San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-08-06
Congressman Tells Press
Association How Amer
lean Finances Stand.
EXPENSES GO DOWN
Economy Has Enabled Us
to Pay Off Four Bill
lions of Debt.
by PAUL SCOTT MOWRER
Special Cable to The San Antonio Light
and The Chicago Daily News.
COpNriCht 1922


and The Chicago daily News.
Copyright, 1923.
Paris, Aug. 6.-The total reduction
in America public debt since the
close of the World war has been ST.
150.OO0,O00. leaving net public debt
as Of July l. 1923, of SD .000. 000. 900,
Representative Martin II. Madden,
chairman of the appropriations COM
mittee of the House of Representa-
| tives; told the Anglo American Press
! Association, now meeting here.
Since the close of the war, he said.
private contributions have been made
by American citizens TO European
needs amounting TO more thans four
billion dollars. Credits have been ex-
tended and supplies have been fur
| nished TO the extent of more than
six billion dollars more. he asserted,
and food worth more than a billion
dollars has been furnished to sections
of Europe where the people We're in
distress. The American government,
he declared. has never hesitated &c
extend helping hand when able.
In Our Own Way.
1T is safe to say" he continued.
that whenever the American people
can be helpful in their own way in
stabilizing the world, they would be
happy to cooperate. 1t is as safe
to say that what they do must be
along lines they themselves originate
and their action must be independent
of any alliance that is likely to bind
them to action not of their own choos-
ing"
The total cost of the American gov
crnment. including all war expenses
fronf1I1G to 1917 when America ell
tered the war amounted to twenty
five billion dollars, he said.
In the first six months after Amer
ica'S entry into the war, the nation
was obligated TO an expenditure of
twcnty-four and a half billion dol
lars. Fifty-one and half billion dol
lars were appropriated for the con-
duct Of civil and military activities
of the government during the war.
All this was not expended, but the
government at the close of the war
had obligations. current and funded,
amounting to $4,000, 100000. IL.
early postwar readwstment, obliga-
tons of the government finally devel-
oped to $4,000, 100000. In 1919, the
year succeeding the war, expenses of
the government amounted to S19.O0O'-
100000. That year the government
began 10 reduce expenses. 1t lowered
the estimates submitted by the Pres
idcnt by 1899, 100000, and in the sue
cecding year Congress reduced the cs-
timated expenses of the government MS
submitted by the President by approx
imately $1,J00. 100000. In the sue
cceding year Congress reduced ex-
penses as proposed by the President
by 81 ,6OO. 100000. This made it pos
Sible to reduce income taxes by $500,
100000 n year.
Expenses Cut Down.
"The cost of the government for
1920 had been reduced by Congress
from $4,000. 0G0, 900 to S7,250,0O0..
600 and in 1921 to S5,500.O00, 900;
in 1922 to $4,000, 100000, and in 1923
TO S3.4O0. 900, 900. These figures are
for the fiscal year which begins July
1. and ends on the first OF the sue
ceeding July.
Before Americas entry into the
war it had bonded debt Of less than
81 .00O, 100000. When the war closed
Americas bonded debt was S26,O00.-
100000. Before the war the annual
interest charge on the bonded debt
was 22,O0O.000. Last year the an
nual interest charge amounted to 81.
1OO,00O,OO0, and the total fixed
charge of the government resulting
from the war aggregates annually
81. 900. 100000. For the fiscal year
1922, which began July l. 1921. the
estimated income of the government
was $3.50 100000 less than the est.
mated outgo. But as the result ct
economies instituted by The financial
officers of the government in cooper
alton with the appropriations commit
tee we closed the year with surplus
of 1913. 100000 paid 81, 014,00O,OOO OF
the bonded debt of the nation with
savings and for the fiscal year 1925,
which ended July 80 last. the year
which began with an estimated deficit
of S60S. 100000, but as the result CT
economies and reductions employed by
the government. was closed with a
surplus of S310,000.000. Six hundred
and twenty-three million dollars of
the public debt has been paid out OF
Al.