The midland journal. (Rising Sun, Md.) 1885-1947, 1926-07-02
NEWS REVIEW OF
CURRENT EVENTS
President Reveals Prosper.
ity of Country but Says
No More Tax Reduction.
BY EDWARD w. PIcKARD

BY EDWARD w. PlCkARD
VX7E ALL knew the United States
w was prosperous, but the figures
given out last week by President Cool
idge in his budget address to the semi
annual meeting Of the governments
business organization were surprising.
A surplus for the fiscal year ending
June 80 was anticipated, but the Pres
ident announced that it would be, in
round numbers, 100000, O00-much
greater than was estimated in Deem
Der or March after the passage Of the
revised revenue act. Yet more sur
prising, there is in prospect surplus
of about $1S5,O00,OO0 for the fiscal
pear 1927, and Of s20,0OO,O0O for the
fiscal year 1928. Up to this time Mr..
Coolidge and the treasury and budget
officials had been telling the people
that the government would not more
than break even in 1927 and that the
next year would reveal a deficit.
The President said that on June 80
the gross public debt would be approx
imately $19,6SO,OOOO0O, representing
a reduction during the fiscal year Of
1896, 1913 1897, which is about 100000
900 more reduction than was made
during the previous fiscal year.
Notwithstanding the prosperous con-
dition shown by the figures submitted,
the President did not relax from his
stand for continual economy, and he
warned the public that there was no
possibility, of further tax reduction at
the present time. He asserted that a
falling off in business activity might
easily wipe out the prospective 1927
surplus. and as for 1928, he told the
department heads and bureau chiefs
in his audience frankly that the out
look today Is not encouraging" and
that the possible surplus of $20,OOO,-
600 'is negligible and may easily be
converted into a deficit"
As new measure of economy Pres
ident Coolidge proposed reduction in
pay rolls under scheme by which
$20,000,O00 is to be saved during the
next II months. The details of the
plan, which were outlined by Director
of the Budget II. NJ. Lord in an ad-
dress following that of the President,
call for the organization of the 20 per
cent personnel club" It is not con-
templated to discharge any present
employees but to omit filling such
number of vacancies as they occur as
will result in saving at least 2 per
cent of the annual salary cost.
Concerning tax reduction, the Presi-
dent said: 1T would be unfortunate
to raise hopes Of further tax relief
until we are sure that the state of our
finances justifies it. There is no such
surety today. Business was quick to
anticipate the last tax reduction. It
was justified in 20 doing. To raise
such hopes at this time might be to
encourage business to anticipate again,
as it did in 1925, further tax reduc-
ton. This might have a detrimental
effect upon the sterilization of the
country under the present tax law"
A T LEAST until next session of con-
a gress the corn belts plans for
farm-relief legislation were killed when
the senate defeated the McNary bill by
a vote of 80 to 46. The house already
had rejected the measure, which would
provide for price sterilization. The
Middle West had counted on the sup
port of the cotton section, but only six
southern senators voted for the bill.
NEVER before has the world seen
y so great religious demonstra-
ton as was the twenty-eighth inter-
national Eucharistic congress in Chi
cago. It's Importance and impressive
ness were recognized by men of all
creeds and of no creed, and the hope
was expressed generally that it would
stimulate revival of spirituality In a
world that has become too material.
Under the leadership of church off,
Gals, from cardinals down, nearly a
million devout Catholics gathered in
the city by the lake and for three days
participated IN gigantic outdoor
masses and other ceremonies In Sol
diers' field and in huge meetings In the
churches and other buildings. On