Imperial Valley press., 1923-07-21


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sssae. an $50 IS;
ADMINISTRATIONS BUSINESS REPORT
brakele 80 marked the end of the second complete
,ail'5r business, year of the federal government
she Harding administration into power.
following is a summary of some of the most not
e business accomplishments of this administration:
erest-Bearing Public Debt, February
Is, l9ZI SZ4,O01 1oS4,fIo
erest-Bearing Public Debt June 80,
20 -'---'--'''- AH'0o'
crease in nterest-bearing public debt S204464 III
] The story of the decrease of routine public eX-
ndtures exclusive of public debt and sinking fund.-
told in the following:
seal year ending June go 1921 (ony
three months of which were under the
Fafding administrator S., 15, ,927 6S9
col year ending June 80, 1922 ...... 372 ,6O7 1899
II year ending June 80, 1928 ...... 1929, 776
i'm other words, the cost of operating the routine
artments of the government has been slaShed
,000,000,000 year since the Harding administration
into power.
The cost of operating the government last year,
elusive of public debt and sinking fund, S243,
9123 less than the first fiscal under the pres
t administration. Notwithstanding this fact, Pres
ent Harding, at recent meeting of the department
ads, bureau chiefs and other officials connected
the executive branch of the government insisted
fhethe fiscal year just beginning the routine ex-
nninoud be kept even lower than they were last
is niche beginning of the last fiscal year the gov
from from faced estimated deficit of S823,OOO,OOO.
adbeyhe rigid economy practiced by the executive
of the government, the year closed with
brakpus of 1910, ,OOO difference in favor of
%%annn"Srican taxpayer of 81, 100000.
Of Il reduction in appropriations made by Repub-
vesince they came into control of Congress are as
y year ending June 80 1920 -...... S6454, 500 $40
Af year ending June 30 1921 --------- 47SO,S2961O
al year ending June so, 1922 -...--- 1866
cal year ending June 80, 1928 394O, 1857
cal year ending June 30 1924 ------. 3,7O6,777163
1t should be kept in mind tnat in these appropri-
ons provision is made for the interest public
bit and for the sinking fund, which item alone
aounts to S1,25O,0O0,000 year. Taking out this
I'm and the appropriations to the Veterans Bureau,
hch amounts to over S400000,O00, it will be seen
lat the routine expenditures of the government are
ractically back to pre-war basis Notwithstanding
he fact that practically every department of the
Government is performing service than ever be-
fore in the history of the United States.
Notwithstanding this downward march of appro-
President Harding has instructed each exc
4 his request for appropriations to be submitted to
he next Congress- for the fiscal year beginning July
|, 1924
ployes upon the government payrolls. On March a,
1928 there were 512,173-a net reduction of 1O165I
federal employees in two years of the Harding admin
straton.
When the administration came into power, the
market quotation for Liberty and Victory bonds
aged approximately 85 Today they selling at par.
There are about $50 100000 of these bonds cut
standing, held by between twelve and fifteen million
The Is per cent gam IN tnelr Vaiue,
therefore, represents gain of So, 3,O0O0OO,00O in two
years enrchng practically onesixth the population
If the United States.
When the Harding administration came into pow
,r there was no arrangement with foreign govern
ments whereby they should pay either the principe
Or the interest upon the eleven billion dollars which
lhey borrowed from the United States during the
World War. In the last two years a commission was
by the Congress to effect settlement OF these
foreign loans. Settlement with Great Britain and
Finland has already been effected, involving about
5 per cent of the total foreign loans Both countries
have already made initial payments of principal and
Interests under terms of the settlement Negotiations
are under wav with other countries for the funding
of their debts This accomplishment means the reduc
ton at once in public debt and the interest there
future Congresses take the money received
from other countries and it for other purposes.