The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-12-08

THE MESSAGE

marked improvement Turing the pass
wear The total ordinary receipts OF
nose FOR FOR ISL isis By
t Gnss decreased from slS.5li,ooO,0OO to
S6.4O3, 100000.
The gross public debt, which reached
its highest point on noc S Soe sd 81. dSiS
on 30 November. 1920, to 100000
There has akro been marked decreased
in holdings OF government war securities
by the banking INSTITUTIONS o o, tne c6 biIns
held by the Federal Reserve banks. Sc
cured by government war obllga tons
This fortunate result has relieved the
banks and left them frecr to finance the
needs Of agriculture. industry and com
mcrCe 1t has been due in large part
to the reduction Of the pu6tiSc d SDt
tributtOn OF government securities
among permanent investors. inc
cessation OF the governments borrow
ings except through short term certH-
icateS OF Indebtedness has been matter
OF great consequence to the people Sl
the country at large. as well as 70 inc
holders of Liberty bonds and victor!
notes, and has had an important bearing
on the matter Of effective credit contrHl.
The year has been characterized by the
progressive withdrawal of IN" treasury
from the domestic credit markst ana
from a position OF dominant ,nl!u"M li,I
in that market The future course VII
necessarily depend upon the extent TO
which economies are prncticed ana upon
the burdens placed upon the treasury
az we'll as upon industrial developments
and the maintenance OF tax receipts NJ
a sufficiently high level.
Expenditures Must Be Cut.
The fundamental fact which at pres
emit dominates the governments imam.
q
billions OF it's war Indebtedness mature
In the next two and half years ot
this amount. two and half billions
are floating debt and five billions VIC
tory notes and war sayings certI1lca. aS;
must be determined with reference 70
these nnaturities- Sound policy demands
that the government expenditures De re,
permit the various services to operate
efficiently and that government re-
ceipts from taxes and savage be main
tanned sufficiently high to provide Tor
est and sinking fund charges on the
public debt and at the same time retire
the floating debt and party OF the VIC.
tory loan before maturity. With rigid
economy, visorous salvage operations.
plus OF current recipes over current
expenditures can be realized and shoula
be applied to the floating deot. All
branches OF the government should CO
operate to see that this program Is re-
allied.
1T cannot over emphasize the neces-
sity OF economy in government appro-
priattons and expenditures and the
avoidance by the congress Of practices
which take money from the treasury by
indefinite or revolving fund approprla-
"The estimates for the present year.
show that over a billion dollars OF eI-
penditurcs were authorized by the hast
congress In addition to the amounts
shown in the usual compiled statements
of appropriations.
Advocates SPECIFIC Appropriations.
This strIkinEly illustrates the I'm
portance Of making direct and specific
appropriations. The relation between
the current receipts and current expend-
itures Of the government during the
present fiscal year. as we'll as during the
last half of the last fiscal year. has been
disturbed by the extraordinary burdens
thrown upon the treasury by the trans
portation act in connection with the re-
turn of the railroads to private control.
over $500 Don. 900 has already been paid
10 the railroads under the act-S35O.OO0.-
900 during the present fiscal year: and
Il Is estimated that further payments
aggregatinS possibly $65O.oo0,0OO must
still be made to the railroads during the
current year. It Is obvious that these
large payments have already seriously
limited the governments progress in re-
firing the floating debt.
Tax Simpltncation Urged.
CLOSELY connected with this. It seems
to me- is the necessity for an immediate
consideration OF the revision OF our tax
laws. Simplifcation Of the income and
profits taxes has become an immediate
necessity. These taxes performed an In
dlspcnsable service during the war. Tho
need for their simplification. however,
is very great In order TO save the tax
payer Inconvenience and expense and In
order to make his liability more certain
and definite. Other and moro detailed
Recommendations with regarl to taxes
will no doubt be laid before you by the
secretary OF the treasury and the COM
missioner Of internal revenue;
Aid for Disabled soldiers.
1T Is my privilege to draw to the
pathetic consideration the problem Of
providing adequate facilities for the care
and treatment Of former members or
the military and naval forces who are
sick OF disabled as the result Of their
participation in the war. These heroic
men can never be paid In money Tor
the service they periodically rendered
the nation. Their reward will lie rather
In realization OF the fact that they vim
dictated the rights Of their country and
aided In safeguarding civilization. The
nations gratitude must be effectively
provision for their medical care and
;rea tment' as we'll as for their vocational
training and placement. Tho time has
come when n more complete program
can be formulated and more satiSfac-
torily administered for their treatment
and training, and ] earnestly urge that
the congress give the matter Its early
consideration. The secretary OF the
treasury and the board for vocational
education will outline in their annual
reports proposals covering medical care
and rehabilitation which I am sure will
engage your earnest study an1 command
your most generous support.
Urges limiting Storage.
Permit me tp emphasize once more
the need for action upon certain mat
ters upon which dwelt at some length
in my message to the second session
Of the siNty-sixth congress: The neces-
sity. for example. Of encouraging the
manufacture OF dyestutfs and related
chemicals: til" importance Of doing
everything possible to promote agrt-
cultural production along economic
lines. to Improve agricultural market
ing and To make rural life more attrac-
tive and healthful: the need for a law
regulating cold storage in such way
as to limit the time during which goods
may be- kept in storage. prescribing the
method Of diSposlnH of them if KEEP;
beyond the permitted period. and reQuir-
ing goods released from storage in all
cases being the date for their receipts.
1T would Also be most SerYicea BILE IL