The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-12-02

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4flSSe le4I u tLtOs AICSSdSS AOl1OWSs
10, the Congress of the United
States:
TRANSMIT there with the budget
Of the United States for the fiscal
year ending June 80, 1925. The
receipts and expenditures shown
In detail in the budget are sum-
! married in the following state
ment:
Total receipts: Estimated, 1926,
3 1864, 295, 092; estimated, 1925, So
! 601, 96S,279; actual, 1924, $4,012.-
Z 044,701.65.
t Total expenditures Gncluding
! reduction of the public debt re-
CURED by law to be made from
ordinary receipts): Estimated,
1926, $3,26T, SOL ,378; estimated, 1925,
$3.50, $685. 1903; actual, 1924, $780,
/ 677,715.34.
Excess of receipts: Estimated,
1926, 1878, 743,714; estimated, 1926,
$67, SS4 ,4S9; actual, 1924. $5O5 1885,.
1851, ss
Recommended Tax Cut.
In transmitting to Congress
December 3, 1928, the Budget for
J. the fiscal year ending June 80,
\ 1926 I recommended that taxes
be reduced. This recommendation
was warranted by the statement
!. Of our finances as presented to
Congress In that Budget.
It was there estimated that
under the tax laws then in force
the surplus Of receipts over, ex-
penditures would be $329, 639, 624
Tor the fiscal year 1924 and $685.
0S1,6S4 for the fiscal year 1925.
Taxes have been reduced.
7 The benefits to the people of
this reduction went back to the
commencement of the calendar
/ year January I. 1928. The con-
7 ddence of the Chief Executive
and of the Congress that our
z revenues could be safely reduced
has been fully Justified.
The fiscal year which ended
, June 80, 1924, was closed with a
surplus of receipts over expendi-
lures Of sos, 366,000. This was
SITS, 1927 900 in excess Of the .esti-
mate made on December 3, 1923.
I Increase Of $117 1867 900 in re-
/ ceipts, and decfease Of $5S $50 600
{ In expenditures produced this iI1ns
expected additional surplus Of
SITE, 727.00O. ,s.
An Index Afforded,
We have now completed five
months of the current fiscal year,
which ends June 80, 1925. This
affords an index Of the probable
reduction in our revenues under
the current tax, law. 1t also
affords an index Of the limits
within which our expenditures
can be kept under the continuing
policy of economy.
A revision Of the estimate OF
receipts and expenditures for the
fiscal year ending June 80, 1926,
indicates today that the receipts
will be 1901 ,96S,297 and the ex.
penditures $3.50, 0S3, 1903. Il III,
This forecasts a surplus Of re-
2 cefpts over expenditures for the
current fiscal year of $67,8S4, 489.
This estimate is most significant.
Y On the one hand, we anticipate
receiving this year $500, 100000
less revenue than we had last
!, year, due principally to the reduc-
ton in, taxes, On the other hand,
wa must provide $4,000, 900 for
: The extraordinary increase in ex-'
Denditures made necessary by the
World War adjusted compensation
act - -
Vet we are confident that the
year will be closed with a surplus
Of more than $67, 100000. Our
aim should be not only to con-
serve this prospective surplus but
20 add to 1t.
Receipts For The Year.
!. For the fiscal year 1926 1t 10
estimated that the ordinary re-
ceipts win be 1854 .2s5, Os2 and
: the expenditures $S,2S7,551,S7S.
I This indicates a surplus Of $685.
rtT4S.714.
In addition to these receipts
and expenditures it is estimated
that the postal receipts will be
!" SCAT ,410, 900 and the expenditures
chargeables thereto $637, $40, 0O5.
This forecasts a surplus in postal
revenue of $1O,O33,995, which
amount Is included in the stimated
general surplus of $S73,74S,71
\. We come now to the estimates
Of appropriations contained in this
Budget. The Chief Executive is
pledged to economy in the requests
he makes upon Congress for funds
for the executive branch of the
Government. This pledge is kept
In these estimates of appropri
atoms.
They call for total Of $685.,
223, S41.48, exclusive of the Postal
Service. A fair comparison of the
estimates OF appropriations for
1925 with the appropriations act
ually made for 1926 should include
the supplemental estimates for 1926
which were presented to Congress-
IN the second deficiency bill. fiscal
year 1924, and the bill to adjust
compensation Of employees in Ger.
tain OF the field services. n wa
These two bills failed Of enact.
ment before the adjournment OF
Congress June 1924. 9a
Estimates for Defense,
for the national defense the
Sgtimates amount to $549 900, 900,
which is $sS,OOO,OOO less than the
amount available this current fiscal
year. These figures do not include
nonmiiitary items OF the War and
Navy Departments. This reduction
Is made In accordance with my be.
lief that we can have adequate
national defense with more
modest outlay Of the taxpayers
money. Further study may point
the way to additional reduction
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