Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-12-07
WILSON POINTS
WAY TO CONGRESS



which are unquesttonably just and which
| are equal IN their enthusiastically WIS
which secure It's full right to labor and
yet at the same time safeguard the in
! tegrlty of property and particularly OF
that property which is devoted to the
/ development of industry and the increase
/ OF the necessary wealth of the world.
! Second by standing for right and Jus.
! t1ce toward individual nations. The law
! of democracy is for the protection OF
| the weak and the influence of every
democracy in the world should be for the
protection of the weak nation, the nation
which is struggling toward its right and
toward it's proper recognition and priv
ilege in the family of nations.
/ The United States cannot refuse this
/ role Of champion without putting the
stigma of rejection upon the great and
devoted men who brought its govern
ment into existence and esta bished II
in the face OF almost universal opposi-
/ ton and intrigue even in the face of
the orders in council of Great Britain
and the arbitrary Napoleonic DEGREES
which involved us in what we know as
the War of 1912.
l urge You to consider that the dis
play of an immediate disposition on the
part of the Congress to remedy any in
justices or evils that 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 disastrous a part In the for
tunes 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
4 depends upon its success
/ 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, l venture to say Of early com
pletion only in our own fortunate coun-
try, but even with US the recovery halts
and is impeded at times and there are
Immediately serviceable acts of legisla-
/ ton which It seems to me we ought to
attempt 70 assist that recovery and prove
J the indestructible recuperative force OF q
/ great government OF the people.
/ One OF these is to prove that great
! Democracy can keep house as success
fully and in as business-Nke fashion as
any other government
/ It seems TO me that the first step to-
ward proving this Is to supply ourselves
I with Il systematic method Of handling
our estimstes and expenditures and bring
/ ing them 20 the point where they Will
not be an unnecessary strain upon our
income or nccessitate unreasonable tax
alton In other words, n workable budget
system. and | respectfully suggest that
two elements are essential to such q
n
posil Of appropriations should be iu the
hands Of q single body such as single
appropriations committee IN each House
OF the Congress, but also that this BODY
should be brought into such cooperation
with the departments Of the government
and with the treasury Of the United
States "a would enable IL to act upon a
complete conspectus Of the needs Of the
government and the resources from
which 10 must draw its income.
20 nor
passed by the last session OF the Con-
cress because OF a constitutional objec-
uon, The House OF Representatives SUB
sequently modified the bin In order 20
meet this objection. In the revised form
I believe that the bin. coupled with nc
ton already taken by the Congress 20 re-
wise its rules and procedure. furnishes
the foundations for an effective national
budget system.
MARKED IMPROVEMENT
IN NATIONS hIGUkEs
The Nations finances have shown
marked Improvement during the past
year The total ordinary receipts OF
So Gq4 600 goo for the fiscal year 1920 eN-
cecded those for 1919 by Sl,5}@,OOOO 900,
while the total net ordinary expenditures
decreased from S1S.5I4. 600 900 to $6,403.
100000. The gross public debt, which
reached It's highest point In August, 1912,
when it was S2baJb 900 900, had dropped
by November. 1920, to S24 IT'S 600 900.
I'm holding ~ Government war securities
bv the banking institutions OF the coun-
try as well ia the amount OF bills held
by the Federal reserve banks secured by
Government war obligations.
This fortunate result has relieved the
banks and left them freer to finance the
needs Of agriculture, Industry and com
MERGE II has been due In large part TO
the reduction Of the public debt, especial
Iv Of the floating debt, but more par
ticularly to the improved distribution Of
Government securities among permanent
The cessation Of the Governments Dor
royvings except through short term Ger
tidcatcs of Indebtedness, has been mat
ter Of great consequence to the, people
~ the country At large, as wei as 10
The holders ~ Liberty bonds and Vic
tory notes, and has bad an important
bearing on the matter Of effective credit
control.
The year has been characterizcd by
the progressive withdrawal ~ the treas
ury from the domestic credit market and
from a position Of dominant influence Ia
that market.
Tho future course will necessarily
depend upon the extent to which
economies ARE practiccd and upon the
burdens placed upon the treasury rs
well as upon industrial developments
and the maintenance Of tax receipts ut
a sufficiently high level.
Tho fundamental fact which NJ present
uation is that seven and a half billions
Of It's war indebtedness mature within
the next two ana a half years. OF this
amount two and a half billions are float
ing debt and five billions Victory notes
and War Savings certificates.
The fiscal program or the Government
must be determined with reference TO
these maturities. Sound policy demands
that Government expenditures be re-
duced 10 the lowest amount which viii
permit the various services TO operate
efficiently and that Government receipts
from taxes and salvage be maintained
sufficiently high to provide for current
requirements, including interest and
sinking fund charges on the public debt
and AZ the same time retire the floating
debt and part Of the Victory loan before
maturity.
with rigid economy, vigorous sal
wage operations and adequate reve-
nues from taxation, surplus Of cur
rent receipts over current expendi-
lures can be realized and should be
applied to the floating debt All
branches Of the Government should
cooperate to see that this program is
realized
URGENT NEED
FOR ECONOMY.
I cannot over-emphasize the neces-
sity of economy In Government ap-
prOprlations and expenditures and
the avoidance by the Congress OF
practices which take money from the
treasury by Indefinite or revolving
fund appropriations.
The estimates for the present year show
that over "A billion dollars Of expendi-
lures were authorized by the last Con-
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