The Dawson news. (Dawson, Ga.) 1889-current, 1922-12-19
U. s. TREASURY IS ON
ITS FEET ONCE MORE
READY TO MEET ALL CUR
RENT OBLIGATIONS, $eoO,0O0,-
600 FOR DECEMBER.
IMPROVED PROSPECTS FACED
Secretary Mellon in Letter to Bank
ers Outlines Governments Program
Of Fiscal Operations for December
18th and January 1st.

WASHINGTON, D. C.-The treas
ury got squared away today to take
care OF the heavy fiscal operations due
to take place between December 18th
and January 1st Secretary Mellon in
announcing the December program,
which marks another step in the gov
ernment's postwar financing, declared
the treasury faced improved pros
poets" for the coming fiscal year. The
plans show a change for the present
at least from a basis of long term
operations to a short term program
which was made possible, the secre-
tary said, by the improved prospects
for the next year or So" The program
includes the issuing of about $780,
100000 in treasury notes to run two
and one-half years at AZ per cent
interest and a combined offering of
treasury certificates of Indebtedness,
one series to run three months and
.3H per cent and the second to run
for one year at per cent. The COM
bined offering is expected to aggre-
gate approximately $400000,000.
Money received through the sale of
the securities together was estimated
at $275,000,000 to come through De
cember tax collections and an equal
sum already available will be used to
retire that part of the victory note is
sue called for redemption and two is
sues of certificates of Indebtedness
maturing December 18th.
War Savings Obligations.
In addition to those two claims on
the government funds the treasury
must be prepared to meet about $685.
100000 in war savings certificates, ma
turing January 1st, either by cash or
exchange into the new treasury saw
ings certificates and $100,000,000 in in
terest on the public debt. The victory
notes and certificates represent COM
bined maturity value of approximate
~ $900,000,000.
With the completion of the Deem
Der financing, Mr. Mellon said the
treasury will have provided for most
of the short dated debt maturing in
the present fiscal year. Aside from the
balance Of the war savings certificates
that may remain to be refunded after
January there will be only two issues
of treasury certificates to be cared for
above the current requirements by the
government prior to June 80 next year.
One of these is due on March 18th
and the other on June 18th, and the
treasury head said both were covered
by estimated tax receipts.
Letter Sent to Bankers.
Mr.. Melons announcement of the
December financing program was en-
1 +1,a Sf
the country, in which he discussed the
treasury's position, reiterating the
statement made by the president in
transmitting the budget to congress
and declaring that by the end OF the
fiscal year 1924 there should be a sur
plus in the treasury general fund.
Such position, he believed, should be
regarded as highly favorable.
The treasury is accordingly financ-
ing its December maturities on a short
term basis" the secretary wrote, be
leving that the prospects for the next
year or two indicate the probability
of substantial retirement OF early ma
turing debt out of current receipts and
that by reason of the redemption on
December 18th of $900,000,000 or
Whereabouts of short term government
obligations these new issues OF short
term notes and certificates in smaller
aggregate amounts and with maturi-
ties adopted to the varying needs OF
investors will offer exceptionally at
tractive opportunities for heinvest
ment. With this in view the treasury
is offering to accept treasury certifi-
Gates maturing December 18th, and
victory notes called for redemption on
that date, in payment for new three
months or one year certificates ma
turing December 18th, and victory
notes whether or not called for re-
demption, in payment for the new two
and one half year treasury notes"