New Britain herald., 1920-12-07

late war has been exceedi
 on the other side of the
 has given promise, I ventu
 of early com pletion only irl
 fortunate country; but eve
 the recovery halts and is |
 times and there are imme(
 iceable acts of Iegislation
 seems to me We ought tc
 to assist that recovery and
 indestructible recuperatkve
 great government of the ped of these is to prove that
 democracy can keep house q fully and in as business-Hk ion as any other governmel
 Expenses Vs. IncOm
 "It seems to me that the
 towards proving this is t ourselves with a systematic
 handling our estimates and lures and bringing them to
 where they will not be an sary strain upon our incomei sitate unreasonable taxationI words a workable budget syI I respectfully suggest that ments are essential to such namely, not only that the Fl appropriations should be in. of a single body, such as 8 propria tions committee Il house of the congress, but this body should be brought cooperation with the del O. the government and treasury of the United S would enable it to act upol plete conspectus of the neel government anc the resouI which it must draw it's ir| reluctantly vetoed the bud passed by the last session of gress because of a constitls jection. The house of repre- subsequently, modified the. order to meet this objection revised form I believe that coupled with action alreaa by the congress to revise it's
 procedure. furnishes the .fo for an effective national bu tenn. I earnestly hope, there one of the first steps taken present session of the com be to pass the budget bill.
 Finances Show Improves
 The nations finances ha, marked improvement during year. The total ordinary rs $6.694,000,000 for the ifs. 1920 exceeded those for 191 542,0O0,000, while the tota dinary expenditures decreas, $1S.514,000,000 to $6,40; The gross public debt, which its highest point on 31 Augi when it was $26, ,596,OgO dropped on November 30, SPA, ,175, 100000. There has s a marked decrease in hol government war securities banking institutions of the as well as in the amount Of by the federal reserve banks by government war obligatic fortunate result has reliey banks and left them freer te the needs of agriculture, and commerce. It has been large part to the reduction public debt, especially of the debt, but more particularly improved distribution of gov among permanent il The cessation of the govel borrowings except througl term certificates of indebtedr been a matter of great cons to the people of the country !; as we'll as to the holders of bonds and Victory notes, and an important bearing on the of effective credit control. 1T has been characterized by tl gressive withdrawal of the , from the domestic credit mar n that market. The future cou necessarily depend upon the el which economics are practic ipon the burdens placed upC treasury, as we'll as upon in and the mainten ax receipts at a suffic1entl evel.
 $7,5OO,OOO,OOO Indebtednc.
 The fundamental fact wh present dominates the gover! financial situation is that sey half billions of it's war indeb nature within the next two ano ears. Of this amount, two ana illions are floating debt and 1 ions Victory notes and War edtifcates. T.e fiscal progl he government must be dete 7ith reference to these mat ound policy demands that tn rnment expenditures be redu he lowest amount which will he various services to operat, ,ntly and that government r rom taxes and salvage be mair high to provide for ( including intere.
 tContinued on Ninth Fage