The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-12-07
Text President Wilson ,SAnnuaI
Message on State of Union

federal reserve banks secured by GOV
eminent war obligations, This fortu-
nate result has relieved that banks and
left them freer to finance the needs
of agriculture, industry and commerce.
II has been due in large part TO the
reduction OF the public debt, especially
of the floating debt, but more paru-
cularly to the improved distribution
Of government securities among per-
manent investors. The cessation of the
borrowing except through
short term certificates OF Indebted
ness has been "a matter OF great con-
sequence TO the people OF the country
at large, as well as To the holders OF
liberty bonds and victory notes, ana
has had an important bearing ON the
matter Of effective credit control.
THE year has been characterized by
the progressive withdrawal OF the
treasury from the domestic credit
market and from position OF dominant
influence In that market The future
course win necessarily depend upon
the extent TO which economies are
practiced and upon the burdens placed
upon the treasury, as well as upon IN
dustrial developments and the main
tenance OF tax receipts at sufficiently
high level.
War indebtedness.
THE fundamental fact which AZ
present dominates the governments
financial situation is that seven and
half billions OF Its war Indebtedness
mature within the next two and half
years. OF this amount two and n hair
billions are floating debt and Ave bill
lions victory notes and war savings
certincaten. The fiscal program OF the
government must be determined with
reference to these maturities. Sound
policy demands that government ex-
penditures be reduced To the lowest
amount which will permit the various
services TO operate efficiently. ana that
government receipts from taxes ana
salvage be maintained sufficiently high
including interest and sinking fund,
charges on the public debt, and at the
same time retire the nonting debt nnd
part OF the victory loan before ma
turity with rigid economy. vigorous
salvage operations and adequate revc-
nues from taxation. n surplus OF cur
rent receipts over current expenditures
can be realized and should he applied
to the floating debt, All branches OF
tho government should cooperate to
see that this program iE realized.
Stresses Economy,
~ cannot over emphasize the nee
essity Of economy In government APP
proprlations and expenditures and the
avoidance by the congress OF practices
which take money from the treasury
by indefinite or revolving fund appro-
prlntions Tho estimates for the pres
ent year show that over billion dol.
lars Of expenditures We're authorized
by tho last congress In addition TO the
amounts shown In the usual comntlcd
statements of appropriations. This
strlkinglv illustrates the Importance OF
making direct and specific npproprin-
tions, The relation between the cur
rent receipts and current expenditures
Of the government during the present
fiscal year, ms well as during the last
half OF the last fiscal year, has been
disturbed nv tho extraordinary burdens
thrown upon the treasury by the trans
portation act In connection with the
return Of the railroads to private con
troll Over $500 600 900 has already boon
paid TO the railroads under this act
saSO 900 900 during the present hscal
year, and Il II estimated that further
payments aEErcRatinR possibly Sbou.
900 900 must stlll he made 10 the raj!
obvious thnt these large payments have
already seriously limited the govern
ment's progress in retiring the floating
debt, s-.a4y4 i.-.s -......- -.
~ Revision OF Tar. Laws, n :
Closely connected con es.s W,th d thu. , ysns
diate consideration Of tho revtsnn OF
our tax laws. slmplihcation Of the In
come and profits taxes Inns become nm
necessity. 1Tfese taxes per-
formed an Indispensable service during
the war The need for their simplinen-
ton. however, Ia very great in order
to save tho taxpayer inconvenience and
expense and In order 70 make his Ia
hility more certain and definite Other
and more detailed recommendation
with regard TO taxes win. no doubt be
laid before you by the Secretary Of the
treasury and the commissioners OF III
ternal revenue,
Behalf Disabled Soldiers.
at is my privilege to draw TO the
attention Of congress for very Hympa-
a. 81 Iaw NiAt4 nf n
viding adequate facilities for the care
and treatment OF former members OF
the military and naval forces who are
sick ar disabled ms the result OF their
In the war These heroic
mon can never be paid in money for
tho service they pairio,icallv rendered
the nation. Their reward will lie rather
In realization Of the fact that they vim
dicnted tho rights Of their country ana
aided In safeguarding civilization. the
nations gratitude must be enecnVeiy
revealed TO them by the most ample
provision for their medical cnre nnh
treatment. M well M for their voca-
tlonal training and placement, the
time has come when n moro complete
program onn he formulated and more
administered for their
treatment and training. and | earnestly
urge that the congress give the matter
its early consideration. The secretary
OF the treasury and the board Tor Vocn-
tional education win outline In their
annual reports pronnsals covering med
icnl care and rehabilitation, which am
sure will engage your earnest study
and command your most generous sup
port.
Industry. Commerce,
Permit me to emphnslZe once more
the need for action upon certain mat
tiers upon which ! dwelt NJ some length
in my message 10 the second session
~ the sixty sixth congress; N"
necessity. for example, of encouraging
tho manufacture Of dyestuffa ana re-
lated chemicals: tho importance Of do
ing everything possible 10 promote
agricultural production along economic
lines. To improve agricultural market
ING and 70 make rural HE more nj
tractive and henlthful; the need for n
law regulating cold storage IN such =
way M to limit the time during which
goods may be kent In storage, pre-.
scrlbInR the methods ~ dlsposinr ~
them II kept beyond the permitt"i
period. and requiring goods relcnsth
from storage In nil cases 70 hear tho
date OF their receipt n would also be
most pervlcenhie II II were provided
that all goods released from cold Etor'
are for interstate shipment should have
plainly marked upon each package the
selling or market price AZ which they
went into storage, In order that tho
+, rchaser might he able 10 learn what
profits stood between him and the PRO
Queer or the wholesale dealer. Indeed.
n would be very Hervic"ahlc 10 the
public n all goods destined for inter
q ate commerce were made TO carry
ipon every packing case whose form
n ade II possible. plain statement 81
the price NJ which they loft the hnnds
~ tho producer. 7 respectfully eau
your attention. also. 10 the recnm-
mendationN ~ the message referred 70
with regard 10 a federal license for all
corporations engaged In interstate com
morCc.
Not Privilege At Present.
IN hrici the immediate Legislative
t,ed OF the time il the removal 81 all
obstacles TO the realization Y the best
ambitions 81 our people In their sew
raj classes Of employment and tho
STRENGTHENING Of all inHtrnmcutaliticH