The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-12-07


year has been characterized by the |
progressive withdrawal of the treas |
ury from the domestic credit market |
and from a position of dominant in |
iluence in that market. The future !
course will necessarily depend upon !
the extent to which economies are |
pracQced and upon the burdens placed |
upon the treasury as well as upon
industrial developments aud the MAIN
tenanco of tax receipts at suffi-
ciently high level.
The fundamental fact which at
present dominates the governments fl
nancial situation is that seven and
half billions Of its war indebted
ness mature within the next two and
a half years. OF this amount, two
and a half billions are floating debt
and five billions victory notes and
war savings certificates. The fiscal
program Of the government must
be determined with reference to these
maturities. Sound policy demands that
the government expenditures be re-
duced to the lowest amount which will
efficiently and that government re>
ceipts from taxes and salvage be
maintained sufficiently high to pro-
vide for current requirements, includ-
ing interest and sinking fund charge
on the public debt and at the same
time retire the floating debt and part
With rigid, vigorous salvage operations
and ndpnnQtn from faxnfiOn
surplus Of current receipts over
current expenditures can be released
and should be applied to the floating
debt. All branches of the government
should cooperate TO see that this
program is realized. / cannot over
emphasize the necessity of economy
in government expenditures and prac-
tees 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 expenditures were
authorized by the last congress in ac-
cordance with the amounts showed in
annual compiled statements of APP
preparations.
This strikingly illustrates the inn
portance of making direct and spe-
ciflc appropriations. The relations be-
tween the current receipts and current
expenditures Of the government during
the present fiscal year as well as dur
ing the last hau of the last fiscal
year has been distributed by the ex-
traordinary burdens thrown upon the
treasury act, in accordance with the
return of the railroads 10 private
control. Over $500, 100000 has already
been paid upon the railroads and this
act-s350, 900 900 during the present
fiscal year; and it is estimated that
further payments aggregatng approx
imately $3.50, 900 900 must still be made
to the railroads during the current
year. 1t is obvious that these large
payments have already seriously linn
tied the governments progress in re-
firing the floating debt.
Closely connected with this, it seems
to me, is the necessity for an imme-
diate consideration Of the revision Of
our tax table.
Simplification of the income and
profits taxes has become an immedi-
ate necessity. These taxes performed
an Indispensable service during the
war The need for their simplfica-
tion. however, is very great, in order
10 save the tax payer inconvenience
and expense and in order to make
his liability more certain and definite.
Other and more detailed recommended
tions with regard to taxes will no
doubt be laid before you by the secre-
tary Of the treasury and the commits
sioner of internal revenue.
1t is my privilege to draw to the
attention of congress for every SYM
pathy consideration the problem Of
providing adequate facilities for the
care and treatment oil former members
of the military and naval forces which
are sick or disabled as result OF
their participation in the war.
These heroic men can never be paid
in money for the service they pa
triotically rendered the nation. Their
reward will lie rather in realization
Of the fact that they vindicated the
rights OF their country and aided In
safeguarding civilization. The nations
gratitude must be effectively revealed
To them by the most ample provision
for their medical care and treatment
as well as for their vocational train
ing and placement. The time has
come when a more complete program
can be- formulated and more satisfac-
torily 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 for vocational education will
outline in their annual reports pro-
posals covering medical care and re-
habil,ation, which l am sure will en-
gage your earnest study and COM
mand your most generous support.
Permit me TO emphasize once more
the need for action upon certain mat
tcrs upon which | dwelt at some
| length In my message To the second
session OF the sixty-siXth congress.
! The necessity for example, of encour-
aging the manufacture Of dye-stuffs
and related chemicals; the Importance
Of doing everything possible to pro-
mote agricultural production along
economic lines, to improve agrcultur-
al marketing and to make rural life
more attractive and healthful; the
need for law regulating cold stor-
age In such way as to limit the
time during which goods may be
kept In storage. prescribing the meth
cd of dsposing of them IL kept be-
yond the permitted period and requir-
| ing goods released from storage In