Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1922-04-19
BONUS RAIDERS
FACE Deficit
CONTINUED from First Page)

the fiscal year 1923, with supporting
schedules for each year, showing the
details OF the ordinary civil expendi-
lures and fixed debt charges These
statements give estimates revised as
OF about March 81. 1922. For the
fiscal year 1922, the estimates are
based on the actual results of the
first nine months. with the Treas
ury's estimates as to the receipts for
the last quarter of the year. and as
to expenditures with the latest fig
ures received by the bureau OF the
budget from the several departments
and establishments as to estimated
expenditures for the fiscal year
"The estimates as TO the fiscal
year 1929 are based on the estimates
which appear in the budget submit
ted in December. 1921. after taking
into account first, an indicated
shrinkage IN internal revenue col
lections falling off Of about $4,000
900 in Federal reserve bank franchise
tax receipts. third, estimated addi-
tional miscellaneous revenue OF about
$500, 600. 900 on account OF payment
Of interest by the British Govern
ment; fourth. estimated collections
by the War Finance Corporation Of
about t10O.O0O.O0O. and fifth esti-
mated additional expenditures on
account OF the railroads TO the
amount of about 5000 900, 900.
The budget for 1923, as submit
ted to Congress, did not include any
items Of expenditure on account of
railroads. but the indications now are
that, owing to delayed settlement OF
matters arising out OF Federal con-
A., troll and under the guaranty for the
six months following Federal con-
troll. there will be payment OF about
500. 900, 900 under the railroad ad-
ministration and s1OO.0O0,0OO under
the Interstate Commerce Commits
, sion during the fiscal year 1928.
THE postponement OF these pay
ments to 1928 Is. OF course. reflected
in corresponding reduction Of rail
road expenditurea for the fiscal year
1922 and partly on this account and
, partly on account OF the proceeds of
sale fabout $3.50. 100000 Of equip
ment trust notes OF carriers the item
/ Of railroad expenditures in the in
, closed statement OF estimated re-
7 celpts and expenditures for 1923
shows an estimated credit OF about
: S58, 900, 900 as compared with esti-
. mated expenditures OF about sss7,-
} 000, 900 when the budget was sub
, mitted.
This SHIFT in the situation as "a
railroad expenditures Is offset In
part by Withdrawals OF about $780,
OOO, 600 by the War Finance Corpora
ton during the fiscal year. but the
net result Is an indicated surplus, OF
receipts over expenditures in the
, fiscal year 1922, with an indicated
deficit in a correspondingly larger
amount for the fiscal year 1923.
at appears from the estimates FOR
1922 that there should be an excess
OF receipts over expenditures OF
about $4,000. 900 as compared with
an indicated deficit when the budget
was submitted Of about $24,46S,7O8
For the fiscal year 1928 the state
ment submitted shows an indicated
q deficit of about 1853. 10000 as com.
pared with an indicated deficit wher
the budget was submitted Of Sl67,'
b71.977. The budget figures. more
over, did not take into account $l25''
900. 900 OF accumulated interest OF
war savings certificates OF the serie'
b OF 1918, and. as explained in tn
b footnote to the estimates for 1928
this item properly represents Interest
on the public debt and will appear
as an ordinary expenditure.
, If this accumulated interest Il
taken into account. the indicated de
y felt on the basis OF the figures nov
available would be S4S4,0OO,OO0 in
81 stead OF S359. 900. 900. and the bulge
@ deficit would have been S292, 900, 900
y instead OF the S167. 000,0 indicated
in the budget as submitted.
Many OF the important appro
priauon bills for the fiscal year 1922
A have not yet been enacted into law
Il and Il Is therefore impossible 10 est
g mate with precision the probable
a expenditures for that year. Tn
o figures given do. however. show III
! latest estimate available and as IA
as possible have been checked b.
"a the Treasury with the department
y and establishments concerned.
y There are also uncertainties 4
the 1923 figures from the point O
. view OF receipts. The Treasury ha
- not. for example. had any officia
, notification that interest will be PAL
~ in that year on the British obliga
tions held by he United States
though there have been several ON
cial announcements in Great Britai
q, OF an intention to include that tier
q Of expenditure in the British bulge
n for the current financial year.
n THE estimates do not take int
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