New-York tribune., 1920-09-29

proved q colossal failure were at not
for the power which 1t possesses to
take from the pockets of the people
unlimited moneys to renew the lavish
stream which flows from it's treasury.
Loan Would Increase Burden
"Not only are we not living within
our means in spite Of an almost un-
bearable burden Of taxation, but we
are constantly adding to our public
Indebtedness and thereby passing ON
to our children a constantly growing
obligation to be met by an ever
increasing exaction from the re-
sources Of the people.
"The most recent suggestion for
increasing this burden Of debt is that
the Secretary of the Treasury contem-
plates putting out a new loan in a
series ., OF notes aggregating about
S400,000,000. 1t is to be offered in
the form Of Treasury certificates bear
ing interest at 5M and per cent.
"The Secretary accompanies his an
nouncement of this loan to the banks
with a circular letter in which he re-
veals some very interesting informa-
tion respecting the financial condition
Of the Treasury. This information, to
be exast, is that in the first two months
of the current year-that IS, the
months of July and August-our ex-
penditures exceeded our receipts by
the enormous sum or $125,305.71
The receipts Of the government during
those two months approximated
s62s, ,767, ,191.13 and its expenditures
$754,o72, ,9o1.76.
Expenditures Exceed Income
"The secretary's letter further in
dicates that, Notwithstanding the opti-
mistic predictions Of the Administra-
tion a few weeks ago that the peak Of
the national debt had been passed, the
national debt in fact was materially
increased during these two months. On
August 81 the debt was $24,324, ST.,
1923, as against $24,299,321,4 ,467 on June
30.
Thus we stand, nearly two years
after the close of the war, with our
expenditures still exceeding our in
approximate a billion dollars a year,
and with our national debt increasing
instead of decreasing.
pursuing figures little further, we
discover that, while the Administration
is creating a deficit at rate which
approaches a billion dollars a year
but for a Republican Congress the
deficit would be more nearly three
billions than one.
at is a matter of record that the
present Democratic Administration re-
quested Congress to appropriate for it's
purposes during the current fiscal
year. the enormous sum Of $5,685,812,-
92s.
Republican Congress Effected Saving
"a Republican Congress, after an in
vestigation of these demands, appro.
priated $4,373,395,279, thereby effect
ing saving for the taxpayers Of more
than $1,312, 100000 This same Con-
gress, at the special session immedi-
ately preceding, denied requests of the
Democratic Administration for exces-
sive appropriations aggregating more
than 1855 100000.
"Where would we be to-day if it had
not been for this Republican Congress
which in the space of less than two
years has reduced appropriations by
billions Of dollars while the Democratic
Administration which sought these
enormous sums has been spending
money at the rate of billion dollars
year beyond the amounts actually
appropriated by Congress?
"ln the face of these facts, our op-
ponents have had the temerity to
charge the Republican Congress with
extravaganza. Passing the obvious
conclusion that if our appropriations
were too large, Democratic expendi-
lures greatly exceeding them must be
utterly inexcusable, what shall be said
Of the demands of the Administration
for appropriations vastly exceeding
either what we authorized or what thew
spent?
IF the appropriations made by the
Republican Congress may be fttingly
cheracterized As 'cxtravagant.' where
shall we find an adjective with which
to- characterize the demands of the
Administration for sums exceeding
them by almost three billion dollars?
Reasons for Deficits
ut has become imperative for us
to inquire into the reasons for these
tremendous deficits, these requests for
enormous appropriations and this
present necessity for the government
to go into the open market and com
pete with legitimate private business
for money at high interest rates.
"1t is obvious that when the govern.