South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-12-04
]. s. MUST MAKE
UP BIC DEFICIT
Sec'y OF Treasury Announces
Three Billion Shortage
in Report.

WASHINGTON. Dec. 3.--A dedcit
y more than three billion dollars
sill show on the books of tho gov
eminent on June 90. 1920. the close
n the current fiscal year. Sec'y Of
the Treasury Glass estimated I'm his
annual report TO congress Wednes-
jay.
a deficit OF one and one-half bill
lion looms for the next fiscal year
Glass also estimated.
Estimates For Year
All the figures given by Glass are
estimates or forecasts OF conditions
which. according TO knowledge now
NJ hand. will prevail six months and
a year and q half hence. Congress
however. VIII use them in revis-
ing tax laws as suggested in Pres't
Wilson's message. and in pairing ap-
preparations
Starting with q balance OF 81
OV2.I32. 04e in the treasury at the
close OF business on June 30. 1919.
Glass figures are summa rIz,d as
follows.
Current fiscal yr Next fiscal "
Expenditures 81 476. 81. 219 $3973. 19T .q,5
Receipts 73le.006. e34 J,G20,2J0o00
Deficit ..... 3.1JJ. $3.50 1,JO9. :liG. ~
Glass tagged as incomplete" all
items of expenditures since congress
may appropriate additional millions.
The deficits. estimated. therefore.
may be Increased at a time when
rIany citizens complain of taxes as
unJustly burdensome.
Estimates Receipts.
Receipts estimated by Glass are
ou the basis OF the war tax law un-
der which taxes VIII be collected for
the remainder OF the current fiscal
year unless congress makes swift
changes.
These laws. Glass showed i'm the
report. enabled this government to
war expenditures out Of current re-
ceipts Among other things shown
IN the report are that:
Spanish-American war bonds to-
ta!ing $936.0 still are outstanding.
The world war cost the United
states S2G.0O7. 100000 exclusive of
loans TO the allies, totaling s9.406.-
600 900
Gross Public Debt.
The gross public debt was S26.-
21O.530. 600 at the close of business
oct 81. Of which $91O.6S4.gS744
was from sale OF War Savings certi-
icates aid $20.443.$14,359 from
Liberty bonds and Victory notes.
The funded war debt viii be
completely retired in 25 years un-
der the cumulative sinking fund act
Of March @. 1919.
Gold coin and bullion i'm the
United States totaled $2,S12.525. 066
Nov. I. or about one-third of the
worlds monetary stock"
Rising costs Of labor and material
have rendered gold mining prog
ressively less and less profitable"
and decreased production.
Glass indicated reduction of tax
alton is not 10 be thought OF now.
Estimates Revenue Receipts.
For the current fiscal year esti-
mated internal revenue receipts at
s3990.00o 900 of which income and
profits taxes are expected TO fur
nish 3.75O.0OO.O00. other receipts
classed as Ordinary" are customs.
1915, 100000. now nearing the pre-
yar mark of $500. 900. 600: sale of
public lands S1.25O.O0O and misceI-
laneous sources SS34.0O0OO0
The Panama canal is expected to
net the government $4,000. 600 tolls.
but the estimated expenditures for
% are put at S15.2S4,O0O.
The public debt is being counted
on 20 produce receipts totaIing ST.
210.556.634 from the deferred pay-
ments ON Liberty bonds and War
savings certificates
Under estimated expenditures for
the current fiscal year Glass in
Guided these items
civil esta bIishment 2.234.S75S92
War department. S1.7O4.657, 900 as