Evening journal., 1919-08-19

as standing for everything modern ana
progressive in our educational system:
THAT IL believes the New school
Code OF 1919 should be given a fair
trial I'm the State;
That the bankers Of the State should
cooperate enthusiastically In sssim-
lsting the bonds issued for school con
structlon;
THAT the individual bank directors
and officers OF the state should assume
position OF leadership in all matters
pertaining 10 progressive education be-
cause the economic interests OF the
State depend uuOn the equipment we
give 20 our young men and young
women;
That the committee recognizes
gratefully the splendid gft Of Mr.. p. ;.
dupont for the rebuilding OF The ply
steal properties OF our school system.
Resolved, That this Committee OF
Thrift and Savings recommend that
ths Delaware Bankers Association at
its coming meeting strongly urge upon
our people the necessity Of thrift and
savings as the only basis upon which
our prosperity can be permanently es-
tablished. We further request the Del
aware Bankers Association 10 recon-
mend 10 the Congress the adoption OF
an efficient budget system 50 that nee
essary savings may be secured in our
national expenditure.
And that 70 also recommends 10 our
families and Ia our individuals the sd-
vantage Of budget systems as potent
means OF establishing the help Of thrift
and savings.
And that IL also strongly urges that
our association shall call upon the
attention Of our people the extreme
necessity Of keeping UP through en-
cicnt work the full production OF this
county"
Henry y. Scott spoke as follows:
THE test Of our economic character,
national and personal. is the nature or
our expenditures.
IN fve years the United states has
passed from the position Of a debtor ma
ton 10 that OF a creditor nation Esti-
mates Of 80 billions, probably very
much understate our national worth Re
cent income tax returns indicate very
much larger figures and probably ;hree
10 four hundred billions 90 not exceed
our real worth.
The country's income Is stupendcus.
Before the War we had to pay 20 for
eign countries about 30 millions a year
for interest, dividends, freights, insur-
ance. the expenditures of travellers. etc
The annual amount now due US IS es-
timated 10 be upwards Of 500 millions,
and in addition, our exports are ex-
ceeding our imports four billions a
year.
Are we able TO restrain ourselves and
wisely use this great food Of fortune
for the development OF the resources
Of the earth and the bettermsnt OF
mankind. or like the newly-rich, shall
we squander it in riotous living and
foolish schemes?
Are we, as nation, mature enough
10 hold the favorable trade position ac-
cidentally forced upon US ~ course
for reconstruction and 10 stock up,
Great Britain. France, Italy and Ger
many. temporarily must buy from us
very largely How large our eXpots
will continue will depend upon our
ability 10 hold the trade Of the large
number OF smaller nations.
our enlarged production makes Il
necessary for us to hold our foreign
trade II our prosperity is 20 continue.
Fundamentally, our situation re
qures thrift and saving and the elm
nation Of waste.
"Our national expenditures must be
governed by an efficient budget sys-
tenn The immense sums, as NJ.
Cortelyou has recently said, raised by
tsxstion should be subjected 20 the
closest scrutiny, classification and CO
ordination
The Government Of the United
States for more than a hundred years
has been conducted upon financial
principles which would have bankrupt
cd a private corporation within a few
months. There has been no public Of
ncer directly responsible for the ad-
iustment Of Expenditures TO receipts
No public officer has direct control
over the estimates Of the different de
p5rtments.
prior TO { - war there was a grow-
ing difference in the wrong direction
between the Governments net re-
ceipts and net disbursements. From
time 10 time A temporary balance was
by increasing taxes and
floating bond issues. The latter eX-
pedient was purely make-shiit ar
As 10 the former IL may
be said that the tax rate has increased
out Of all proportion 10 the growth Of
the population. ..,.
"A DISTINGUISHED gentleman In 1909 Is
credited with the statement that thirty
pcr cent. OF the Governments entire
revenue sum total OF 300 millions
was wasted annually.
'The waste Of the past few years,
some Of which was necessary because
Of war conditions, is beyond computa-
tion.
"Irnder the relations OF the various
branches OF our. government there is
no control by the executive
department over the appropriations
made by Congress except by the Presi-
dents veto. There is no control by
The secretary Of the treasury or any
other branch Of the government over
the amount OF the estimates submitted
by the various executive departments
10 Congress. The secretary Of the treas
ury is given authority TO transmit to
Congress estimates OF revenue and eX-
pense. but has no authority by existing
laws TO revise these estimates to CON
form to the national receipts,
"Nor is there any single committee
charged with the comparison and CO.
ordination OF the appropriations Of the
various branches Of public service, nor
TO distribute equitably any reductions
or increases which may be warranted
by the total income OF the United States
ITO state condition so reprehen-
sibe-a condition leading directly 30
national bankruptcy-should cause its
correction.