New-York tribune., 1922-07-01
...,s for Next Year Not
Presf - Good Compared With
1.',l,s Of Last II Months,
.sser,s Trea sury A'd
s,,,,'l Surplus for 1922
,.,.nd;,ures Half Bill:
tSpeyl yelow the Original
TI.t;mates I'.', for Budget

1928 IS the p'''f ,I
gar .s is accounts were balanced
t'sa, =. sscal year ending TO-DAY ac-
fcF 'ne - an estimate by Assistant
s,.s..srv .s'a..s Of the Treasury Gilbert
sse'ss~ ,ood" is the way he describes
no. ...r.e.s for the coming year just
tue p'S@ II achieve the actual bal
ena'"s' Il the 1922 budget to-day vas
,ss..s .',sa BY Mr.. Gilbert as mo mean
accomplishment,
s.esI year will not be aTallaOle i0L
ass' :, two, but Mr. Gilbert, who has
o. a.. n the government finances, de-
.s,s .'srsd that expenditures for the year
I'D Cd he less than s9,9oo,ooo'ooo, or
s.oaoooooo s less than was estimated by
=. 's.s,s,ding departments at the outset
',' ,ss year and that there would be a
sn.u surplus Of receipts.
aT,.t this has been accomplished
ia a,r the face Of the unfavorable
Its that confronted us at the be-
ing Of the year, is due to the un-
~;..;ng efforts of the government
..n.rtments and establishments under
.ss firm leadership Of the President
.' radnce current expenditures to the
s.most limits consistent with proper
administration
Cut in Expenses Urged
A, 10 the coming year, the assistant
,..,stary pointed to the possibility OF
deficit greater than already estl'
s.,s5 as. he contended, apDropria-
INNS for next year have not yet been
,,,sed BY Congress. However he
rs;ntained, the government owes u
,s Itself and the rest of the world 20
s.sr its finances clean and balance
>, budget for 1923 as in the toree
s-svlous years, and tire only way TO
,ecomplish this is TO reduce eNpendl-
,r-es already estimated and avolo ne"
,yenues Of expenditure to such an
sr,snt as may be necessary 20 wipe
A., the indicated deficit
Discussing the handling Of the pup
Il. debt during 1922 MIR. Gilbert de-
,,,ed that with the approach OF the
,nd Of the year the total gross DEP dept
4 the United States was about W.
$4,000 900, total reduction OF moro
han s36OO,0Oo,o 600 since It's peak on
August 81, 1919. This was accom-
uGshed. he explained, by the applica-
hon Of $1,000, 5000 balance in the
rneral fund made possible by les
vned expenditures and outstandIng
maturities; application Of about $780,
100000 of repayments by foreign gov
l.
yare and other assets remaining over
srsm the war. aggregating about ST.
lo6S0e 900. and the application to debt
retirement of about S1.000,000000 of
surplus tax receipts during the fiscal
years 1920. 1921 and 1922.
For the future, he asserted. liquida
ton Of the public debt will have to be
accomplished chiefly from surplus rev.
enue receipts, and particularly through
sinking fund and other accounts. as
the Treasury balance has been reduced
to as low a figure al is consistent with
proper conduct of government busi
ness Enough has been accomplished,
Mr. Gilbert said, to assure the success
Of the Treasury's plans for refundlng
the $500 100000 short dated debt,
consisting Of Victory notes maturing
in May, 1928, Treasury certificates of
Indebtedness and War Savings certitl-
ztes
There are now outstanding, he con-
tinued, about 81 200, 100000 of entirely
new obligations IN the form Of Treas
ury notes, issued in accordance with
the refundng plan. These, however,
he explained mature at various dates
III the years 1924 1925 and 1926, and
cbO ho al Ia n f,1r
It's plans so as to take care of them at
maturity out of surplus revenues, or
through secondary refunding opera
tons if necessary, without undue strain
on the financial markets.
There still remain outstanding, how
ever ne said, about 81 4.500,0 100000 Of
Obligations maturing within less than
ayear, $4,000 900 600 of which is in the
form Of Victory notes. and their refund
ing presents a problem that will re-
quire the best attention of the Treas
efy for practically the whole of the
next fiscal year"
Mondeli Defends Congress
Reviewing "the achievements of Con-
gfess," Representative Mondeu, the Re-
publican leader, hit back in the House
see'cay at its critics. Declaring that
congress afforded the most alluring of
o. o. helds for criticism by those denied
NY popular will a place therein, Mr..
s.vnaeii added that those who, disap-
s..hIeo because Congress declined to
seep' thelr views or accede to their
Ssas, SSsnands, found st much easier to
oa oamh Congress than to defend their
o~n position"
IN, "nh those who criticized Congress
NJ pufely partisan reasons, regardless
Me facts, Mr.. Mondell linked news
paper editors
opiehdid Record of Economy
,,.sa criticism and the badgering of Con-
S,s.;. s Is ana has long been a popular
ser.aa He' the Republican leader as
;or w. 4hose who have a crouch and
nos.a "a. reason or another are not dis
VIII TAX " take IT out on individuals turn
por.r,; ,G..eI ana satisfaction to the op-
and it! i"r! OF slamming Congress by
sos nsas ,,.se and as whole. This does
pas.;me eesude those indulging in such
reou;,a. 4of apologlzIng if the occasion
bod;a. 70 one or the other of the two
nsy 's 80. or any individual member who
The no. exception to the criticism"
sopId ;.uaIh'ry' however. he declared.
ra,her 'Ioge Congress by what it does
M Man l"ah what is said about it,"
did reoll a.ohaell pointed 70 the splen-
tons" 30 ns OF economy in appropria-
"In - a"uet the budget system.
has ,Isos u's time Congress-" he said
SIS ssnd p'aeed upon the statute books
publ, saa ase .. laws, Of which 3l1 are
: In add;.ioa Iu 81 private, including claims.
and ,,oh' nss.ol' the House has considered
publIpe passed @ 27s bills, Of Which iaS are
yss.t, eu'ee1 f0s n Senate bills also nave
nasipps pS., ~ Of actual agreement me- e@thue thus