The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1922-06-30
Secretary Of Treasury Bal
ances Books and Finds
Remarkable Progress
Made in Paying Off
Debts.
PAIRING OF EXPENSE
WAS THE FIRST STEP
Gross Debt of Nation Now
Nearly Twenty-three Bill
lions, But Was Great
er Year Ago.

WASHINGTON. - The government
balanced its budget for the fiscal year
ending today. To achieve this result, 1t
was described by Under Secretary Of |
the Treasury Gilbert as no mean ac.
complishment, but for the fiscal year
1929 opening tomorrow, he declared the |
prospects. are not good" with bud
get deficit estimated as high as s4s5..
900 900.
Final treasury reported for the clos.
ing fiscal year win not be available for
day or two but Gilbert declared that
expenditures would be less than 49,.
0O,000,0 900 or 100000 less than was
stated necessary by the spending de.
partments at the outset Of the year
and that there would be a small surplus
Of receipts.
Larger Deficit.
AS " the coming year the under.
secretary pointed to the possibility of a
| deficit greater than already estimated
as he contended. appropriations for
next year have not yet been pc.s,7i by
congress. However. he maintained, the
! government owes 1t TO itself and the
rest Of the world to keep its finances
clean and balance its budget for 1923
as In the previous years and the only
way TO accomplish this is to reduce
! expenditures later and avoid new av.
enues of expenditure OF such an extent
as may be necessary to wipe out the
indicated deficit"
Gross Debt Startling.
Discussing the handling OF the pub.
lie debt during 1923. Mr.. Gilbert de.
clared that with the approach OF the
end OF the year the total gross debt
OF the United States was about SEQ.
s5O,oC0,O0O, a total reduction OF ever
! $500 900 900 since its peak on Au est
81. 1919. This was accomplished. he
explained by the application OF 81 900, .
600 900 balance in the general fund
made possible by lessened expenditures
and outstanding maturlties; application
of about 500. 900 of repayments by
foreign governments; receipt OF funds
/ from salvage and other assets remain.
| ing from over the war aggregating
about 81 400 .OOO,O 900, and the applca.
ton TO debt retirement OF about 81.
900. 100000 or surplus tax receipts dur.
ing the fiscal years 1920 1891 and %.
In the future, he said. liquidation OF
the public debt will have to be accom-.
plished from surplus revenue receipts
as treasury balance has been reduced
10 az low a figure as consistent with
proper conduct OF government business.
Enough has been accomplished Mr..
Gilbret stated, to assure the success
Of the treasury's plans for refunding
the $500 ,0oe, 900 short dated debt. con.
sistlng OF victory notes maturing in
May 1929, treasury certificates OF in.
debtedness. and war savings certificates
Progress Is Made.
Since the treasury's refundins pro
gram was inaugurated IN April. 1921
reports. remarkable progress. to have
been made
Victory notes now outstanding
amount to about s. 900 900 coo as com
pared with $4,000 900 900 at that timc
MIR. Gilbert said treasury certificates
aggregating about $3.50 90 600 com
pared with $3.50 .Oeo 900 and war saw
ing certificates $3.50 5000 against
$3.50, 900 900.
One teasuoonful OF arabic sou Ia sait