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

tive sinking fund provided in the
Victory Liberty Loan act.
Retirements through this fund
during the past fiscal year were
about $4,000, 900. The next
items in size among the fixed.
debt charges are the retirements
OF securities received from for
eign governments under debt set
Elements and the purchases and
retirements OF securities from
foreign repayYnents.
These continuing reductions Of the
public debt have q very material
| effect in. maintaining high prices
| for Liberty bonds.
They permit the issuance Of new
Government securities for temporary
and for refunding purposes at low
interest rates, with consequent fur
ther economy in Government ex-
penditures.
Huge Interest Paid.
Interest paid in the fiscal year
1894 amounted to $s4O. 900 900. 1t
is estimated that this item win be
$685.. 100000 IN 1925. and $3.50, 900, 600
in 1895.
This saving Of S110, 900 900 in two
years 10 the result Of the reduction
in the amount Of debt and decrease
In the average rate Of interest paid.
The sinking fund Is q part Of the
contract between the United States
and the holder Of the United States
obligation, and, therefore. cannot in
good faith be changed.
The continual steady effect Of
these debt-reducing factors Is to cut
down the single largest item Of
Government expenditure, and to per-
NIT further reductions in the burden
Of taxation.
In my message transmitting the
budget for the fiscal year 1895,
recommended the enactment of
legislation which would authorize
Ia reasonable progressive building
Fprogfam to meet the needs Of the
executive departments and establish.
ments OF the Government in the
District Of Columbia.
The situation is yearly becoming
more acute even with full utilization
of all 0overnment-owned buildings,
fincluding the temporary buildings
erected during the period Of the
late emergency.
Rents in ID. C.
We are now spending something
more than 100000 per year for
rental Of buildings, or parts of
buildings in the District Of Columbia.
The present crowded condition Is
detrimental to efficiency. The fire
hazard In the temporary buildings is
great.
An expenditure of $4,000 900
annually for a period Of years
would enable the present situa-
ton to be gradually relieved. A
larger yearly expenditure would
shorten the period during which
full relief could be attained.
During the last session of Con-
gress bill was introduced
authorizing yearly appropria-
ton OF not exceeding $4,000, 900
for a progressive building pro-
gram In the District of Columbia.
This bill has my Endorsement.
earnestly recommend its enact.
ment by Congress.
have recently appointed a
commission to investigate agri.
cultural conditions. The purpose
of this was to determine what
action, through legislation or
otherwise, should be taken to
place agriculture on basis OF
economic equality with other in
dustries. Tho findings and recon-
Inendations Of the commission are
for the use Of the Congress. I.
mention this commission here
for the reason that / will shortly
submit to the Congress an estf
mate Of appropriation : to meet
the expenses Of the commission.
Points Out Surplus.
We are now in the fourth year
of our campaign for reduction in
the cost Of Government. Our
aim IL to reduce the burden of
taxes. In this we have been
successful. For those things
which we are now required to do
we are fast reducing our ex.
penditures to minimum con.
sistent with efficient service.
We have before us an esti.
mated surplus Of 16z.00o.OOO for
a. 90. . .