The Wisconsin tobacco reporter. (Edgerton, Wis.) 1877-1950, 1920-07-30
CONE FOR YEAR
OPS j. s. EXPENSE
err Billion Is Cut From Public
Debt, Treasury Reports.
GPECT A NEW REDUCTION
tatement Covering Operations of the
Government for Fiscal Year Ended
juno 80 Is Issued by Sec
rotary Houston.

Washington, July 27.-The govern
lent's income for the fiscal year end
ng June 80, exceeded its expenses for
he first time in three years, SECRETARY
1oustOn declared in a statement in
which he announced a reduction in
he gross public debt and forecast a
'urther important reduction" tor this
coming twelve months.
While the annual operations OF the
government showed surplus of $751;
221 ,547, the more important change,
treasury officials said, was the cut
ting Of s., 185, 1S4,692 from the gross
public debt during the year. The Ms
ton debt aggregated 4,299, 321, 46T
on June 30 and $50, 484, SOC, 100 a year
previously, but in the meantime the
obligations of the nation had mounted
to their highest point-$26, 500, 7O1 ,64S
on August 31-due to the operations
incident to the handling Of maturit1es
Of treasury certificates Of indebted
ness. Thus q reduction of $2,297,-
$50, $50 from the peak is shown.
HSCetpLS IOLdl 9oJo3t,OOOyooo.
Outside of the transactions involv-
ing the gross debt, treasury receipts
for the year aggregated $6,694,56
$685. while expenditures totaled 6,4O3,-
343,841. The statement revealed, now
ever, that the surplus was due large
ly to a partial liquidation of the as
sets Of the war finance corporation.
Exclusive of the special income from
that source, there was a deficit OF
ST. ,8T9,072 in the actual handling OF
income and expenditures.
1.-THE operations incident to the
handling of the maturities Of treasury
certificates from June Is to July ID,
have now been completed" the state
ment said, "and have resulted in fur
Their reductions in both the gross debt
and the floating debt Of the United
States. The gross debt on June 30.
1920, ON the basis of daily treasury
statements, amounted to $24, 298,S21,
467, as against $25, 4S4, 500, 100 at the
end of the previous fiscal year on June
80, 1919, and $26, 500, 7O1, 64S on Aug
ust 81, 1910, when the gross debt was
at It's peak.
Deduction of 1927, $3.50, 1870.
In other words, the gross debt on
June so, 1920, has been reduced by
$2,297, $3.50, $50, from it's peak on Aug
ust 81, 1919, and by $1,1S5, 1874, 1892
from the figure on June 80, 1919. On
July 20, 1920, on the basis Of daily
Ahn doh
amounted to $24, 264, 309,8 21, showing
a further reduction of about $35,OOO,-
600 after taking into account the $2O1,-
O31 800 face amount of treasury GER
tificates issued under date Of July 10.
The floating debt Qoan and tax Ger
tificates unmGtured) on June 80, 1920,
amounted to $2,485 $50, 800, as against
3,267, S7S, 800 at the close of the previ-
Gus fiscal year on June 80, 1919. and
1896, 225,OOO on August 81, 1919. On
July 20, 1920, the loan and tax GER
tificates outstanding amounted to ST.
453, 946, 800, showing a further reduc-
ton of about $31 100000. as the result
of the redemption of loan certificates
since the close of the fiscal year, 1920
in the amount of some 1922, 100000,
and the issue of loan and tax certif-
Gates dated July Is, in the amount of
some $201 100000.
New Treasury Issues Planned.
Further issues of treasury certif-
Gates will be offered as necessary from
time to time to provide for the cur
rent requirements of the government,
and to meet maturitieS of treasury
certificates now outstanding.
"The amounts Of these issues will
depend in large measure upon the
extent of the burdens imposed upon
the treasury by the transportation act,
1920. in connection with the return of
the railroads to private control, in
Guiding particularly the liability on
the guaranty, which is as yet unascer-
tainable. While, as the result of new
issues of treasury certificates in the
intervals between the large income
and profits tax installments, there may
he Temporary increases in both gross
debt and floating debt, the treasury
expects, though it is impossible to
speak positively. that both gross debt
and floating debt will, during the first
two quarters of the current fiscal year,
he reduced below the figures Outstand-
ing on June 80, 1920, and that unless
additional burdens should be imposed
nv legislation there will be an i'm
nortant further reduction in the last
two quarters of the fiscal year"