Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-12-08

"@A NCP0Gktt&CUt sVk0AS SAO GVSOkU
shows. was sl,sll.0ee.ooo against
3l.os7.soo,oo 900 Tor the railroads.
The War De6t. !
Discussing the war debt. and Q pro-
gram for it's retirement, Mi. HoustonFi
says that within the next thirty
months the government will have to
pay on approximately $500, 900, 1000
IN Victory Notes, War Savings Certifi-
Gates and Treasury certificates of in
debtedness. He proposed that Treas
ury certificates not be funded fur
Their; that they be retired AZ rapidly
as the treasury's conditions permit 80
the program for redeeming other gov
eminent obligations will not be hamp-
cred by simultaneous payments.
Nj. Houston tells congress that the
Transportation Act has "~disarranged.
h governments fiscal plans but he
believes early spring will witness final.
settlement. Of the claims Of the rail-
roads under the guaranty provisions
and that the Treasury then can pro-,
coed with Its previously announced
program Of meeting and retiring the
War Savings Certificates. amounting
to $500, 00O, 900 and the Victory Note
issue which aggregates $4,500,000,-
900.
Through operations of the sinking
fund. use Of the small repayments by
foreign governments on loans, and the
employment of certain salvage returns
to the Treasury, it has retired ST.
7S4,SSe,15o in bonds, Mr.. Houston
transactions by buying in the open
markets. OF the amount purchased,
bonds aggregating $l1s,109,o00 were
retired from funds repaid by the for
etgn governments.
Lessons of the world war, Mr..
Houston says, have shown the need
TOR the transfer of some of the Treas
ury activities to other departments.
Five bureaus, War Risk Insurance,
Prohibition, Public Health Service,
Supervising Architect and the General
supply Committee. are in no way
lated to the fiscal operation of the
government, he says, and urges that
they be placed under other jurisdic-
ton. The request he adds, is unusual
for few II any other executive depart
ment heads have been willing to see
their. departments dismembered. His
own request. he says. demands the
more attention for this reason.
In connection with this suggested
reorganization. the secretary asks that
the position Of under secretary OF the
treasury be created at a salary of
$4,000. He recommends also an in
crease In the salaries of the assistant
secretaries from $4,000 to $500.
MI. Houston strongly urges the es-
adjustment Of a federal budget sys-
tenn. declaring that unless such q plan
is adopted the financial burdens of the
people will be greatly increased
through "the piecemeal methods of
handling appropriations without re.
gard for or relation to income Of the
government" ",.
Reviewing the loans to foreign gov
ernncnts, Mr.. Houston Gays the
American government advanced in
a between April "a, 1917 and Mo-
venber Is. 1920. a total Of $3.50.
S23.677. OF this amount. approx
mately $163, 900, 900 has been advance
cd since November Is. 1919 under
credits previously established to fye
foreign governments. OF this, France
received $40, 000, 900; Italy 32o,416,-
goo; Greece $4,000. 900; Belgium
$lo,469.o00' and Czecho-Slovakia 49,
The treasury has yet reached no de-
as to the form, which the
obligations of the foreign governments
Will take. Mr.. Houston says, but he
recommends they be allowed to extend
until June ls47 at which they must
De paid under existing law. The for
eign governments, the secretary says,
should be given every advantage to
prepare for the payment by whatever
arrangements they deem best suited
70 tneir individual requirements.