The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-08-11
RUs1NEss 1N GovERNNfENT.

/ BUSINESS IN NMON
Government financing under the
Harding administration up to this
time leaves little of which the public
| justly can complain. Reports on the
first full fiscal year under Senator
Melons management, ending June 80
of this year, show a surplus of $313,-
! sol ,651.10, instead of the deficit of
] S24,46S,703 which was in prospect
When the estimates of receipts and ex-
penditures for the year were submit
ted to congress by the president last
of the government for the year
amounted to $4.1O9,1O4. 1904 as COM
pared with an estimate of $3,e6s,453-
$50. Total expenditures, on the other
hand, were $3,7e5,s02.49a.s4 as COM
pared with an estimate of $500. 922,-
366. Receipts were therefore $780,
50,517.s4 greater than were expected
and expenditures were less by $751;
61s. s66.16.
The treasury department attributes
the better showing which has been
made to "a combination of several
factors" Custom receipts proved to
be larger than for any previous fiscal
year in the history of the government.
They amounted to $356,44S,3s7.1S as
compared with the estimate OF $275,-
100000. showing that the Democrat
idea of a tariff for revenue has been
working successfully.
Income and profits taxes brought
in $2,o6s, ,192.6s. as compared with
an estimate of s2,11O. 200, 900, but
miscellaneous internal revenue re-
ceipts amounted to $1,1O4, $780, 900, an
increase over the estimate of more
than $40,0O0.oO0. The total of inter-
nal revenue receipts, $3.213.253, 256.7s,
was therefore almost exactly the es-
timated s3,214.5O 1000. Miscellaneous
revenues, including Panama Canal
tolls, which accounted for $11.747.-
092.47, yielded a total of $3.50, 4O7,-
5o6.97 as compared with an estimated
$47s,95s,s the difference being due
chiefly to increased realization on
property and securities and the sale
Of about s44.OOO,OOO of federal land
bank bonds owned by the government.
The decrease in total expenditures
is accounted for by the postponement
to next year of expenditures on ac-
count of the railroads and by unex-
pectedly large realization upon rail-
road obligations held by the govern
ment, particularly equipment trust
notes, which gave the government a
credit on this item of $56,00O,0O0 as
against a proposed expenditure of
1897, 100000 That a very large share
of the credit for the decrease in esti-
efforts of the business organization of
the government, under the inspira-
ton of General Dawes and his budget
bureau associates, to keep the expen-
ditures at minimum, cannot be
doubted. Under Secretary of the
Treasury Gilbert makes note of this
in his report. He says the results are
due to the unremitting efforts of the
government departments and estab-
lishments under the firm leadership of
the president to reduce current expen-
ditures to the utmost limits consistent
with proper administration"
TheNnexpected increase in revenues
during the year and the savings which
were accomplished enabled the treas
ury department to make a reduction in
the public debt of $1,o14,06s,S4423.
On June 80 the total gross debt of the
United States amounted to $22,e63,-
SS1,7os.S1 as compared with $23,s77,-
450,552.54 on June 80, 1921.
Enactment of the pending tariff bill
doubtless would make a big hole in
tn customs receipts and necessitate
the raising of an equivalent of the loss
in some other way.