Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1920-10-27
EXPENSES Of i. 5.
FOR FISCAL YEAR
Houston Estimates Cost OF Gov
eminent at 81, 100000.
SECRETARY URGES ECONOMY
Outlines TO the Bankers Convention
Treasury's Program for Handling
War pebt-Says Liquidation
Must CO en- Steadily.


expenditures of $1,000 100000 during
rhe next fiscal year were forecast by
/ Secretary Houston Of the Treasury tie
partment in a speech before the Amer
\ lean Bankers association.
! The secretary outlined the treas
ury's program for handling the war
debt. liquidation Of which. he said,
must 20 on steadily In order that final
redemption be accomplished without
disturbance To national life.
lie appealed for "the strictest econ
/ omy not only i'm our expenditures, fed
I eraI. state, county and municipal, but
/ also by thrift on the part Of our peO-
pie" adding that the program neceSsi-
l tated the maintenance Of taxation
I after this fiscal year on a level of not
/ less than S4OOO.OOOO0O annually
Debt to Drop Rapidly.
Mr.. Houston predicted rapid reduc-
I tion In the gross national debt through
the coming year. particularly the s.
I $50. 100000 shOrt-term certificates out
standing. The treasury program. be-
added. would result in reducing this
/ below S2.OO0OOOOGO and perhaps To
/ 81 .5OO.OOOO00
BY the end Of the fiscal year 1922,
/ Mr.. Houston declared, the treasury
I should have redeemed It's entire float
I ing debit" or the Sbort-'erm certificates.
when the Victory notes maturing the
next year would become practically the
floating debit" and probably be sac-
copied I'm payment of federal taxes.
\ Turning 10 the demands Of agricul-
/ turai interests FOR government help.
/ Mr.. Houston said that scarcely h.d
/ a reduction in the cost Of living mani
/ tested itself when every producer mans
/ ifeSted resistance"
Every producer is willing for the
/ products OF every other producer 20
I decline. hut protests the decline 81 his
own" he continued. There is much
human nature in this. hut not much
/ reaSOuableueSs."
Urges Foreign Trade Aid.
A proposal for the organization Of a
/ S1O0,OOO.OOO corporation for foreign
trade financing under auspices Of fhe
1 American Bankers association was
put before the annual convention by
its committee on commerce and ma
\ rine.
/ BY cooperating with merchants.
manufacturers, exporters and produc-
/ ers. the report said, and taking advan-
i tage of the Edge law, the corporation
could issue a billion dollars In debt.n-
/ ture bonds for sale in The United States
! and the extension credits abroad.
Urges Action by January I.
John McHugh. chairman 81 the cou-
7 miJtee. presented the report whic.
Y recommended steps 10 put the corpora
I ton into business operation by Jauu-
airy I. and solicitation Of subscriptions
10 its capital stock from the public.
we recommend the organization uu- |
I der plan Of n large corporation as
/ preferable TO a smaller one" the re-
I port said. because II viii attract the
/ best expert talent, viii have the cfii-
7 cheney attaching TO large organization.
+ will give the utmost protection To the
investor and win readily create q mar
ket for its debeatUres by its uvowcd
purpose of creating thrift"
The report said the economic future
I Cf the United States was bound up fn
\ the future Of our trade relations with
/ other peoples"
Forced 20 Restrict Trade.
Under existing conditions. Il added.
Y manufacturers. unable "a grant for
\ eign customers credit necessary 10 CON
I tjuuIng foreign purchase. have been
+ forced To restrict their activities Co
/ the foreign field"
Under the Edge law such n cor
. p0ration as contemplated would be
\ permitted To issue dehentures against
/ foreign securities carefully purchased
\ by IL 70 tie amount Of ten times its
Y capital. so that il would have q maxi
mum ability financially Of about n
billion dollars" the report said.
II was further suggested that The
I corporation directorate be made up
from similar geographical areas 20
those Of the federal reserve bank dis
tricts.
The committee soid Il was satisfied
such q corporation would be success
ful from a financial standpoint and
would be a potent influence in pro-
noting thrift and production in the