Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1920-07-30
u. S. INCOME
TOPS EXPENSES
Tots' of ST, 4,692 Is Cut
From the National
Debt.
NEW REDUCTION is EXPECTED
Secretary Houston Issues Statement
Covering Operations Of the Govern
ment for Fiscal Year Ended June
So-$2, ,297, $50. ieo Under Pes.>

Washington. July 2S.-TEe govern
ment's income for the fisc,l year end
ing June 80 exceeded its expenses for
the first time in three years. Secretary
houston declared in q statement in
which he announced a reduction In
the gross public debt and forecast a
further important reduction for this
coming twelve months.
While the annual operations of the
government showed a surplus Of S291.-
II ,34I the more important change,
treasury officials said, was the cut
ting of $1,1s5.lS4. .692 from the gross
public debt during the year. The ma
tons debt aggregated $24. 300, ,321 ACT
on June 30 and SIC, asa, SOC. 100 year
previously, but in the meantime the
obiigations of the natica had mounted
to their highest point S25, ,5oG. .70i Gas
--on August 3l-due TO the operations
incident TO the handling Of maturlties
OF treasury certificates of indebted
ness Thus reduction of 81 2297,-
5oo'l $50 from the peak Is shown.
Outside of the transactions mvoiv-
Ing the gross debt, treasury receipts
for the year aggregated $6,694565,-
oSS, while expenditures totaled SO. 403.-
343,S4l The statement revealed. how
ever, that the surplus was due large
ly to partial liquidation of the as
sets Of the war finance corporation.
Exclusive of the special income from
that source, there was deficit OF
STl ,S19.O72 in the actual handling of
income and expenditures.
The operations incident 10 the
handling of the maturifes OF treasury
certificates from June 10 10 July Il,
have now been completed" the state
ment said "and have resulted in fur
ther reductions IN both the gross debt
and the floating debt of the United
States. The gross debt on June 30,
1920, on the basis of daily treasury
statements. amounted to So. POS. .321, ;
467, as against $25, ,4S4, SOC, 100 at the
end of the previous fiscal year on June
80. 1919. and 6,506, 70I GAS on Aug
ust 81, 1919, when the gross debt was
at Its peak.
In other words, the gross debt on
June 80, 1920, has been reduced by
S2.29T, $3.50, $50 for its peak on hu-
gust 81, 1919, and by $l.1S5, tS4,692
from the figure on June 30, 1919 On
July 20, 1920, on the basis cf daily
treasury statements. the gross debt
amounted TO $24 ,264, ,3O9,32 showing
a further reduction of about $35. .000,-
600 after taking into account the $20l,-
06l 800 face amount of treasury Ger.
tifieates issued under date Of July 10.
The floating debt (loan and tax GER
tificates unmatured) on June 30. 1920,
amounted to $2,4S5, ,552, 500, as against
So, 267, ,87S,500 at the close of the pre-
vious fiscal year on June 80, 1919 and
$3,957, ,225,000 on August 81. 1919. on
July 20. 1920, the loan and tax GER
tificates outstanding amounted to 81
a53,946.500. showing further reduc.
ton Of about $31 100000, as the result
Of the redemption of loan certificates
since the close of the fiscal year, 1920,
In the amount Of some $232 900. 600.
and the issue Of loan and tax certlf-
Gates dated July 10, in the amount OF
some S201 100000.
Further issues of treasury eertih-
Gates will be offered as necessary from
time to time TO provide for the cur
rent requirements Of the government,
and TO meet maturities of treasury
certificates now outstanding
"The amounts Of these issues will
depend I'm large measure upon the
extent Of the burdens imposed upon
the treasury by the transportation act,
1920, In connection with the return Of
the railroads to private control, In
Guiding particularly the liability on
the guaranty. which Is as yet unascer-
talnable. While, as the result OF new
issues Of treasury certificate IN the
intervals between the large income
and profits tax instaIlments, there may
be temporary increases in both gross
debt and floating debt, the treasury
expects, though II Is impossible to
speak positively, that both gross debt
and floating debt WILL during the first
two quarters Of the current fiscal year.
be reduced below the figures outstand-
ing on June 30, 1920, and that unless
additional burdens should be imposed
by legislation there viii be an I'm
portant further reduction In the last
two quarters 0f the fiscal year.