Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1920-07-29
INCOME FOR YEAR
TOPS i. s. EXPENSE
Over Billion Is Cut From Public
Debt, Treasury Reports.
EXPECT A NEW REDUCTION
Statement Covering Operations Of the
Government for Fiscal Year Ended
June 80 Is Issued by Sec
rotary Houston.

" aSnluStOu, July LI.-1uc SoNcIH-
ment's income for the fiscal year end
ing June 80, exceeded its expenses for
the first time in three years, Secretary
Houston declared in a statement in
which he announced 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,-
221 ,547, the more important change,
treasury officials said, was the cut
ting of S1,1S5, 1S4, 692 from the gross
public debt during the year. The ms
ton debt aggregated S24, 299, 321, 467
on June 80 and So, 484, 5O6, 100 year
previously, but in the meantime the
obligations Of the nation had mounted
to their highest point-S26, 500, 7O1 ,64S
on August 31-due to- the operations
incident to the handling of maturities
of treasury certificates Of indebted
ness. Thus, a reduction Of S2,297,-
3SO1SO from the peak is shown.
Receipts Total $500 ,565, 1888.
Outside of the transactions involv-
ing the gross debt, treasury receipts
for the year aggregated S6,694, o65,-
3SS. while expenditures tOtaled So, 4O3,-
343,S41. The statement revealed, how
ever, that the surplus was due large
ly to a partial liquidation Of the as
sets of the war finance corporation.
Exclusive of the special income from
that source, there was a deficit OF
ST. ,S79,O72 in the actual handling of
income and expenditures.
"The operations incident to the
handling of the maturities Of treasury
certificates from June 10 to July 10,
have now been cOmpleted,' the state
ment said, "and have resulted in fur
Their 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 IS $24,29S,321,-
467 as against $50, 484, 500, 100 at the
end of the previous fiscal year on June
80, 1919 and S26,596, 7O1, 64S on Aug
ust 81, 1919, when the gross debt was
at it's peak.
Deduction Of $2,2e7, $50, 1870.
In other words, the gross debt on
June 80, 1920, has been reduced by
81, 297, $50, $780, from it's peak on Aug
ust 81, 1919, and by $1,1S5, 184,692
from the figure on June 80, 1919. On
July 20, 1920, on the basis Of daily
treasury statements, the gross debt
amounted to 24,264, 800, 321, showing
further reduction Of about $350OO,-
900 after taking into account the SOL
O61 800 face amount of treasury GER
tifcates issued under date of July 10.
The floating debt Qoan and tax GER
tificates unmatured) on June 80, 1920,
amounted to 81, 4S5, So, 500, as against
Sc, 267, S7S, 800 at the close of the previ-
Gus fiscal year on June 80, 1919, and
$685., 225, 900 on August 81, 1919. On
July 20, 1920, the loan and tax GER
tificatcs outstanding amounted to ~
453 946, 800, showing a 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 1922, 100000,
and the issue Of loan and tax cert1t1-
Gates dated July Is, in the amount of
some 1901 100000.
New Treasury Issues Planned.
Further issues of treasury certi1l-
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 in 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-
tainable. While as the result OF new
issues of treasury certificates in the
intervals between the large income
and profits tax installments, there may
be temporary increases in both gross
debt and floating debt the treasury
expects, though it is Impossible to
speak positively, that both gross debt
and floating debt will, during the first
two quarters of the current fiscal year,
he reduced below the figures Outstand-
ing on June 80, 1920, and that unless
additional burdens should be imposed
nv LEGISLATION there will be an i'm
nortant further reduction in the last
4xx,o o,,ortarc of tho fiscal wear"