The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1920-12-10

Shdcs anu tyranny which are playing
SO disastrous part in the fortunes of
the free peoples of more than one
part OF the world. The United States
Is or necessity the sample democracy
OF the world, and the triumph of de-
mocracy depends upon it's success.
Recovery From War
Recovery from the disturbing and
sometimes disastrous effects of the
late war has been exceedingly slow
on the other side of the water and has
given promise, venture to say, of
early competition only in our own fer
tunate country; but even with us the
recovery halts and is impeded at times
and there are Immediately serviceable
acts OF legislation which it seems to
me we ought to attempt, to assist that
recovery and prove the indestructible
recuperaive force of a great govern
ment of the people. One of these is.
to prove that great democracy can
keep house as successfully and in as
businesslike a fashion as any other
government. 1t seems to me that the
first step towards proving this is to
supply ourselves with a systematic
method of handling our estimates and
expenditures and bringing them to the
point where they will not be an unnec-
essary strain upon our income or
necessitate unreasonable taxation, in
other words, a workable budget sys-
TEN. and / respectfully suggest that
two elements are essential to such a
system; namely, not only that the
proposal of appropriations should be
in the hands of single body, such as
a single appropriations committee in
each houses OF the congress. but also
that this body should be brought into
such cooperation with the depart
ments cf the government and with the
treasury of the United States as would
enable it to act upon a complete con-
census of the needs of the govern
ment and the resources from which
it must draw it's income. reluctantly
vetoed the budget bill passed by the
last session of the congress because
of a constitutional objection. The
house of representatives subsequently
modified the bill in order to meet this
objection In the revised form | be-
lieve that the bill, coupled with action
already taken by the congress to re-
wise it's rules and procedure, furnishes
the foundations for an effective nation
al budget system. | earnestly hope,
therefore, that one of the first steps
taken by the present session of the
congress will be to pass the budget
bill.
Finances Improve
The nations finances have shown
marked Improvement during the past
year. The total ordinary receipts CT
sc, ,694 O0O, 900 for the fiscal year 1920
exceeded those for 1919 by $1,542 .000,-
600. while the total net ordinary ex-
penditures decreased from t$1S,514,-
900 900 to $6.4O3.0OO,OO0 The gross
public debt, which reached its highest
point on August 81. 1919, when it was
$26, 596, 900, 900, had dropped on No
vember 80, 1920, to $24.175,00o,OOO,
There has also been marked decrease
in holdings of government war securl-
ties by the banking institutions or the
country. as we'll as in the amount OF
hills held by the Federal Reserve
Ranks secured by government war OBJ
legations. This fortunate result has
relieved the banks and left them freer
TO finance the needs of agriculture IN
dustry and commerce. 1t mas Deeh
due in a large part to the reductloh
of the public debt, especially OF the
floating debt, but mere particularly
IN the improved distribution OF govern
mant securities among permanent IN
vestors. The cessation. of the govern
ment's borrowing except through short
term certificates of Indebtedness has
been a matter of great consequence to
the people of the country at large as
well as To the holders of liberty ponds
and Victory notes and has had impor'
taut bearing on, the matter OF effec'
tive credit control.
The wear has been characterized py
49, oroorassive withdrawal cf the
treasury from the domestc ereui'
market and from position OF domin
ant influence in that market. Ine lu
tpre course will necessarily depend
upon the extent to which economies
are practiced and upon the burdens
placed upon the treasury, as wen as
.,uon industrial Developments and tne