Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1922-01-05
OHIO EXECUTIVE ASKS
EFFICIENCY Y FOR STATE RULE

terest charges on the public debt as
the amount of the debt itself back in
1916, and that without even begin
ming to provide for reduction of the
debt.
Add to all this the vastly increased
cost of operating state and municipal
governments and a conception is
gained of the tremendous burden the
taxpayer has to bear today. 1t IS the
greatest burden he has ever been
compelled to carry.
In 1916, the per capita cost of the
United States government was about
$7.18. In 1920, it cost virtually s64
for every man, woman and child in
the United States to operate the Fed
eral government, and during the fiscal
year of 1921, about S51.
Debts FAN Due
And that has not included adequate
provision for the retirement Of SO
much of the public debt as is of short
maturity. Secretary Of the Treasury
A. w. Mellon has pointed out that
within the next two years, about seven
and one-half billions of short-dated
debt, or about $75 for every person in
the country, will fall due. Also that
only about one billion dollars will be
available fer such retirement at that
time, and that other arrangements to
carry the balance viii have to be
made.
What reduction has already been
made in the short-dated debt which
originally was over nine billions, has
been made possible in large part by
reduction of the general fund and by
receipts from war salvage, but only
in a very limited measure by tax re
ceipts.
Altogether, the country's gross debt
amounts today to approximately TWEEN
ty-four billions. The greater part of
it natures within seventeen. years,
and the balance falls due in the nine
succeeding years.
When it is considered that the tax
payer today, as pointed out, is already
required to pay in annual interest
charges alone practically as much as
was the entire public debt of FIVE
years ago, and that governmental op-
Grafton has been costing about nine
times as much as before the war, it
is not difficult to realize the onerous
burden upon the taxpayer to retire the
war debt. In ether words, he would
have to provide an average of a bill
hon dollars a year additional in taxes,
over and above the financing Of the
governmental operations.
And all this besides the payment of
the state and municipal taxes.
It is not to be doubted that the
prospect Of all this have been having
and still has a decidedly discouraging
effect upon the process of readjust-
ment and the restoration of normal
outstanding problem
of today
Government to Retrench
For its proper solution, it is essen
tial that there be emulation by all
agencies, whether ma
tional, state or municipal, of the ex-
ample set by private business in cut
ting down to minimum, the recent
high expenses, and in displacing the
cost so cut off with a boost in eff
cheney. Better results in the admins
tration Of public work will go far in
meeting the situation. It will ease
somewhat the staggering burden on
the public, but it will still be faced by
the twenty-four billion dollar public
debt to be wiped out practically with
IN the next twenty years.
It being virtually certain that the
national government will not be able
to retire the seven and one-half bill
lions of short time debt when it falls
due in the next two years-except
only IN small part-it follows that it
will have to be refunded. The same
condition is certain to repeat itself
as the Liberty bonds of the later ma
TURTLES fall due.
I beliete the plan to have the people
pay SO gigantic a sum as twentv-four
billion dollars in so comparatively
short period-besides paying for the
ordinary governmental expenditures
is too severe a burden for one genera
tion to carry alone.
It is an economic prospect that
would hardly tend to exercise a strong
ly stimulating influence upon initia-
tive, enterprise and progress IN the
nations business activities.
Both from the standpoint of busi-
ness like, constructive financial pol
icy, and in the interest Of impressing
the lesson of patriotic responsibility
upon our children, a share Of this war
rlebt should, l believe, be carried by
the succeeding generation. The war
was fought that they might not be
derived Of the benefit Of our free in
stitutions. Should they not bear
part of the burden, not only that our
economic life may the sooner return