Capital journal. (Salem, Or.) 1919-1980, 1919-12-03
port to congress today.

pOTC w wing Coo oOJ
aaf,eit Of one and one-half billior
i,oo,,,s for the next fiscal year, Glass
also estimated.
All the figures given by Glass are
estimates or forecasts OF condltiohs,
which, according to knowledge at hanu
] will prevail six months and year anu
a half hence. Congress, however, VIII
use them in revamping tax laws as
suggested in President Wilson'S mes
sage and in pairing appropriations.
Detailed Report Made.
Starting with balance of $1,oo2'-
732.O42 in the treasury at the close Oh
business June 80, 1919, Glass figures
: are summarized as follows:
Current Fiscal Next fIscai
year Year.
a Expendi-
L. lures .s11, AIS ,s27,21s $s,s7s.7s7,ss5
Receipts 7.31S,006,6S4 5,b2o'3oo'ooo
IS Deficit,
le close yr. s,155,SSS,543 1.5os,SS6,52S
h Glass tagged as incomplete all
I'd items of expenditure since congress
may appropriate additional millions
st The deficit as estimated, therefore
re imay beincreased at a time when many
citizens complain of taxes as unjustiy
burdensome.
ryl War Tax Is Basis.
nd Receipts estimated by Glass are on
ut, the basis of the war tax law undei
IS which taxes will be collected FOR tns
he remainder of the current fiscal veal
les unless congress makes swift changes.
These laws, Glass showed in the re
err mort. enabled this government to NEE
do more than 43 per cent OF It's war eA
ent penditules out of current receipts
Among other things shown In the re
min port are that:
the Spanish American war bonds tota
ling seS6,0 still are outstanding.
The world war cost the Unite
States s26,O07, 100000, exclusive
loans to the allies, ,totalling $9,4O6,ooo
90.
The gross public debt was $26,2lt
Il $4,000 at the close OF business oct
ber 81. OF which $910,6S4,9S7.44 w
from sale OF war saving certillcat
and s20,443,3 81 1859 from liberty pon
ii and victory notes.
MI The funded war debt will be cor
pletely retired in 25 years under T.
cuuulatiye sinking fund act of Mar
8, 1919.
in Gold Supply Big.
tion cola coin and bullion in the Unit
Lball States totalled $2,S72,525,O O66 Move
ber /, or "about one-thlrd Oh
f1ar worlds monetary stock"
rove Rising costs of labor and mater
peeh have rendered gold mining progr
se III sively less and less profitable" and
Iva creased production.
Glass indicated reduction of taxat
~ is MOTTO be thought OF now ne sd
- Though any appreciaple reouce
in the amount of revenues from Ia
ton is not TO be thought of durinl
san fiscal wear when the governmel
pi current disbursements will exceed
;ider current receipts an" "a
ing vast additional appropriations
uar- peneve, the duty or the congress
make study the incidence of taxation WIZ
nro. view to revision of the revenue ac'
+o the lines which will provide the neces'
oohns revenue from a minimum or ln'
favor venience and injustice,
ferrad Aims Mt Tax Dodgers.
,f the Revision, Glass urged, should
play- along a nne 70 prev en-. persons
cision large incomes dodging federal take
making vast investments in eXehi
municipal bonds. He also urgeo
peal of the ex.ess profits tax
EN For the current fiscal year Glas
In timated internal revenue receip'
hs'' 100000, 900 of which income
DAy :;'; e.; a; s: ;:::; !
900. now nearing the pre-war ma
$500, 900, 900; sale OF public ianus
,,,>ro,,,a 25O,0OG, and miscellaneous SO
&c Bing SS34'coo'oVo' J.. ooot
Sahaf. net the government $1,000 900 in
-, J,ouia hut the estimated expenditures
Il sued are put at s15284,OO0
10 have The public debt is being count
,ords of to produce receipts totalling y
n attor- 55e.634 from the deferred PAYNE
ted by liberty bonds and war savings
Gates.