Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-20
Government expenditures of $4,000.

Government expenditures Of $4,000
600. 600 during the next fiscal year
were forecast by Secretary Houston
of the treasury Department today in
an address before the convention OF
the American Bankers Association.
Mr.. Houston laid before the bankers
a detailed statement Of the govern
ment's program for handling the ma
tiona debt and discussed a wide
range of financial and economic prob
lens confronting the nation.
Approval Of proposal TO organize
a Sl0O, 10000 corporation to Hnance
the nations foreign trade: addresses
ON "Russfa's Lesson to the World,
by Fred I. Kent, vice president Of the
and and on publicity. Public Relations. .
by Craig B. Hazelwood of Chicago
and M. E. Holdemess of st. Louis.
and reports from various sections or
the association were features OF the
convention program today.
President Halves was authorised to
call a meeting of bankers and bus-
ness men to work out plans for the
formation of a foreign trade corpora
ton under the provisions of the re-
Gently enacted Edge law.
Rev. DR.. Abram Simon, rabbi OF the
Washington Hebrew Congregation, made
the invocation at the opening OF the ses-
sion of the convention today.
Houston Pleads for Economy.
In outlining the Treasury's program
for handling the war debt Secretary
Houston said that this debt liquida-
tion must go on steadily in order that
final redemption be accomplished
without disturbance to national life.
He appealed for 1.-The strictest econ
omy not only in our expenditures ied
eral. state, county and municipal. but
also by thrift on the part of our
people
cations of falling receipts, because
there was no means OF predicting the
course of business or incomes and
profits. The receipts for the present
fiscai wear. he reported, would be ma
terially lower than the record OF
S.. 500. 900, 900 last year. expressing the
belief that the receipts would not
greatly exceed the required $4,000
0oo, 900 under the present levy.
1--WE cannot afford to operate on
nues below those anticipated, the
speaker continued. "and in plans for
revision this should be definitely
borne in mind.
Let me make this point clear: In
saying that the aggregate receipts
for the government should be main
tanned at a high level for the purposes
indicated, 1 am by no means COM
hitting myself to existing chedules
or to specific taxes. Much of the war
legislation was of necessity hastily
devised / think it of urgent i'm
portance that there be prompt re-
survey of the situation with d view
to reform of the taxes. to the wiplng
out of inequitie6 and inequalities
and the assurance of sufficient reve
nue. which may not be realized if the
present system remains intact.
The Treasury's program had been
heavy % burdens imposed by the
transportation act" He estimated
the total amount which the govern
ment will pay the roads at $1,000. .oo0,-
600. about one-fourth of which al
ready has been turned over to them
The remainder will be paid, the Sec
retary thought. by early spring.
Turning to the demands of agricul-
tural interests for government help.
Mr. Houston said that scarcely had
ifested itself when every producer
manifested resistance"
Every producer is willing for the
products of every other producer to
decline. but protests the decline in
his own" he continued. There is
much human nature in this, but not
much reasonablenesS.
THE situation is the result mainly
of war and in no small measure the
failure of this nation and nations
everywhere to date to devise better
for storage and mar
keting of farm products. For this
condition of things. no one in par
ticular is now to blame.
sIn the circumstances II seems to
some farmers that they are in the
way of being hit first. II not ex.
clusiyeiy They are naturally dis
turbed and distressed and are seek
ing relief measures some of which
are not practical and some OF which
are suicidal.
Oppoxed to Bryan's Plan.
Secretary Houston made it clear that
he was strongly opposed to the plan
suggested recently by William Jen-
nings Bryan and others that the United
states cancel the indebtedness of the
allied nations to the United States.
a amounting to some SO 1000, 100000. He
said that he did not believe the tan
payers of the country would look with
aprroval on such II plan. and also that
the ability of the nations tc pay ;hei:
debts should not be discouitet-
n. Z, Holderness. vice ,. .e36eu& OF