Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1921-01-22
FEDERAL BUDGET
To BE REDUCED
pE0PLR NOW WAITING TO SIZE
WHAT THE APPROPRIATIONS
CU,iNITfBE WILL no.
BY ~ T. JONES.
Staff Correspondent.


gres has now embarked on a policy OF
irying 10 cut The annual Fclcill budget
at least one-,hlrd Thr would mean. u
tho annually Appropriation halls, four.
teen In number can h. Slashod that
deep. a saving u at ieas, one and n
third billion dollars. because the pro
posed budget. with addition e the d..
flciency appropriation bills amounts 10
approximately five billions OF dollars
Whether or not the appropriations
commlisees VIII succeed In the plan
Of trying 90 saye q billion and a half
Of the money Of the people remains
5 20 b. seen. 40 any rate an earnest -.
fort n being made t. effect the econ.
oIny.
The annual budget prcsrni,d 10 con.
Erees by Secretary of the Treasury
Houston f1faied the enormou~ sum ~
N.es5.ss6.15s. On top OF ihir 1ie Tho Dc.
ficiency hills. which swell The hugp sum
20 close or over the five hllion satk
Some members ~ the appropriation
committees ~ House and senate aciusi.
~ favor the whole five llilionf bud
Eet and simply cutting the tremendous
total exactly IN half Such drastic pro
cedurr. IL. however. opposed ~ n mn
jority of the memhers u bCih com.
mitiees. who believe that mc delart
mentr % government would suffer dur
ing the neat fiscal year ~ hopping or
az one swoop half - every appropria
tl0n asked for. So n sort ~ compro.
mise policy j. under Why whereby O.
one.thlrd Of the five hillions total will
b. cut oif. O. az least an attempt will
b. made 90 reduoc by that much the
annual appropriation halls
The nrFiouf situation existing in the
treasury h ahCWn b. the continual 10
suance Of 6 per cent treasury notes &"
meet the obligations q the federal gov.
ernmsnt that fall due and which, must
b. met The national hanks already
have nearly as much ~ this Kind Of
papcr that they can carry. and son
ths treasury will - obliged 20 turn Ia
new devices a. raise the money needed
"a meet the payments that the govern.
meat must make regularly
Despite the effort that will h. maa-
IN congrsss 10 prune all the annual -.
Inmates II Il well recognized IN Congress
that there win no, b. and. In fact. can.
not b.. for az lelst two years. any re-
dnctlon In the enormous taxes. That IL
the opinion 81 most 81 the congrcs.
slonal leaders 81 both parties
Some members of Congress do not BE-
ileve the annual budget can n reduced
20 the extent ~ one-thlrd. The es;l.
mates for the next fiscal year ARE one
hsillon dollars IN excess 81 the estimates
for this year The congressman who 90
not believe !; will ~ possible 20 slash
the estimates one-third 2y that mos;
cf the hnge sums demanded by the
Treasury 70 carry on the government
for the next fiscal year are traceable
IN large part. 90 the results 81 the
partlcipaficn IN the world war. For IN
stance the interest on the public deb,
now amounts % sss3 ESQ. 900 annually.
Estimates for the war debt sinking
fund amountF 10 f265.;sl.sss. Both ap-
pfopriaiions are largely IN excess Of
pre-war estimates.
20 The fact that material reduction In
taxes canno, BE- obtained for al least
two years. and perhaps longer. In view
Of the postwar obligations. This 10 the
opinion q many members q Congress.
But these membe. believe that Il viii
b. easy 10 revise the present tax laws
% that the present inequalities by
which the taxes are levied can h. "
adjusted and equalized.
The next Congress will have as ons
a. It's biggest problems the tnxatior
schedules. There Il no doubt that tn
rreeent tax laws viii b. ovcrhaulet
from top 20 bottom. and at least ]
there n 20 BE- no reduction In the 20
al sums that are 20 b. collected IN
rates and schedules will he - rcvise'
that everybody will bear a fairer shar'
q the burden. II In Acknowledged ina
sone Of the tax schedules are not fai
10 the public. and particularly the ln
come tar and excess profits taxes bad
~ need revision.
Next after the crying need for IA
reyision. which Is coupled with the d.
mand and the plans for reduction In al
expenses Of the federal government
win he the tariff revision. The tariff
n 20 he - revised that American psot
ucts ~ al kinds are amply protected
but not 10 the point where all foreler
composition a. legitimate characte
n kept out q this country. II viii D
q tariff no; only for protection bu
FOR revenue.
Taxation and the tariff are the w