Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1920-12-08
TEXT OF WILSONSFINAL
MESSAGE TO CONGRESS

upon our income or nocossititc unrcaa
enable taxation IN other words. q
workable budget system. aud respect
fully suggest that two elements are cs.
scntiai to such system. namely. not
only that the proposal ~ appropriations
should be- In the hands ~ single hc'iy
such as a single appropriations commit.
O." IN each House ~ the Congress. hat
that this body should be- brought into
such cooperation with the departments
Of N" Government and with the Treas.
urv ~ the United States as would en-.
able IL a. act upon complete conspcc.
tus II the needs II the Guyllnmont AMI
the resources from which u must draw
it, income reluctantly vetoed the
budget hin passed by IN" last session
at tho Congress because of Cunstitu.
t!unnl objection The House ~ Repre-.
s,ntntivcs subsequently modified the
hill In order To meet this objection
/ IN tho revised form h,lic,c that
, tho hin coupled with action ALREADY
taken hy Congress 10 rlyisc It's rules
rad procedure furnishes the founda.
tiuns for an effective national budget
system. I earnestly hope therefore. that
une II the first steps taken by the
ir,',4lt sslon ~ the Congress will BE-
O. piss the budget bill
Tho Nations finances have shown
marked Improvement during the past
year rho total ordinary receipts OF
tC.G'l 01o. 600 Tor the fiscal year 1920 "a.
orcdcl those Tor 1919 by si.5l2 Oco coo
while the total net ordinary cNpcnd..
lures decreased from sls.5ii,05O.0O0 10
s. gO3. 600. 400
Tn" grofs public debt. which reached
81 highest point on August 81. 1919.
when IL was S2G.5sC. ooo. 0oo had dropped
on November 90. 1920 To AIS .O00. O0o
There has also bccn a marked decrease
n holdings ~ Government war securi.
tbs hy m" banking institutions II tho
country as wei as In the amount Il
hllls hold by the Federal Reserve hanks
REQUIRED hy Government war obligations.
This fortunate result has relieved thr
banks md l'ft them free To- finance the
NEEDS Il agriculture. industry and com.
nercc.
l. hlf ;-,-n nur ~ nrg. part to the
| reduction ~ the public debt especially
81 The floating debit. hut more Iar,icu
( larly 20 the improved distribution 81
/ Government sccuriciis among per
manen, investors.
The cessation n the Governments
: Borrowing eEcep, through short term
ccrilficatCe ~ Indebtedness has been a
matter ~ great conEcqucucc o. tho
| people II tho country AZ large. as we'll
az Co tho holders 81 liberty Bonds and
Victory Notes. and has had an impor'
tani bearing On the matter ~ effective
credit control The year has been char
lacterizod by tho progressive withdrawal
~ The Treasury from the domestic credit
market and from position ~ domin.
liant Influence IN that market The IA.
turc course viii necessarily depend upon
thr extent 10 which economies are prac-
ticcd and upon the burdens placed upon
thc Treasury as well a. upon industrial
Development and the maintenance ~ tax
receipts az sufficiently high Lowell.
The fundamental fact which NJ pres.
ent dominates the Governments finan.
ci1l situation Is that seven and q hall
billions q It's war indebtedness mature
: within The next ,Wo and a half years
Of this amount two and a half billions
ara 1ot,inr deb, and five hillicns We.
tory Notes and War savings Cqitn
Gates The fiscal program n tn Gov.
eminent must h. determined with refer.
cncc Ia these maiaritcs.
Sound policy demands that Govern
mpni expenditures be- reduced o. iho
loves, amount which viii permit tho
various services a. operate efficiently
land that Government receipts from
tnNcs and salvage be- maintained stuff
cieniiy high "a provide Tor current BE-.
\ quiremcnis. including Interest and slnl;
ng fund charges ON the public dph'
land NJ tho same time r, ilro TIE daat.
ing d,ht and part ~ the Victory loan
before maturity. With rigid economy
Vigorous Sllyagr operations and AIDE
| gnatc revenues from taxation. a sur.
Dlus ~ current receipts over current *.
4 ,cnditurss can be realized and should
b. applied To- the floating debt AZ
| ranches ~ the Government should co
opcrrie to sce that this program IL rcn
lized.
I cannot oy,r-emphaFizc the ncceSsi',
O. economy In GOenment practice,
which take money from the treasury by
indefinite Or revolving fund apprUpria
lions. The estimates Tor the present
I IL =
| eVp, mixtures were AUTHORIZED by m. las,
Congress In addition 20 the amount.
shown In the usual complied statements
of appropriations This strikingly n
lusirains the importance u making
direct and specific appropriations tn,
relation between the current receipi'
( and current expenditures 81 the Govern
mcni during N" present fiscal ycaf. a.
well ss during the las, half ~ the last
fiscal wear. has been disturbed by IN,
extraordinary burdens thrown upon n.
Treasury by this transportation act. II
J., connection with the return u the rail
roads TO private oonirUl over 100000
4 90 has already been paid t. the rail
J raads under this arf- s350.0O0.e 600 dur
ing The present flscnl year. aud II II -
. MINATED further payments aggrey.tini
possibly SsiO.eOo.00o must siill b. mad
To- the railroads during the current year
l u j. obvious that thes" large pas
J ments have already seriously limited TIA
Governments progress In retiring IN
floating debt
! 4 Closely connected with this 4 seem
? e. me h the necessit, for an immediai
.r,.l. rsffnn ~ f1t revision q n'tr a.