Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1923-07-05
GOVERNMENT ENDS ITS YEAR
WITH A SURPLUS

Complete figures covering the gov
enrment's financial operations for the
fiscal year ending yesterday, made
public tonight by the treasury, show
receipts for the II months of 81, LOOT
135, 5,480 and expenditures of S3,697,-
478,O20, indicating surplus of
S309, ,657,46O.
At the close of business last night
the government owed S22, ,349,707
363 on outstanding securities. This
total represents a reduction in the II
months of $613,674,342, of which
S402, ,S50,491 was taken into account
in compiling the ordinary, or bud
get expenses of the government.
From the surplus on hand the treas
ury applied total of S210,S23,851
to reducing it's obligations.
Part of the success in building up
surplus while at the same time the
public debt was reduced was traced
~ tAS IiSoouly " Ile duLllHlSIla-
tons tariff policy which, it was de-
c!aIed, resulted n the e.tahlishm
of a record, receipts in customs du-
ties totalling 1851, ,92S,S66. This total
Is almost 60 per cent greater than for
tie fiscal year ending June so, 1922,
WHEN d.ssies of $356,443,aS7 were,
reported, making high point for
customs revenue to that time.
ncome and profit taxes paid into
the treasury during the last y
months, like the receipts from Gus
toms collections, also exceeded expec-
tations, the total being $1,678,6 ,6O7,-
428, while the estimate given in the
budget last December was $780,
100000. Other forms of internal
revenue gave the treasury an addi-
tional S945, 5,S65,332.
The government started the new
fiscal year today with $37O,939,121.-
OS in the treasury's general fund. A
year ago the general fund was S272,-
5,512.63.
During the last IL MONTHS" for
NAL statement issued by the treas
ury today said, ''about S4,50O,OOO,
600 CT government debt matured and
was either retired or refunded, thus
completing the treasury's program
fol refunding the seven an d a half
billions in short dated debt maturing
within about two years which was
outstanding at the beginning of the
administration.
''In other words, since the refund
ing program was announced on April
80, 1921, about $4,070,00O,0 of
victory notes have been retired, trea-
sury certificates of indebtedness have
been reduced from $2,s2O,OOO,OOO to
about S1,O30,00O,00O, all maturing
on quarterly tax payment dates, and
war savings securities have been re-
duced from $713,00O,00O to about
$90,000,000, while new treasury saw
ings securities to the amount of
about S245,OOO,OOO, and about $4,-
100,000,O00 of treasury notes, ma
turing on various quarterly tax pay
ments dates during the years 1924
and 1927, have been issued and are
now outstanding. During the same
period, the gross public debt has been
reduced about 1850, 0,OOO,OO
SIN the fiscal year 1924, which be-
gins July 1, 1928, there will be pub
lie debt maturities of about $780,
100000, including about $1,000, O,0O0,-
900 of treasury certificates of in
debtedness, about $310,00O,O0O of
treasury notes maturing June Is,
1924, and about $5O,OOO,OOO of war
savings certificates of the 1919 series
maturing January l, 1924. In addi-
tion there are still outstanding about
$95, 100000 of per cent victory
notes, which matured or were called
for redemption during the fiscal
year 1928, and about $30,O00,0O0 of
war savings certificates of the 1918
series which matured on January /,
1928. These are being presented
for redemption from day to day, and
the amounts still outstanding are be-
ing gradually reduced"