The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-12-07
Delivers
His Valedictory
"CAN NOT REFUSE
ROLE OF CHAMPION
TO WEAK NATIONS"

its government into existence and
established il in the face of almost
universal opposition and intrigue,
even in the face of wanton force, as
for example, against the orders in
council of Great Britain and the ar
bitrary Napoleonic DEGREES which in
volved us in what we know as the
War Of 1919, urge you TO consider
that the display Of an immediate dis
position on the part OF the congress
to remedy any injustices or evils
that may have shown themselves In
our own national life will afford the
most effectual offset to the forces of
chaos and tyranny which are play
ing SO disastrous a part in the for
tunes of the free peoples of more
than one part. of the world. The
United States is of necessity the
sample democracy of the world, and
the triumph of democracy depends
upon its success.
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 completion only iff our own
fortunate country; but even with us
the recovery halts and is inpeded at
times and there are Immediately SER
viceable acts of legislation, which it
seems to me we ought to attempt. to
assist that recovery and prove the
-indestructible recuperative force of
a great government OF the people.
One of these Is to prove that great
democracy can keep house as. sue
cessfully and In as businesslike a
fashion as any other government, 1t
seems to me that the first step to-
ward proving this is to supply our
selves with systematic method of
handling our estimates and expendi-
lures and bringing them to the point
where they will not be an unneces-
cary strain upon our income or
necessitate unreasonable taxation, in
other words. workable ludget sys-
tenn. and respectfully suggest that
two elements are essential to such
n system; namely, nJs only that the
proposal of appropriations should be
in the hands of single body. such
as single appropti ltions commit
tee in each house of the ccngress,
but also that this body should be
brought into such cooperation with
the departments of the government
and With the treasury OF the United
States as woul1 enable II to act
upon a complete cQnspectus of the
needs Of the government and the re-
sources from which 1t must draw
Its income. So
Veto Reluctant.
reluctantly vetoed the budget bill
passed by the last session of the con-
gress because Of constitutional OBJ
lection. The house Of representa-
tives subsequently modified the bill
in order to meet this objection. In
the revised form l believe that the
bill. coupled with action already TAX
en- by the congress to revise its rules
and procedure, furnishes the founda-
tions for an effective national 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.
The nations finances have shown
marked Improvement during the past
year. The total ordinary receipts of
$6,694, 100000 for the fiscal year 1920.
exceeded those for 1919 by $1,542,000.-
900, while the total net ordinary ex-
penditures decreased from $1S,514,-
100000 to $6,403,000,000. The gross
public debt, which reached its high
est point on Aug. 31A Wel9, when it
was $26,596, 10000. han dropped on
Nov. 80, 1920, to $24, It's, 600, 900. There
has also been n marked decrease In
holdings of government war securi-
ties by the banking institutions of
the country. as well as in the amount
of bills held by the federal reserve
banks secured by government war
securities by the banking institu-
tions of the country. as we'll as In
the amount of bills held by the fed
eral reserve banks secured by gov
ernment war obligations. This for
tunate result has relieved the banks
and left them freer to finance the
needs OF agriculture, industry and
commerce. 1t has been due in large
part to the reduction of the public
debt especially of the floating debt,
but more particularly to the inn
proved distribution Of government Sc
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