Arizona republican., 1920-12-08

| the matter or et1ectlEe creQlI COnlfoi' The year has been characterized by l the progressive withdrawal of the treasury from the domestic credit mar ket and from a position of dominant in
 fluence in that market. The future |
 course will necessarily depend upon the extent to which economies are prac- |
 ticed and upon the burdens placed
 upon the treasury, as we'll as upon m
 dustrial developments and the mainte-
 nance Of tax receipts at sufficiently
 high level.
 S7,5oo,oOo,ooo Mature in 1923
 The fundamental fact which at
 present dominates the governments
 finacial situation is that seven and half billions of its war indebtedness
 mature within the next two and a half years. Of this amount, two and haIt
 billions are floating debt and live oll- lions Victory notes and war saVlhgs
 certificates. The fiscal program of the government must be determined With
 reference to these maturities. Sound policy demands that the government expenditures be reduced to the lowest
 amount which will permit the various
 services to operate efficiently and that government receipts from taxes and
 salvage be maintained sufficiently high
 to provide for current requirements, in-
 cluding interest and sinking fund
 
 same time retire the floating debt and : part of the Victory loan before matu-
 rity. With rigid economy, vigorous
 salvage operations and adequate reve-
 nues from taxation, a surplus of cur
 rent 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. 'I cannot over emphasize the neces- ! sity of economy in government appro priations and expenditures, and the avoidance by the congress of practices
 which take money from the treasury by , indefinite or revolving fund appropria- tions. The estimates for the present
 year show that over a billion dollars 7 of expenditures were authorized by the
 last congress in addition to the 2 amounts shown in the usual compiled
 statements of appropriations.
 , Economy Is Necessary
 | This strikingly illustrates the inn ] portance of making direct and specific ! appropriations. The relation between f the current receipts and current ex-
 penditures of the government during
 the present fiscal year, as well as dur
 ing the last half of the last fiscal year, has been disturbed by the eXtraor- ' dinary burdens thrown upon the treas ulN Dy the transportation dcIt III SOH- ' nection with the return of the railroads to private control. Over $600,000,000 :, has already been paid to the railroads 2 under this act-$350 100000 during the ,, present fiscal year, and it is estimated ' that further payments aggregating :. possibly s650, 900, 900 must still be made o to the railroads during the current v year It is obvious that these large . payments have already seriously limit t ed the governments progress in retir- N ing the floating debt.
 Closely connected with this, it seems = to me, is the necessity for an imme- . diate consideration of the revision o1 .s our tax laws. Simplification of the in = come and profits taxes has become al Ia immediate necessity. These taxes per . formed an indispensable service during d the war. The need for their simplifi-
 cation, however, is very great in or ' der to save the taxpayer inconvenience n and in order to make his liability more .o certain and definite. Other and more .o detailed recommendations with regard
 to taxes will no doubt be laid befor' m you by the secretary of the treasury .. and the commissioner of internal rev i'd enue.
 s Provide For Ex-Service Men w Ut is my privilege to draw to tn to attention of the congress for yer.  l., lem of providing adequate facilities fo Ia the care and treatment of former mem i'm bers of the military and naval force le who are sick or disabled as the resul of of their participation in the war. Thes lg heroic men can never be paid in none es for the service they patriotically ren nG dered the nation. Their reward will Ii es rather in realization of the fact tha cy they vindicated the rights of thei nd a4d in fQ TT
 civilization The nations gratitud
 must be effectively revealed to ther nd by the most ample provision for the te medical care and treatment as we he as for their vocational training an on placement. The time has come when n- more complete program can be formu n lated and more satisfactorily admir- rv istered for their treatment and trair re ing, and I earnestly urge that the cor g gross give the matter its early cor we sideration. The secretary of the treas v ury and the board for vocational edJ ,e- cation will outline in their annual rt mi ports proposals covering medical cal we and rehabilitation which I am sure Wi ,se engage your earnest study and con Ike mand your most generous support.
 If On Agricultural Needs
 .ds Permit me to emphasize once mo- ith the need for action upon certain ma ,ur ters upon which dwelt at some lengi ,g in my message to the second sessiC riu of the Sixty sixth congress: IT ,nr necessity, for example, of encourat - ing the manufacture of dyestuffs ar ,,1o related chemicals; the importance ,a doing everything possible to promo 's agricultural production along ec ~ homie lines, to improve agricultur la more attractive and heatthful; Il uIu need for a law regulating cold storaj @ @Icn in such way as to limit the tin tee during which goods may be kept Iso storage, prescribing the method of di hto posing of them if kept beyond t rt- permitted period. and requiring goo the released from storage in all cases uld bear the date of their receipt. on- would also be most serviceable. if ent, were provided that all goods releas ust from cold storage for interstate shi oed ments should have plainly mark es- upon each package the selling or ma on ket price at which they went ir
 of storage. in order that the purchas fled might be able to learn what prof ion. stood between him and the produC the or the wholesale dealer. Indeed, ken would be very serviceable to the pu and lie if all goods destined for intersta ons commerce were made to carry up iys- every packing case whose form ma hat it possible a plain statement of res price at which they left the hands . +o the producer. 1 respectfully call yo
 attention, also, to the recommend
 tions of the message referred to W ,v,n regard to a federal license for ,aet corporations engaged in intersti
 oF commerce.