Evening star., 1922-06-30
i. S. 1922 BUDGET
BALANCED, WITH
SOME CASH LEFT
Treasury Official Shows How
Government Has Made
Both Ends Meet.

Both Ends Meet.
The government balanced its budget
for the fiscal year 1922, ending today.
To achieve this result of the federal
financial operations for the year was
described by Cndersecretary of the
Treasury Gilbert as mo mean ac-
complishment," but for the fiscal year
1923, opening tomorrow, he declared
the prospects ARE not good" with
a budget deficit estimated as high
at 4s5,0oo, 900.
Final Treasury reports for the clos
ing fiscal year will not be available
who has charge of the government
finances, declared that expenditures
for the year would be less than S3,-
so0.9oo,00o, or s500,OO0, 900 less than
was estimated as necessary by the
spending departments at the outset
of the year. and that there would be
small surplus of receipts.
That this has been accomplished"
he said. lin the face of the unfavor-
able prospects that confronted US at
the beginning OF the year Is due to the
unremitting efforts of the govern
ment departments and establishments
under the firm leadership of the
President to reduce current expendi-
lures to the utmost limits consistent
with proper administration
AS to the coming year. the under
a deficit greater than already esti-
mated. as. he contended, appropria-
tions for the next year have not yet
been passed by Congress. However,
he maintained, the government owes
it to itself and the rest of the world
to keep its finances clean and bal
ance its budget for 1923. as in the
three previous years, and the only
way to accomplish this is to reduce
expenditures already estimated, and
avoid new avenues of expenditure to
such an extent as may be necessary
to wipe out the indicated deficit.
Reductions Since 1910.
Discussing the handling of the pub
lie debt during 1922. Mr.. Gilbert de-
clared that with the approach of the
end Of the year the total gross debt
of the United States was about S22,-
S5o.o00.000. a total reduction of over
$1,000. 100000 since its peak on August
81, 1918. This was accomplished, he
explained. by the application, of
$1,ooo,o 400, goo balance in the general
fund made possible by lessened ex-
penditures and outstanding maturi-
ties; application of about $500. oo0 900
OF repayments by foreign govern
ments; receipt of funds from salvage
ana other assets remaining over from
the war aEgregating about $1,400,-
100000. and the application to debt
retirement of about $1,000, ,O0O, 900 Of
years 1920, 1921 and 1922.
For the future, he asserted, iuuida-
tion of the public debt win have to
be accomplished chiefly from surplus
revenue receipts. and particularly
through sinking fund and other ac-
counts, as the Treasury balance has
been reduced to as low a figure as
consistent with proper conduct Of
government business
Enough has been accomplished, Mr..
Gilbert stated, to assure the success
OF the Treasury's plans for refund
ing the s7.5oo.oo0.ooo short-dated
debt. consisting Of victory notes ma
tificates of indebtedness and war
certificates.
"Remarkable Progress. Made.
Since the Treasury's refundinR pro-
gram was inaugurated in April, 1921.
he reported remarkable progress"
to have been made. Victory notes
now outstanding amount to about
$4,000. 100000, as compared with
81 ,000, ,O00, 900 at that time, Mr.. Gill
bert said: Treasury certificates as-
gresate about $1,s30,000, 900, COM
pared with s2.75o. 900. 900. and war saw
ings certificates. $s5o.ooo.ooo against
$3.50, 900, 900.
There are now outstanding, he
continued, about 3a,200,000,000 Of en-
tirely new obligations in the form
Of Treasury notes, issued in accord
ance with the refunding plan. These,
various dates in 1924, 1925 and 1925,
and the Treasury should be able to
frame its plans so as to take care
of them at maturity out of surplus
revenues or through secondary re-
funding operations, If necessary;
without undue strain to the financial
'"Thers still remains outstanding.
100000 of obligations maturing
within less than a year, $z,00o.000.00
of which is in the form OF victory
a problem that will require the best
attention Of the Treasury for prac-
tically the whole of the next fiscal
year."
Dawes Says Farewell
Brig. Gen. Charles @. Dawes was to
pay his farewell official respects to
President Harding this afternoon in
the last of his regular weekly visits
to the White House as director of the
bureau Of the budget.