Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1920-12-15

forces Of chaos and tyranny which are
playing 20 disastrous a part In the
fortunes ~ the free peoples Of more
than one part ~ the world. The
GIFTED States d az necessity the sam
pie democracy 81 the world. and tie
triumph o. democracy depends upon
its success.
Recovery from tire disturbing and
sometimes disastrous effects Of tie
ia'n war has been exceedingly slow on
tie other side o. the water. and has
given promise. ] venture 10 say. Of
early completion only in our own for
tunate country; but even with Us the
recovery halts and Is lInpeded az times
and there are immediate serviceable
acts Of legislation which. Il seems TO
me, we ought "a attempt 10 assist that
recovery and prove the indestructihle
recuperntive force OF n great govern
ment Of the people. one Of these Is
10 prove that n great democracy can
keep hope as successfully and In as
business-llke n fashion as any other
government. II seems 20 me that tie
first step toward proving this Is TO
supply ourselves with a method OF
handling our estimates and eXpendl-
lures. and bringing them 10 the point
where they viii not be an unnecessary
strain upon our income or necessitate
unreasonable taxation; in other words
a workable budget system. and I sug-
Eest that two elements are essenual
TO such a syEtcm--namely. not only
that the proposal OF appropriations
should be en- the hands 81 single
body. such as a single appropriations
committee in each house 81 the con-
gress. but also that this body should
be brought into such cooperation with
the departments OF the government
and with the treasury OF the United
States as would enable ~ 10 act upon
a complete conspectus Of the needs OF
the government and the resources from
which "a must draw its income.
reluctantly vetoed the budget bill
passed by the last session OF the con-
gress because OF constitutional obiec-
tion. The house OF representative
subsequently modified the bin In order
10 meet this objection. In the revised
form I believe that the Dill. coupled
with action already taken by the con-
gress 20 revise SIS rules and procedure.
tive national budget system. ear
nestly hope. therefore. that ore OF the
E first steps taken by the present session
Z % the congress will be 10 pass the
z budget bill.
Marked Gain In Finances.
The nations finances have shown
marked Improvement during the past
year. The total ordinary receipts Of
/ xs.6ga. 00o. 900 for the fiscal year 1920
. HHrak HmHM hN 81 40 600 70
. coo. while the total net ordinary ex-
peuditures decreased from Sis.5i4.ooo.-
T 600 20 ego3 eco 600. The gross public
debt. which reached its highest point
Z on Aug. 81. 1919. when IL was $685.
| ooo coo. had dropped on Nov. 80. 1890.
/ 20 x2Al5b. ooo 600. There also has been
e a marked decrease In holdings OF gov
I eminent war securities by the banking
4 Institutions OF the country. as well as
! the amount % bills held by rhe federal
/ reserve banks secured by government
/ war obligations
This fortunate result has relieved
L the banks and left them freer 20 finance
. the needs % agriculture. industry and
I commerce. IL has been due IN large
E part 20 the reduction OF the public
I debt. especially OF the floating debt,
/ but more particularly 20 the improved
distribution % government securities
I among permanent investors. The ces-
1 sation % the governments borrowings
I except through short term certificates
i Of indebtedness has been a matter Of
4 great consequence 90 the people OF the
I country az large. as well as 10 the
4 holders % Liberty bonds and Victory
notes. and has had an important bear
Z ing on the matter % effective credit
/ control
The year has been characterized by the
I progressive Withdrawal OF the treasury
-
4 from n position Of dominant influence In
1 mat market Tn future course will nee
essarily depend upon the extent 70 which
/ economies are prEcticed and upon the
| burdens placed up0n the treasury. as vel
as upon Industrial development and the
/ maintenance % tax receipts az a suf-
/ nciently high level
Bio Bond Issue 20 Mature.
/ The fundamental fact which at present
dominates the governments financial sit
| uation is that 8. 5Co.ecoooo Of its war In
debtedness natures within the next two
| and a half years. or this amount $780,.
| 90 90 are floating debt and 500 CO. o.
! victory notes and war savings certificates
: The fiscal program OF the government
1 must be determined with reference q
/ thess uAturities Sound policy demands
/ tbat the government expenditures be re-
/ auced 10 tie lowest amount which will
/ hermit the various services 20 operate
/ ef1-iently and that government receipts
I from, taxes and salvage be maintained
. sufficiently hirh 20 provide for curreui
4 requirements. including interest and sink
/ frr fund charges on the public debt. and
/ AZ the same time retire the floating debt
and part % the victory loan before ma
/ furIty
] Win ricid economy. vigorous salvage
/ operations and adequate revenues from
/ taxation. a surplus 81 current receipts
] over current expenditures can be realized
/ ana should be applied 20 the floating debt
/ All branches Of the government should
/ cooperate 10 see that this program Is
Il realized.
i cannot overemphasize the necessity
i ~ economy ~ government appropriation
i ard expenditures and the avoidance by
Il ire congress % practices which take
money from the treasury by Indefinite or
Il -evolvlag-fund appropriations. The esti-
mates FOR the present year show that
over a billion dollars a. expenditures were
I authorized by the last congress IN add
e 80 a. fhe amounts shown in the usual