The Washington times., 1922-06-13
D. D.C.BANKERS
HEAR ADDRESS
!. BYW|lL|AMS
Former Revenue Commission
or Expects But Slight Reduc-
+ tion IN y. 8. Expenses.
By HARRY GUsACH.


HOT SPRINGS. Va, June 13.-
The United States spent during the
war the tidy sum of $40, 900, 600, 900,
which is fourteen billion dollars
more than was spent by the nation
In all Of the 127 years of It's ex.
fstence preceding the four-year war
cc'-'oS of ta17-1a'n. r-'lI'am NJ
Williams. former Commissioner Of
Der of the law firm of Williams.
Bankers Association at their an
nual meeting mere this moiinng.
Speaker Gives Figures.
'It has been recorded that in the
twenty-two years Of existence prior
and from 1872 to 1918. which covered
the period Of the war of 1919, II ex.
pended $151, 900, 900; that prior TO
1S60,'or for the period of seventy-two
years of our Government prior to the
civil war, we spent 81 .000, ,750, 900. and
from 1862 to 1856, which covered the
period of the civil war, we spent
N,200, 900, 900, or more than twice as
much as we had expended in our en-
tire pre.war existence. Mr.. Williams
said. ....r
''The national current expenditures
Tor the last normal pre-war year were
only about 81 500. .000, 900, and though
the armistice was signed nearly four
years ago, our expenditures for the
present fiscal year will be near
$4,000. .000, 900, and notwithstanding
plans for economy and the fact that
the budget for 1923 may not exceed
"a, 500 ,000, 900, / shall be agreeably
surprised II when the end Of that
year rolls around our expenses will
be materially less than those for the
present fiscal year."
Discussing the national debt OF
the United States the speaker de-
clared on the first of this month
the Treasury balance showed Uncle
Sam in the "hole" $23,13S, ,83S, ,607.1S.
"The peak Of the Federal debt
was reached in August, 1919, when
Il was $26,596, 900, ,000." Williams
said. THE reduction in the public
debt since that time has been quite
steady. The actual retirements
have been brought about for the
most part by the use Of the proc
ess of war salvage, and a relatively
small part by tax receipts.
"There has been a shrinkage in
crease in tar receipts. but Il Is be-
neved that the Treasury. with its
orderly refunding operations work
ing smoothly, will be able to hold
its own" ".s.'...~,
Tax Burden to Continue.
The present tax burden on busi-
ness men, the speaker declared,
must be spread over a period of
years. "Our tax burdens must be
of necessity Of long duration" he
said, but there Is no room for
pessimism, The financing of our
Government, both during and since
the war, should be source Of
pride to every citizen. 1t was.
and stiIi 10, an undertaking Of
great magnitude. The Govern
ment's fiEances are on q firm
basis, and our confidence Is not
misplaced in the experienced and
able Secretary of the Treasury"
The speaker concluded his speech
with an outline of the problems
Attendant to the Governments col
lection of Federal taxes and ex.
planned some of the major trou-
bles in their collection. The Gov
ernment's experiences as a tax col
lector, from millions Of people, he
declared. warranted the assertion
that the American people, as
whole, were scrupulously honest
and sincere in their efforts to pay
their just taxes.