New-York tribune., 1922-07-04
U.S.Public Debt
Cut More Than
Billion in Year
Treasury Report for the
Period Ended June 80
Also Shows Surplus of
$313.8OI, ,65l OverOutlay
Customs Receipts Record
Opponents Of Tariff Bill
Will Capitalize the Fact;
Budget Forecast Deficit
From The Tr.bune's Washington Bureau


WASHINGTON, July 3.-A reduction
of S1,014,o6S,S44.2 in the United
States public debt and surplus of
$313,801 6511O from ordinary receipts
and expenditures of the government
for the fiscal year ending June so were
disclosed to-day in a statement issued
by the Treasury Department. 1t indi-
Gates better financial showing than
the Administration had expected.
The surplus in receipts. which
from customs we're the largest in his
tory, will be turned to account Of the
opponents Of the proposed tariff bill.
it is expected. They will argue that
the Underwood Simmons law now on
the statute books is proving an ade-
quate revenue producer. The Treas
ury statement says:
"The total ordinary receipts of the
government for the fiscal year 1922 as
shown BY the daily Treasury state
ment for June 80, 1922, amounted to
S4.109 104,1 50.94. The total expendi-
lures chargeable against ordinary re-
ceipts amounted to S3,795.302 ,499S "a,
with the result that the government
showed surplus for the fiscal year
1922 amounting to S313,sO1 ,65l,10.
Estimates Indicated Deficit
when the budget was submitted
last December the estimates indicated
a deficit for 1922 amounting to s24,-
46S 703, and the better showing which
has been made results from combi-
nation of several factors. Aggregate
receipts for the year were about S14O.-
600 600 greater than originally esti-
mated.
"Customs receipts proved to be
larger than for any previous fiscal year
in the history of the government, and
amounted to $356,443 3781S as COM
pared with the estimate of S275 200 900
Internal revenue receipts amounted to
/ S3,213, ,253 ,256.79, or almost exactly the
estimated S3.214 500 900. Miscellaneous
revenues, including Panama Cana,
tolls, amounted to S539, ,407, ,5O6.97 as
compared with an estimated $478, ,953.-
663, the difference being due chiefly to
increased realization on property and
securities and the sale of about $44,-
100000 of Federal Land Bank bonds
owned by the government
Total expenditures on the other
hand were almost 5000 100000 less
;han the estimates given last Decem
Der in the budget, due largely to de
creased expenditures on account of the
/ railroads and to unexpectedly large
realization upon railroad obligations
held by the government, including,
/ particularly, equipment trust notes.
Gross Debt Now % Billions
The total gross debt of the United
States on June 80. 1922, on the basis
OF daily Treasury statements, amount
ed to $22, ,3Sl ,108.3l, as compared
with $23,977 450, ,552. .54 on June 80, 1921
reduction during the fiscal year 1922
| of S1,014 ,068,S ,S44.23. This reduction in
the amount OF $422, 600, through
retirements on account of the sinking
fund and other public debt expendi-
lures chargeable to ordinary receipts
second, in the amount of S277 .572,
I o93.13. through the reduction in the
net balance in the general fund Of the
! Treasury on June 80, 1922. AS COM
pared with June 80, 1921. and third, in
the amount of S313,8O1 65110, on ac-
count Of the above described surplus
of ordinary receipts over total ex-
penditu1es chargeable against ord-
! nary receipts.
ne preliminary statement OF the
public debt on June 80, 1929, also
reflects the results of the refundinc
operations which the Treasury has
been carrying on during the last year
or more. The outstanding Victory
notes on June 80, 1929, had been re-
1 duced to $1,991 1873, 400 as compared
with $3,913,933,300 on June 80, 1921
while the outstanding Treasury notes
by June 80, 1922, had Increased to
81 246 6596,350, as compared with S3l1,-
19l 500 on June 30, 1921.
"Treasury certificates of indebted
ness were reduced during the year to
S1,s28,7s7,5oo, as compared with
s2,699, ,572,950 on June 80, 1921. AS
appears from this preliminary state
ment, however. there remains almost
$4,000 100000 Of debt maturing within
the fiscal year 1923, most of which will
have to be refunded during the year
This total is made up of the following
items: Four and three-ouarter per
cent Victory notes, S1,991,1S 400;
Treasury certificates, S1,S28,Se7 500:
war savings securities, series of 1918,
maturing January ], 1923, in the
amount of about s625,oOO,OoO"