El Paso herald. (El Paso, Tex.) 1901-1931, 1920-12-07

. lass. is making a TOUR through me
country and viii be ia FL Paso tomor-
] row. when he will address a mass
meeting at & o'clock Wednesday after
noon at Liberty hall The meeting is
open TO the teachers and students OF
the city and 70 the public as whole.
portant bearing on the matter Of eff.
fective credit control
The year has been characterized
by the progressive withdrawal Of me
treasury from the domestic credit
market and from a position Of domt-
nant influence in that market The
l future course viii necessarily depend
upon the extent 10 which economies
! are practiced and upon the burdens
Z placed upon the treasury, as wen as
! upon industrial developments and the
I maintenance Of tax receipts at a SUI
/ ficiently high level
'4The fundamental fact which at
/ present dominates the government s
. financial situation is that seven and
. q half billions Of its war indebtedness
I mature within the next two and a
] half yeErs. OF this amount, two and
] a half billions are floating DEBT ana
I five billions Victory notes and war
/ savings certificates.
Rigid Economy Urged.
The fiscal program OF the govern
meut must be determined with REL
I erence 20 these maturities. sound
Q
expenditure be reduced TO the lowest
amount which viii permit the various
i services 10 operate efficiently and
that government receipts from taxes
and salvage be maintained suf1i-
GENTLY high TO provide for current
requirements. including interest and
sinking fund charges on the public
debt, and at the same time retire the
floating debt and part OF the victory
loan before maturity Win rigid
les D. aa.-a
and adequate revenues from taxa
ton. surplus Of current receipts
over current expenditures can be
realized and should be applied TO the
floating debt All branches Of the
government should cooperate TO see
that this program is realized.
Il cannot overemphaslze the
necessity Of economy in govern
menf appropriations and expendi-
lures, and the avoidance by the
congress- Of practices which take
money from the treasury by IN
definite or revolving fund ap-
preparations The estimates for
the present year show that over
billion dollars Of expenditures
were authorized by the last con
gress I'm addition to the AMOUNTS
shown In The usual complied
statements OF appropriations.
transportation Act
This striEinglv illustrates the i'm
portance Of making direct and spe- I
cific- appropriations.
The relation between the current /
receipts and current expenditures Of
the government during the present /
fiscal year. as we'll as during thet
last half Of the last fiscal year, has
been disturbed by the extraordinary i
burdens thrown upon the treasury by /
the transportation act. in connection I
with the return Of the railroads to /
private control over $500. 1000. 900 /
already has been paid to the railroads
under this act-S350. 100000 during
the present fiscal year: and # is es-
timated that further payments az
gregating possibly s650,0OQ.0e0 must
still be made TO the railroads during
the current year. II IS obvious that \
these large payments have already
seriously limited the governments
progress in retiring the floating debt
Tax Law Revision.
Closely connected with this It'll
seems TO me, is the Necessity for an
Immediate consideration Of the re-
vision Of our tax laws Simplification
II the income ana profits taxes has
lecome an immediate necessity. These
axes performed an indispensable (
Iervice during the war. The need for
heir simplificatiou, however. is very
Ereat, in order to save the taxpayer
inconvenience and expense and in or .
lea TO make his liability more Ger
ain and definite. Other and more de-
allied recommendation with regard
o taxes will no doubt be laid before
-ou by the secretary OF the treasury.
md the commissioner OF internal
evenue.
Tt ls my privilege 10 draw 20 the
ttention OF congress for very syn
athletic consideration the problem Of
rOVidiug adequate facilities for the 7
are and treatment OF former mem
ers Of the military and naval forces
rho are sick or disabled as the re-
ult OF their participation In the war.
@Hhele heroic men can never be
paid IN money for the service
they periodically rendered the o
nation. Their reward viii lie a
rather IN realization Of the fact s
that they vindlcnfed the rights Of n
their country and aided in safe y
guarding civilization. d
The nations gratitude must be ef- q
.ctively revealed 70 them by the most q
mple provision for their medical d
are and treatment as wen as for d
lelr vocational training and place
.ent ~
4The time has come when ot
more complete program can be ii
formulated and more sntisfnctor- s,
ily administered for their treat n.
menf and training. and I earnestly =,
urge that the congress give the ~
matter its early consideration Il,
The secretary OF the treasury and b.
e board for Vocational education n,
III outline in their annual reports n
'oposals covering medical care and n
Mobilization which / am sure viii h
gage your earnest study and CON- n
and your most generous support n
Aid TO Agriculture. ~
Permit me TO emphasize once more -
e need for action upon certain mat y
rs upon which dwelt at some
lstn IN my message 20 the second M
ssion OF the siXty-second congress- y,
e necessity, for example. Of eucour- n,
ing the manufacture Of dyestuffs -
q related chemicals the Importance ~
doing everything possible 70 pro =
)re agricultural production along I -
onomic Ines 70 improve agricultr-
marketing and % make rural life y
)re attractive and healthful; the
ed for law regulating cold storage
such a way as to limit the time 4 st
ring which goods may be kept in OF
1rage, prescribing the method OF fe
spOsing OF the milf kept beyond the ( OF
rmitted period, and requiring goods / fe
leased from storage in all cases TO / az
ar the date OF their receipt al
1T would also be most service IT
able, IL d were provided thar al ST
goods released from cold storage dr
for interstate shipment should In
have plainly marked upon each hs
package the selling or market Ia
price at Whcih they went into III
storage, in order that the uur- M
chaser might be able to learn at
what profits stood between him IA
and the producer or the whole ID
sale dealer. III
Indeed, it would be very service