The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-10-20
SECRETARY HOUSTON
Of THE TREASURY
.DEP PARTMENT TALKS
TO THE BANKERS
Outlines Program for the
Handling of War Debt
Which Must Go on Hg
Steadily s
APPEAL FOR ECONOMY
TAKES UP DEMANDS OF AGRk
CULTURAL INTERESTS FOR
GOVERNMENT HELP AND iY
EXPLAINS SITUATION

Washington, Oct. 0.-Government
during the next fiscal years werp
forecast by Secretary Houston Of the
treasury department today in an ad-
dress before the convention of the Ann
erican Bankers Association, in which
he covered a wide range of financial
and economic problems Of the nation,
The secretary outlined the treasury's
program for handling the war debr,
liquidation of which, he said, must
go on steadily in order that final re-
demption be accomplished without dis
turbance to national life. He appealed
for 1.-The strictest economy, not only
in our expenditures, federal, state,
county and municipal but also thrift
on the part Of our people," adding
that the program necessitated the
maintenance OF taxation after this
fiscal year on a level of not less than
s4,OO0,OO0,0OO annually.
Falling Receipts Indicated
Mr.. Houston said there were indi-
cations of falling receipts because
there was no means of predicting the
course Of incomes and profits. The
receipts for the present fiscal year.
he reports, will be materially lower
than the record Of $500, 900 900, last
year, expressing the belief that the
receipts would not greatly exceed
the required $4,000, 100000, under the
present levy.
I'VE cannot afford to operate on
tax basis which would give US
revenues below this anticipated" the
speaker continued, "and in plans for
revision this should be definitely borne
in mind. N
Let me make this point clear In
saying that the aggregate receipts for
the government should be maintained
at a high level for the purpose indi-
Gated. | am by no means committing
myself to existing schedules or 10
specific taxes. Much Of the war
legislation was Of necessity hastily
devised I think it of urgent import
ance that there be prompt resurvey
of the situation, with n view Of re-
form taxes, TO the wiping out of the
inequities, and inequalities and the
assurance of sufficient revenue which
may not be relieved If the present
system remains intact"
Treasury's Program Disarranged
The treasury's program has been
disarranged, the secretary said, by
the heavy burden imposed by the
transportation act"
Ia actfrpasal tho total aunnupf
which the government will pay the
roads at $1,000, 900 900, about one
fourth OF which already has been
turned over 10 them. The remainder
will be paid. the secretary thought.
by early spring. s
Reduction Gross Debt Predicted
Mr.. Houston predicted rapid reduce
ton in the gross debt through the
coming year, particularly the s2.350,-
900 900 short term certificates OUT
! standing. The treasury program, he
added, would result in reducing this
below $4,000, 100000 and perhaps to
81 500 100000 i
BY the end of the fiscal year 1879.
Mr.. Houston declared, the treasury
, should have redeemed its entire float
, ing debt" or the short term certifi-
, Gates, when the victory notes matur-
ing next year would become practi-
cally the floating debt and prob
ably be accepted In payment Of federal
taxes. shra
, Demands Of Agricultural Interests
Turning to the demands Of agrf-
7 cultural interests for government help,
/ Mr.. Houston said that scarcely had
q reduction In the cost OF living
, manifested itself when every producer
I manifested resistance. MI.
Every producer is willing for the
( products of every other producer e
r decline, but protests the decline In
: his own" he continued.
: There is much human nature ir
z this but not much reasonableness.
o "The situation Is the result mainl,
OF war and in no small measure ths
:. failure OF this nation. and nation.
y everywhere to date to devise bette
e arrangements for storage and market
e ing OF farm products. For thes'
n things, no one in particular is nov
/. TO blame.
d "In the circumstances, II seems 4
d some farmers that they are in tn
e way Of being hit first II not exclusive
ly. They are naturally disturbe'
o and distressed and are seeking relic
:. measures. some OF which are not prac
d teal and some Of which are suicidal
d "The first impulse OF many VIII
q are searching for the way out .
& turn to the government and especiall'
4. to the treasury as the sole instrumen
l. tality for full economic salvation
0. This disposition, well developed befor
'e the war. was reinforced during ho1
n tilities by practices Of the eovernmsa|
It which became necessary for the suc
ccssfui prosecution Of the war aN
d the preservation Of national life.
in 1T Is the same disposition whlc
causes resort to the government q