Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-09-17
ECONOMY IS URGED
| ON PART OF PUBLIC
| AND CONGRESSMEN
Chairman Good Says Treas
ury Faces Deficit of
Three Billions.
RECALLS CAMPAIGN PLEDGES
AND ASKS FOR FULFILLMENT
Opposes Granting Further Loans
to Nations Allied With
United States.
QUESTIONS NTNETY-DAY NOTES
Also Gives -Four Reasons to Which
He Attributes Present High
Cost OF Living.
CAMPAIGN PLEDGES
AND ASKS FOR FULFILLMENT
QUESTIONS NTNETY-DAY NOTES
tBy Universal Service }

Il WASHINGTON. Sept I6.-Another r
popular issue OF lonS-tern bonds or
an increase in tax rates was indicated
oy Chairman Good. OF the Approprla-
lions Committee. IN speech on the
governments financial condition in
the House today.
The Treasury. nc said, faces an in
evstaDle deficit OF 5sl,273.3i5.2s by
Inc end OF the present fiscal year. June
p7opriatc another DOLLAR. The GOV
ernments obligation for the year. M-.
Good declared, VII total sl0.S3l :
wni be '-.23s. 81: go,
In the :ace Of the staggering de-
'nand upon the Treasury" ,he chair.
hat the government Congress and
ne people OF the country econoni!ze.
lie continued:
Every member OF Congr s s.
whe ther he be republican or Demo
cEat, "as elected on platform OF
economy. eco, We each agreed TO do our
5us,mtni, Iuaran,eeing an early re-
ductioa in taxes. That was the big
issue In the last cam pa!sn- IL has be-
come us nov to pause for momen;
and calmly and dfspassionately CON
slider how VIC Will redeem that promise.
Must Redeem Promises.
is 4, not best tina, We should meet
the problem now. fu!hlling our pied s cs
compel!ed TO offer humil!at.ns excuses
later? ! submit this question 20 every
member o. the House, for hoth parties
made the same pledges. and the mem
bers OF both parties are equally bound
! 10 redeem those promises.
Those hgures tha; have presented
deal with. Every Law that is passed
calling FOR the expenditure OF money
hereafter sc
fiscal year. will but add TO the burden
Of the taxpayer and swell tho deficit
that VIII confront the Treasury on
June 30. next"
Calling attention TO tho fact tha;
loans are still being made TO other
nations while the United States is con
| TICS. Mr.. Good Sa id.
IL seems passing strange that wee
should continue after tho war is over
10 make loans to our allies. when the
authority granted 20 make such loans
was only for the purpose OF carrying
| on the war"
Discusses Short-Tcrm Notes.
With regard TO the treasury policy
Of issuing short time certificates of in
|dcbtcdness to raise tho money neccs-
Isary 10 redeem government bondS the
chairman said:
IF bonds are redeemed by the sub
Istitution OF a ninety-day obligation.
we only add 20 our financial difficulties.
| The deficit ! have estimated may bc
largely increased by the issuing of
ninety day notes 10 retire government
bonds.
The policy OF continuing to float
Ininetyday notes would be question
liable one. But if we are not to sell
moro long time bonds. ii is perfectly
apparent that the policy of noating
short-time certificates must continue or
additional taxes levied"
Considers HiEh-Cost Problem.
Mr.. Good attributed the high cost Of
living TO four primary causes:
!. Increase in the circulating
medium.
. Increased prices arc made ncccs-
sary TO meet increased cost OF pro-
sduction due TO increase in wages de-
|crease in labor efficiently and an in
|creasc in taxes.
2 Excess Of exports.
l. The world has lost tremendously
both in manpower and property. This
loss has vitally affected world pro-
duction.
"If the nation is to receive relief
|Jrom present unrest and from high
arces OF the necessities of life, our
people must practice the strcitcst
economy. We have arrived at time
in this country when we must resist
the incentive TO buy. and to spend
money and we must commence 10
practice those plain honely virtues of
thrift, saving and frugality."