The following statements showing receipts, disbursements, estimates, and the condition of the Treasury are submitted: RECEIPTS AND DISBURSEMENTS. Fiscal year 1915. The receipts and disbursements of the Government during the fiscal year ended June 30, 1915, were as follows: (See details on pp. 59 to 65.) GENERAL FUND. Receipts into the general fund, including various trust-fund receipts, Disbursements from the general fund for current expenses and capital outlays, etc.-Continued. Total excess of disbursements over receipts into general fund. General fund balances: 5, 233, 464. 00 57,442, 509. 75 161, 612, 615. 53 57,442, 509.75 Balance in general fund June 30, 1914... Balance in general fund June 30, 1915........... 104, 170, 105. 78 SUMMARY OF GENERAL-FUND TRANSACTIONS. Fiscal year ended June 30, 1915. Ordinary receipts, including various trust-fund receipts, but excluding postal revenues.................... Disbursements for current expenses and capital outlays, including various trust-fund disbursements, but excluding postal service paid from postal revenues and Panama Canal disburse ments Panama Canal disbursements. Receipts deposits to retire notes.... Total receipts into the general fund............. Excess of disbursements over receipts...... Grand totals... Receipts. Disbursements. $731, 399, 759. 11 29, 187, 042. 22 21, 553, 415.00 17, 205, 958. 00 47, 533.00 933, 540.00 720, 397, 782. 58 57, 442, 509.75 777, 840, 292. 33 777, 840, 292. 33 POSTAL SERVICE. Exclusive of Post Office Department proper, which is included in "civil establish ment." Postal revenue receipts..... $287, 248, 165. 27 Postal service paid from postal revenues of the year. $287, 248, 165. 27 The redemptions during the year of the notes unfit for circulation necessitated the issue of a like amount thereof to maintain the outstanding aggregate of the notes as required by law. GOLD RESERVE FUND. Balance in reserve fund June 30, 1914.. $150, 000, 000. 00 152, 977, 036. 63 The redemptions of notes for gold from the reserve fund during the year were: United States notes, $49,599,925, and Treasury notes of 1890, $1,740, a total of $49,601,655. As the redeemed notes were exchanged each day for gold in the general fund, the reserve was maintained at the fixed sum required by law, including $2,977,036.63 tax on additional circulation received during the year under act of May 30, 1908. TRUST FUNDS. Reserved against outstanding gold and silver certificates and Treasury notes of 1890: The securities redeemed on account of the sinking fund, included in general-fund disbursements, were as follows: The public debt of the United States at the close of the fiscal year, as stated in the debt statement of June 30, 1915, is set forth in detail, as follows: Interest-bearing debt: Loan of 1925, 4 per cent. Debt on which interest has ceased: Loan of 1904.... Refunding certificates. $118, 489, 900. 00 63, 945, 460. 00 84, 631, 980.00 6, 441, 600.00 27, 650.00 552,350.00 12, 590.00 901, 620. 26 $969, 759, 090. 00 1,507, 260. 26 |