Paragould soliphone. (Paragould, Ark.) 1918-1950, 1922-03-06
UNCLE Sam IS
PAYING OFF HIS
war Debt NOW
Nieces and Nephews of the
Old Man Are Now Re-
ceiving the Money Bor-
rowed During the War.
1Rx The United rressl

Washington, March 3.--Uncle
Sam. recovering from his orgy
of war spending, is paying off his
war debt TO the American people.
More than twenty-six billion dol
lars borrowed by the old man from
MS nieces AMI Hepfrews tn fight tife7-
war and to help his allies, is being
paid off at rate which has just
reached $3.50, 900 a month. At
the present rate of progress the
next generation will be relieved
OF the vexatious tax burdens that
follow all warfare.
At the end of 1921 the gross
public debit of the United States
was but $23,43S. 9S4,351 To offset
this, Uncle Sam had cash balance
in the Treasury of $4S7,767,529,
leaving him in the hole almost
$4,000, 100000 net. Just year
ago the war debt was practically
$4,000, 100000, and there was half
q billion in the Treasury. At its
peak the war debt, or more correct
ly the gross total debt, was$26,-
500, 701,64S.
All of this money was taken from
the American people in return for
liberty bonds, victory notes and
other securities. 1t will go back to
the people over long period of
years.
Nearly a billion dollars OF the
Victory Loan, represented in Vic
tory notes, has been paid off in
the past two years. In all the govern
ment sold four and half billion
dollars worth of these notes after
hostilities ceased. There were out
standing at the end of 1921, slight
ly over three and half billion
dollars in these securities. Millions
of dollars worth were bought in by
the Treasury at profit and de-
stroyed through sinking fund opera
lions. Others were received as pa
triotic gifts, and millions were re-
Treasury experts agree that good
financial practice demands retire
ment of at least GO per cent of the
entire issue on or before maturity
in April, of next year. This means
that Uncle Sam will have to find
the means to pay off by that time
gt 1pact amt hnV HILTON dollar, and
u half. This might be done with
comfort were it not for the fact
that there are outstanding treasury
certificates and other securities, in
Guiding treasury notes and war
savings certificates, in an aggregate
amount of two and half billion
with maturtics falling due ahead
Of the Victory loan.
This means that the Treasury
will have to continue the issue
from time to time of short term
notes, which will fund the floating
Indebtedness represented in the
Treasury certificates.
Despite this situation and the
handicap5 faced in Congressional I'M
Willingness to meet Treasury plans,
Uncle Sam is doing very we'll He
has borrowed on treasury certificates
a billion and a half against this
against this years tax receipts, but
good management win wipe this out
unless a soldier bonus bill is passed
or some other heavy expenditure
encountered.
The Treasury is in fact in the
best position it has occupied since
the early days of the war. The
necessity for paying off tax certifi-
Gates maturing, and of retiring
Victory notes can be met through
the issue Of blocks of new short
time notes which will spread the
maturities, and this is the an
nounced Treasury plan. If all goes
well Uncle Sam will owe a billion
dollars less at the beginning of the
next new year shrdlu taoin Idol
next New Year. than he does now.