Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1920-08-04
INCOME FOR YEAR
TOPS j. s. EXPENSE
Over Billion Is Cut From Public
Debt, Treasury Reports.
EXPECT A NEW REDUCTION
Statement Covering Operations Of the
Government for Fiscal Year Ended
June 80 Is Issued BY Sec
retay Houston

Washington. July 27.-The govern
meut's income for the fiscal year end
inv June 80. exceeded its expenses for
the first time In three years, Secretary
Houston declared In a statement IN
which ne announced a reduction IN
the gross public debt and forecast
further important reduction Tor TINS
coming twelve months.
While the annual operations Of the
government showed n surplus - S2Ai.-
81 81. the more important change,
treasury officials said, was the cut
ting % SI.1S5.lS4 CO. from the gross
public debt during the year. The ne,
ton debt aggregated S24-299. 81 .46I
on June 80 alu So. 49,. SOC. leo year
previously. but In the meantime the
obligations az the nation had mounted
Go their highest point-S2s. roc. 10i.64s
ON August 8l-duc 90 the operations
Incident 90 the handling ~ maturities
OF treasury certificates az Indebted
ness Thus. q reduction of S--29''-
SSo.1SD from the peak is shown
Receipts fetal $3.50. SIS, Sss.
Outside OF the transactions involv-
ing the gross debt. treasury receipts
for the year aggregated S6.694,auo.-
SIS. whIIe expenditures totaled $d.4oS.-
3GSSfI. The statement revealed, how
ever. that the surplus was due large
D. Co a partial liquidation 81 the as
sets OF the war finance corporation.
Exclusive 30 the sVcciLi income from
that source. there was deficit OF
ST.. STaUT2 in the actual handling 81
tuC 1me and expenditures.
The tperatIuns Incident tc the
handling ~ the maturities ~ treasury
certificates from June u 10 July u.
have now been completed" the state
meut said. -and have resulted In FUR
Their reductions On both the gross debt
and the floating debt o. the United
StLses- The gross debt on June 30
1870 on the basis 81 daily treasury
statements. amounted 20 81. 29S.S2l.-
G6T. as against S.. 4S4.5o6.1e0 at the
end o. the previous fiscal year on June
so. 1919. and S26596. TO1. 6ss on Aug
ust 81. 1919. when the gross debt was
NJ its peak.
Deduction o. s2.2s7. SO. tso.
In other words. tire gross debt on
June so eco. has been reduced by
s. 2sT. $50. $50. from Its peak on Aug
ust 81. 1919. and by S1.1S5. 1s46g2
from the figure on June 30. 1919. On
July 20 1870 on the basis Of daily
treasury statements the gross debt
amounted 20 81. 81. SOP 321. showing
a further reduction o. about $4,000
co. after taking Into account the SOL
O6l.5OO face amount % treasury GER
tIHcates issued under date 81 July Is.
The floating debt uoan and tax Ger
ttfrntes uumgruret0 on June 80 1920
amounted 20 So.4Sl. So. 600. Gs against
81 ay7 $500 az the close ~ the previ-
ous fiscal year on June so. 1919. and
Sc - co on August 81. 1919. on
July 20 1870 the loan and tax GER
tfEcatcS outstanding amounted 30 So
sE3 $4,000. showing q further reduc-
ton II about Ssl 100000. as the result
Of the redemption % loan certificates
since the close ~ the fiscal year. 1920
IN the amount % some $50, 100000
and the Issue 81 loan and tax oertih-
Gates dated July Is. in the amount OF
some sou. 100000.
New Treasury Issues Planned.
Further issues ~ treasury certin-
cafes win be offered as necessary from
time to time 90 provide Tor the cur
rent requirements ~ the government.
and "a meet muturiticS ~ treasury
certificates now outstanding
The amounts ~ these issues win
dsrand On large measure upon the
extent ~ the burdens imposed upon
sfs treasury by the transportation act.
1ncn. In connection with the return Of
the ralIroads 20 private control. IN
errfinr particularly the liability on
the guaranty. which is - yet unascer-
fniuahIe. While. as the result 81 new
issues ~ treasury certificates in the
Intervals between the large income
and prnfts tax iustallments. there may
b. temporary Increases In both gross
debt aud floating debt. the treasury
expects. though Il Is impossible 10
sneak positively. that both gross debt
ana floating debt win. during the first
two quarters % the current fiscal year.
~. rxfucad below the figures outstand-
tnr on June 20 1920. and that unless
additional burdens should be imposed
n legislation there win he an i'm
r.U-tant further reduction en- the last
two quarters az the fiscal year"