, 1923-03-19
A Record in Peace Times

a Record IN Peace lines
THE STXTy-SFyENTu cor,ross MI u,
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~ - - NC " Pe"oe' ~ ~ oi thls spleIl-
~ - Nioio N ofcl! manu- ny contrasting
u ulS'Olitdshis con'ltlohs when existed IN every
II % nctlNlty Two years ago with the prosperous
;IIntieions dmp oetIooA touag, one may see the leg,
VI Ie SNtS seventh congress translated
nv -, u
The tremendous and in many instances UMPIRE
cedentcd' increase in industrial activities, in num-
per oil wage carriers, in pay rolls, in bank deposits
IN savings accounts in all wholesale and retail
business which has taken place during the past
Two years mas not been accidental. Conditions
have grown steadily and consistently better from
month to month since March, 1921, during all of
which time the 9th congress was practically in
continuous session. This improvement would not.
indeed could not. have taken place had that con
gress been %enacting laws hostile to or hurtful of
the industrial agricultural, commercial and finan-
ciaI interests,
The outstanding work of the 9th congress was
its fiscal legislation. Its first act in special session
called April II. 1921, was the enactment of the bud.
get law marking an epoch in the financial admin
|istration of the American government, easily tie
most constructive piece of legislation of this gen.
Grafton. Under this law public expenditures have
been drastically cut, the public pay roll relieved of
nearly 100000 employees and the federal government
finds its books showing a balance on the right side
OF the ledger. No other country, with the possible
exception OF Great Britain, is able to present such
n record. In the enactment of the budget law, con
gress has given hearty cooperation. For the first
time in the life of this generation, the closing days
OF the short session of congress did not witness
the confusion and chaos which has always marked
the closing uays of the short session in connection
with the appropriations. No omnibus bills jammed
through in the closing hours saddled a deficit upon
the treasury TO be met in the succeeding congress
by deficiency bills.
Colncident with the tremendous reduction in ex-
pendltures made possible by the operation of the
budget the congress which is adjourned clipped
@l,UOO,OOO,OOO a year from the tax burden OF the
country.
Nearly onehalf of the public interest-bearing
debt OF the United States was incurred in order
to loan money to foreign governments during the
war, a failure upon the part of those governments
to repay these loans would mean the assessment
upon the tax payers of this country of Il sum equal
TO the amount OF the debt and interest defaulted
On the other hand, the securing of a guarantee that
THESE loans VIII be repaid means "A like reduction i'll
our pubic debt and in the interest charges which
now amount 10 practically $LOOO,O1O,O0O a year
The 0hh congress, first by creating the debt fund
ing commission, and, second, by accepting the plan
that commission devised in regard to the funding
Of the debt of Great Britain, has guaranteed the
payment of the British debt to this country, in
volvtng 80 per cent of the total foreign loans. This
insures the stability of the present price of ouI
Liberty and Victory bonds and the beginning of the
whiting down or our public debt and the inter
est thereon.