The Bridgeport times and evening farmer., 1920-04-30
MUST BE STRICT
 \ CONTROL HELD
 OVER BANK CREDIT
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(Continued from Page One.) provide them from our savings. If we are incapable or too irresponsible to accomplish this we must submit to paying for the unsaved balance by imitation. That would prove, as we have seen, a wastefuI and highly re- grettable alternative, but it is easier for us to bear the sacrifice than for Europe"
 Increase of government indebted ness must be arrested, MT. Warburs said, and national budgets must be balanced by reduction of expenditures and decrease of revenues
 ''The inordinate demand for things anust be met by increased production and by greater moderation in the ex- trava gant consumption of goods," he continued. Banking imitation must be combatted by an earnest attempt to re-establish and preserve the healthy check Dlaced upon us by a conscientious observance of our gold obligations, which implies stricter control over bank loans and greater effort to liquidate by savings sexcessive commercial and governmental loans. |.
 Prediction that Italy will be the fist big contin rental country in Europe to reach the balance of her budget, was made by Professor B. At tolico, Italian ommissioner general for finance to the United States. He said data and facts at present availa- ble fully warrant that execution. Since the arrnistice, he asserted, the Italian commercial balance is improving most encouragingly, and he read statistics bearing out his contention.
 The government of the United States ''is deadlocked against itself, ? of ASc ic+a mi Secretary Leff1ngwell of the Treasury declared. Failure of the government to deal in a constructive way with any one of the vital national problems he attributed largely to the fact that the government is divided against it. sc1f''
 "It is at least questionable" MT. LeffingweH continued, whether the progress of reaction would have been so complete or so disastrous if our institutions had not given this coun- try, during the most critical period of the worlds history, a government df- Vided against itself and therefore in- capable of effective leadership in na- tional or international affairs.
 'tAt this most critical moment in the history of Europe, when our financial and economic stake in Euro ope's affairs is so great that disaster lneIe COuIu IilSdh OIlly OlSdSISI 1AC1 S many of our people have turned gam blers and wasters.
 'F'or plain living and high thinking we have substituted wasting and bick- erine We enjoy high living while we s.umbIe at the high cost of 1iv- ing.''
 There is only one remedy, MT. Lefingwen said. The nation must get together, stop pickering and face the critical situation which confronts the world as we should a foreign war"
 Government expenditures "must be cut to the quick" he said, and "we must abjure bonuses and realize promptly on all saleable war assets including ships, applying the pro ceeds to the war debt. He argued fOf a national budget with teeth in it'' and urged prompt revision of present tax laws.
 Mir. LeffingweI1 assailed the govern ment's administrative policy as "pen- nywise and pound foolish,'' rcciting how "congress had struggled to effect economies at the expense of efficient administratiop while it takes time tc add $65,0 0,000 to civil war pen Sions."
 ''Instead of telling the people FSNAS prices are high because they are wasting, we fix prices and prosecute profteers in order that the people may buy more and pay less. Instead of telling the young men who wer' drafted to fight the war and wht came back better and stronger anC more fit to fight heir own battles thar they ever werH before, to go to wori and save their money and look ou for themselves as any self-respectins man should. we listen complacently tt their organized demands for a bonus euphemistical1y called adjusted com peusaton."
 While saying that the liberty 1oar campaigns stand oGt as the "most re markabie economic achievement O any people," MT. Beffingwen fearel that the Sood which had conn through thenl-training of a nation tt work and to save-was about to b. lost. He declared too many peopl had como to regard fifty dolla bond as a fifty dollar bill"