The Hays free press. [volume] (Hays, Kan.) 1908-1924, 1920-12-16
DEGREES which involved US in what We
know as the war of 1872
Sample Democracy of World.

DEGREES which involved US in what We
know as the war OF 1872.
Sample Democracy of World.
urge you to consider that the dis
play OF an immediate disposition on
the part of congress TO remedy any in
justices or evils that may have shown
| themselves IN our national life will
afford the most effectual Offset to the
forces of chaos and tyranny which are
playing so disastrous a part in the
fortunes OF the free peoples of more
than one part of the world. The
United STATES is Of necessity the sam
pie democracy Of the world, and the
triumph of democracy 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, I venture TO say, OF
early completion only in our own for
tunate country; but even with US the
recovery halts and is impeded at times,
and there are immediate serviceable
acts of legislation which, it seems TO
me, we ought to attempt to assist that
| IOGONSIy anu DEONG luG lAQCS(L
recuperative force of a great govern
ment of the people. One Of these is
to prove that a great democracy can
keep hope as successfully and in as
| busineSs-like a fashion as any other
government. 1T seems to me that the
| first step toward proving this is to
| supply ourselves with a method OF
handling our estimates and expendi-
| lures, and bringing them to the point
where they will not be an unnecessary
| strain upon our income or necessitate
| unreasonable taxation: in other words.
| a workable budget system, and I sug-
| gest that two elements are essential
| to such a system-namely, not only
| that the proposal of appropriations
| should be in the hands Of a single
body. such as a single appropriations
committee in each house of the con-
| gress. 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 would enable 1T to act upon
a complete conspectus of the needs of
| the government and the resources from
| which it must draw it's income
I reluctantly vetoed the budget bill
passed by the last session of the con-
| gress because of a constitutional ob1ec-
! ton. The house of representatives
subsequently mOOlH0C the Jill III
| to meet this objection. In the revised
| form I believe that the bill. coupled
| with action already taken by the con-
gress to revise its rules and procedure,
| furnishes the foundations for an effec-
| tive national budget system I ear
nestly hope. therefore, that one of the
| first steps taken by the present session
| of the congress will be to pass the
| budget bill.
Marked Gain In Finances.
| The nations finances have shown
marked Improvement during the past
| year. The total ordinary receipts of
/ S6,69400O. for the fiscal year 1920
| 600. while the total net ordinary ex-
penditures decreased from 1854. 000.-
| 900 to $6.403 100000 The gross public
debt, which reached It's highest point
| on Aug. 81, 1919, when it was $26, 1885,
| 100000, had dropped on Nov. 30, 1920,
| to $24.175. 00e. 600 There also has been
a marked decrease In holdings of gov
| eminent war securities by the banking
| institutions of the country, as well as
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
| commerce It has been due in large
| part to the reduction of the public
| debt, especially of the floating debt,
but more particularly to the improved
distribution Of government securities
| among permanent investors. The ces-
| sation 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, well as to the
| holders of Liberty bonds and Victory
| notes. and has had an important bear
| ing on the matter of effective credit
| control
| The wear has beAr cbara cferizo6 ~, $ba
! progressive withdrawal of the treasury
from the domestic credit market and
from a position of dominant influence in
| that market. The future course will nee
| essarily depend upon the extent to which
| economies are practieed and upon the
burdens placed upon the treasury, as well
as upon industrial development and the
| maintenance of tax receipts at q suf-
fciently high level
Big Bond Issue TO Mature.
The fundamental fact which at present
| dominates the governments financial sit
uation is that $7.5O0,0O0.OO0 Of its war in
| debtedness natures within the next two
and half years. OF this amount $780,
| 100000 are floating debt and 5000 600 600
| victory notes and war savings certificates
1 The fiscal program of the government
| must be determined with reference to
| these maturities. Sound policy demands
| that the government expenditures be re-
| permit the various services to operate
eficiently and that government receipts
from taxes and salvage be maintained
| sufficiently high to provide for current
requirements, including interest and sink
ing fund charges the public debt, and
| at the same time retire the floating debt
and part Of the victory loan before ma
| turity
With rigid economy, vigorous salvage
| operations and adequate revenues from
| taxation, q surplus Of current receipts
over current expenditures 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.
cannot overemphasize the necessity
| of economy in government appropriations
| and expenditures and the avoidance by
the congress of practices which take
| money from the treasury by indefinite or
revoIving-fund appropriations. The esti-
mates for the present year show that
over a billion dollars OF expenditures were
authorized by the last congress in addI-
ton to the amounts shown in the usual
compiled statement Of appropriations
Specific Appropriations Urged.