The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1920-12-08

may have shown themselves in our
own national life will afford the most
effectual offset to the forces of chaos
and tyranny which are playing so dis
astrous part in the fortunes of the
free peoples of more than one part of
the world. The United States is of
necessity the sample democracy of the
world, and the triumph of democracy
depends upon its success.
Serviceable Acts of Legislation
Recovery from the disturbing and
sometimes disastrous effects of the late
war has been exceedingly slow on the
other side of the water and has given
promise, venture to say, of early
completion only in our own fortunate
country; but eve nwith us the recovery
halts and is impeded at times and
there are Immediately serviccablc acts
of Legislation which it seems to me
we ougth to attempt, to assist that
recovery and prove the indcstructiblc
recuperative force of great govern
mcnt of the people. One of these is
to prove that great democracy can
keep house as successfully and in as
buslness-like fashion as any other
government. 1t seems to me that the
first step toward proving this is to
supply ourselves with a systematic
method of handling our estimates and
expenditures and bringing them to the
point where they will not be an un-
necessary strain upon our income or
necesstate unreasonable taxation; in
other words, a workable budget says
tenn, and | respectfully suggest that
two elements are essential to such a
system; namely, not only that the pro-
posal of appropriations should be in
the hands of single body, such as
single appropriations committee in
each house of the Congress and also
that this body should be brought into
such cooperation with the departments
OF the government and with the treas
ury of the United States as would
enabel it to act upon a complete con-
spectus of the need of the government
and the resources from which it must
draw its income. / reluctantly vetoed
the budget bill passed by the last
session Of the Congress because of a
constitutional objection. The House of
Representatives subsequently modified
the bill in order to meet this objcc-
ton. In the revised form believe
that the bill could with action al
ready taken by the Congress to revise
it's rules and procedure, furnishes the
foundations for an effective budget
system. | earnestly hope, therefore,
that one of the first steps taken by
the present session of the Congress
will be to pass the budget bill.
The nations finances have shown
marked improvement during the past
year. The total ordinary receipts of
$6,694, 100000 for the fiscal year 1920
exceeded those for 1919 by $1,542,-
100000 while the total net ordinary
expenditures decreased from $18,514,-
100000 to $6,403, 100000. The gross
public debt, which reached it's highest
point on August 81, 1919, when it was
$26, 500, 100000 had dropped on Novem
Der 80, 1920, to $24, ,i75 100000 There
has also been Il marked decrease in
holdings Of government war securities
by the banking institutions of the
country as well as in the amount of
bills held by the federal reserve banks
secured by government war obliga-
tions. This fortunate result has re-
licved the banks and left them frccr
to finance the needs Of agriculture, in
dustry and commerce. 1t has been due
in large part to the reduction of the
public debt, especially Of the floating
debt, but more particularly to the inn
proved distribution of government Sc
curltlcs among permanent investors,
The cessation of the governments
borrowings, except through short
term certificates Of indebtedness, has
been a matter of great consequence to
the people of the country at large, as
well as to the holders of Liberty bonds
and Victory notes, and ha shad an i'm
portant bearing on the matter Of cf-
fcctivc credit control. The year has
been characterized by the progressive
withdrawal Of the treasury from the
domestic credit market and from a
position of dominant influence in that
The future course will ncccs-
sarily depend upon the extent to which
economies are practiced and upon the
burdens placed upon the treasury, as