Evening star., 1923-12-10

tanned IN the budget. The budget
contains a statement giving a de-
tailed summary and comparison OF
the budget estimates Of appropri-
ations with the expenditures for
1924 as regards the personnel of the
departments and establishments in
the District Of Columbia.
The gross public debt, which on
June 80. 1922. was $22,s63. 3.3S1,7 ,70s.31.
on June 80, 1928. was s22.349.707,-
1886. a reduction Of s6l3,674.34295
during 1923. The total of this re-
duction was made up first, in the
amount of $402.850.491.10. through
the cumulative sinking fund and
other public debt expenditures pay
able from certain specific receipts.
and second, in the amount OF s210.-
s23,S51.s5. from the surplus Of
$309,657. 5000 Of ordinary receipts
over expenditures for the year.
The balance OF this surplus. $685.
833.60S.45. was added TO the net
balance I'm the general fund of the
Treasury. which was thus in
creased from &272,1o5.s12.63 at the
s37o.93s,12l.0S at the end of the
year.
Maturing Of Bonds.
During the next FIVE years there
mature 100000 900 of Treasury
notes and about s3.400. .0o0, 900 OF
% sa4oo. .oco oSa 'ooS Re TReas ordinary S'a sinRl
ing fund will take care OF about
$1,600.000.000 In the five years.
leaving between $4,000. 600. 900 and
$4,000, 100000 of government Sc
curities to be refunded.
The debt agreement with the Brit
ish government, concluded on June
1s. 1928. involves a payment of ap-
proximately $3.50. 200, 600, principal
and interest, each year. and in ac-
cordance with the terms of the
agreement, these payments may be
made in bonds Of the United States
issued since April s. 1917. Such
bonds. when so used in payment.
are Cancelled and retired. but this
is not likely to affect the earlier
maturing debt referred to above,
because the bonds rendered in pay
ment by the British government will
probably be those of longer term
which are now lower In price. II
future adjustments are made with
other foreign governments. the
United States debt may be affected.
but for some years to come the
principal reliance on debt reduction
must be thd sinking fund, and the
ha 5sssp,s x.se ss TO @a so9ye Closed
with a surplus Of more than three
hundred million dollars. For 1924
the forecast is that the ordinary
receipts will exceed the expenditures
chargeable thereto, including our
fixed-debt charges, by $329. 900. 900.
1928, under present revenue laws. is
estimated at 1895 200, 900 Joint
executive and legislative action has
demonstrated what united effort can
do toward reducing expenditures,
and the results certainly Justify the
view that we can stand reduction
in our ordinary receipts and still
achieve a balanced budget. This.
OF course. will be possible only If
the present pressure and co-ordi-
mated effort for economy in our
public expenditures be continued
without relaxation and there be no
embarkation upon any extra aordinary
expenditure program. ] have in
mind that the taxpayers are the
stockholders of the business corpo-
ration of the United States, and
that IL this business Is showing a
surplus Of receipts, the taxpayers
should share therein in some mate
rial way that will be of immediate
benefit.
Revision Of Tax Laws.
Having in mind that the budget
and accounting act, 1921, contem-
plates that the Chief Executive, un-
der the fortunate SITUATION IN Wnlcn
we now find ourselves, shall make
such recommendations as in his
opinion the public interests require,
1 recommend a revision of tax laws
along lines which will effect a re-
duction OF income taxes by taxing
earned income more lightly than in
come from business or from invest
ments: by reducing the percentages
Of the normal tax, and by reducing
the surtax rates. with commence
ment Of their application at $4,000
instead Of $1,000. I also recommend
phones and leased wires, and Of the
tax on admissions, and revision Of
the miscellaneous taxes which are
source OF Inconvenience to taxpayers
and difficult to collect. On the other
hand, amendments which would
cause some increase OF revenue
should also be made to existing In
come tax laws relative TO deduc-