, 1922-10-29
Improved National Finances

WHEN the extra session of congress was called
" IN May, 1919, It was called upon to pass upon
the big supply bills which had failed of passage
before the expiration of the retiring congress. The
amount ommend by the previous congress-
amounted to So, 1857, 975, 974. The amount appronri.
ated was $2yS2S, 2S3, 49, or a reduction of 500 900
o4l- The estimates for 1921 and 1922 were submitted
by the heads of departments of the retiring admin
istration and were as follows: Appropriations
fiscal year 1920, 5000, 596,649 appropriations fis.
cal year 1921, 81, 0,s29,5 $40; appropriations. fiscal
year 1922, $4,066,316,36G :
The appropriations for the fiscal year 1921
made at the session just closed and upon estimates
submitted by heads of departments of the present
administration through the budget amounted to
$3,147 1885, S2.4 They are less than the approprin.
lions for 1871 by the sum of 81, 033, 1914 ri. They
are less than the appropriations for 1922 by $40.
zoO,SS41O. The largest of the reductions in 1923 was
in the army and navy.
The appropriation for the army for 1920 was
1874, GIL ,564, and for 1923, $256,4iI ITO. The apnro.
prlations for the navy we're $623,67 go, and for
1923, $294,336,577.
The total of the budget estimates submitted nv
the president for the fiscal year 1923 amounted TO
SS,9Oo,242,l59-53 The supplemental budget esti.
mates were $110,334,26997, making a total of s3.919.
55S,429.5O. The amount actually appropriated NV
congress was 1874, 35,3s2.64, being a reduction Of
The ordinary receipts for the fiscal year ending
July I, 1922, were $4109,1O4 1904, and the tota1
expenditures including public debt items, chr rye.
able. against ordinary receipts, were SIS .795 800
499.S4, leaving a surplus for the year of s313,s01,
65l10 as against an estimated deficit last December
OF $2A46S,1O3. The total gross debt of the govern.
ment on June 80, 1921, was $23,977, 450, 55254 the
total gross debt June 80, 1922, was 500, 963, 3s1 .7os, IN
The reduction in the debt during the wear amount.
ed to s1,014,06S,S4423 The total gross debt of
the United States on May 81, 1913, was So. 916s74
096lS3.
The reduction of appropriations and the CON
sequent reduction in expenditures has. of course
reduced the government taxes. The amount 81 tbe
reduction for 1921 calendar year, was $50. 600 OOO
and the reduction for 1922 calendar year) will
amount TO $S6O,000,000 There has been a reduc.
tlon OF employees from 691116 on July 1, 1920. TO
56S,390, December, 1921, making a reduction of
On account of the war the annual interest On
the national debt has increased $500 900 a wear.
sinking fund appropriations 5000, 600, 600, pensions
$10O,000,O00 ghile about $500, 900, 900 is REQUIRED for
the new veterans bureau.
Another important fact that may be cited is
that about two years ago Liberty bonds were selling
in the market for less than So cents on the dollar.
ana now are at par or some points above par,
This showing in the governments balance sheet
is due to adoption of sound financial policies. estab-
lishment of the budget system and the inaugural
ticn of systems of economy throughout the several
government departments.
While it will be many years before we have
recovered from the costs of war and are rclea sed
from the burdens of taxation occasioned by the
vast expenditures necessary in that distressing
receipts are fairly within our disbursements and
the public debt is being reduced and war taxes are
being cut as rapidly as safety will admit.
The United States is about the only solvent ma
tlon among the large powers, and her people are
piling up wealth by production that will before
we are actually aware of it restore the normal
condition of pre-war days.