Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-09-20

ognized the financial problems with
which the nation is confronted
our maturing promises to pay
within the current fiscal year
amount to approximately $4,000
100000, most of which will have
to be refunded. Within the next
six years more than $10,000,O0O,OO0
OF debt will mature ana will have
to be financed. These outstanding
and maturing obligations are diff
cult enough to meet without the
complication of added borrowings,
every one of which threatens high
or interest and delays the adjust
ment to stable government financ-
ing and the diminution of fed
cral taxes TO dcfcnsible cost of
government.
ut is sometimes thoughtlessly
urged that it is a simple thing for
the rich republic to add four bill
lions to its indebtedness. This i'm
preston comes from the readiness
of the public response to the gov
ernment's appeal for funds amid
the stress of war. It is to be re-
membered that in the war every
body was ready to give his all. Let
us not recall the comparatively
few exceptions.
Citizens Sacrificed.
"Citi2ens of every degree of com
pctence loaned and sacrificed. pre-
Cisely in the same spirit that our
armed forces went out for service.
The war spirit impelled. To a war
necessity there was but one answer,
| but a peace bestowal on the ex-
| service men, as though the SUI
preme offering could be paid for
with cash, is a perversion of public
| funds, n reversal of the policy
which exalted public service in the
past and suggests that future de-
Tense is to be inspired by compen-
sation rather than consciousness of
duty to flag and country.
1.-The pressing problem of the
government is that of diminishing
our burdens, rather than adding
thereto. It is the problem of the
world. War mutations and war
expenditures have unbalanced bud.
gets and added to Indebtedness UNI
| til the whole world is staggering
| under the load. We have been
driving in every direction to cur
tail our expenditures and establish
economies without impairing the
essentials of governmental activi-
| ties. 1t has been a difficult and
unpopular task. It is vastly more
applauded to expend than to deny.
After nearly a year and a quarter
| OF lnsistenCe and persuasion with a
cd lf-tN 10
ment expenditure in every quarter
possible it would wipe out every.
thing thus far accomplished to add
now this burden and it would rcnI
the commitment of economy and
saving so essential TO our future
welfare.
Financial Problems.
The financial problems OF the
government are too little needed
until we are face to face with a
great emergency. The diminishing
income of the government, due To
the receding tides of business and
attending incomes has been over
looked momentarily but oannot be
long ignored. The latest budget
figures for the current fiscal wear
show an estimated deficit of moro
than $650,00O.OOO and a further
deficit for the year succeeding
even after counting upon all in.
terest collections on foreign in.
debtedness, which the government
is likely TO receive. To add to our
pledges to pay except as necessity
compels, must seem no less thar
governmental folly. Inevitably Il
means increased taxation. which
congress was unwilling to levy foI
the purpose of this bill and will
turn us from the course toward
economy so essential to promote
the activities which contribute tc
common welfare.
Demanded No PREPARATION.
1t is to be remembered that the
United States played no self-seel
ing part in the world war and pur.
sued an unselfish policy after The
cause was won. We demanded nj
PREPARATION for the cost involved
no payments out Of which obliga
tons to our soldiers could be met
!