The Greeneville daily sun. (Greeneville, Tenn.) 1918-1920, 1919-12-08
Deficit Of More
Than $4,000, 900

ment on June ~, 1879, the close OF
the current fiscal year, Secretary of
the Treasury Glass estimated in his
annual report to congress.
A deficit one and one half bill
ions looms for the next fiscal year,
Glass also estimated.
All the figures given by Glass are
estimated of conditions which, ac-
cording to knowledge now at hand,
will prevail six months and year
and half hence. Congress, how
ever, will use them in revampting the
tax laws as suggested in President
Wilson'S message and in pairing APP
preparations.
Starting with balance of $1002,-
732,042 in the treasury at the close
of business on June 80, 1919, Glass
figures are summarized as follows
Current Fiscal Year.
Expenditures ---- $11,476,627,219
Receipts --- 7,318,006,634
Deficit close year 3,155,888,543
Next Fiscal Year.
Expenditures - $3,973,797, 1856
Receipts ---- 5,620,35O, 900
Deficit close year - 1909 1886, 1928
Glass tagged as incomplete" all
items of expenditure since congress
may appropriate additional millions.
The deficit as estimated may be in
creased at time when may citizens
complain of taxes as unjustly burden
some.
Receipts estimated by Glass are
on the basis of the war tax law under
which taxes will be collected for the
remainder of the current fiscal year
unless congress makes swift changes.
These laws, Glass showed in the re-
port, enabled this government to meet
more than AZ per cent of its war ex.
penditures out of current receipts.
Among other things shown in the re-
port are that:
Spanish American war bonds total
ing $936,000 still are outstanding
The world war cost the United
States $26,OO7, 100000, exclusive of
the loans to the allies totaling 3d.
400, 100000.
The gross public debt was $26, 210,-
$4,000 at the close of business Oct
81, of which $910,684,9S744 was
from sale Of war savings certificates
and $20,443,314,359 from Liberty
Bonds and Victory notes.
The funded war debt will be com
pletely retired in 25 years under the
cumulative sinking fund act Of March
8, 1919.
Gold coin and bullion in the United
States totaled $2,872,525,0 66 Nov.1,
or ''about one third of the worlds
monetary stock"
Rising costs of labor and material
have rendered gold mining progress
| lively less and less profitable, and de-
creased production.
Glass indicated reduction of tax
alton is not to be thought of now. He
said; 8G
Though any appreciable reduce
ton in the amount of the revenues
from taxation is not to be thought of
during the fiscal year when the gov
ernment's current disbursements will
exceed its current receipts, and when
the congress is considering various
measures carrying vast additional APP
preparations, it is, | believe, the duty
of the congress to study the incidence
of taxation with a review to revision
of the revenue act on lines which will
provide necessary revenue from a
minimum of inconvenience and in
Justice"
Revision, Glass urged, should be
along line to prevent persons with
large incomes lodging federal taxes
by making vast investments in ex-
empted municipal bonds. He also
urged repeal of the excess profit tax.
For the current fiscal year Glass
estimated internal revenue receipts
at $4,000, 100000, of which income
and profit taxes are expected to furl
nish $3,750,0OO,000. Other receipts
classed as ordinary" are: Customs
$725, 000,0 900, now nearing the pre-
war mark of 100000, 900; sale of
public lands $1,250,000; and miscel1
laneous sources 1894, 900, 900.
The Panama canal is expected to
net the government $7,200,000 in
tolls but the estimated expenditures
for it are put at $15,284 900.
The public debt is counted on to
produce receipts totaling $1,210,556,-
s34 from the deferred payments on
Liberty bonds and war savings GER
tifcates.
Under estimated expenditures for
the current fiscal year, Glass included
these items:
Civil establishment, S2,234,375,-