The Washington times., 1928-07-11
LAINS gu I
IN FEDERAL
DEBT
BY RICHARD HATTON

At the close of the fiscal year
there was q surplus OF Government
revenue OF nearly $500 900 900. The
public debt had been curtailed by
about 5000, 900 900, leaving a balance
OF something over 81, 500. 600. 900 Of
debt. This is q drop OF nearly So
O00, 900, 900 since the end OF the fiscal
year 1919.
According to a review Of the Gov
ernn1ent's year Of debt reduction ~
Dominick and Don1inick, the ~ per
cent reduction in the public debt IN
nine years is in accord with the es-
tablished policy OF the United states
Government. After each OF the pre-
vious war periods when the FederaI
debt had accumulated as g result
of extraordinary expenditures. tne
Government has proceeded with
prompt program Of debt retirement
The program has been effected popn
through budget SURPRISES ana
through provisions for payments out
Of the sinking fund.
Surplus Since 1920
Since 1920 each fiscal year has
shown a budget surplus. The total
for the past nine years is $1,000
600 900. All Of this surplus has been
applied to the reduction Of the pub
lie debt.
4 In addition, an even larger amount
has been derived from items charge
able against ordinary receipts, sucn
as the sinking fund and the pay
ments Of principal and interest on
the foreign loans. Under the pro-
visions for a sinking fund, estap.
lished by law, these sinking fund
payments have totaled in the nlns
years $2,429 900, 900. and the pay
ments on foreign loans and war
debts have amounted to ABOUT
$070,O0O, O0O4
The surplus in the fiscal year
1927 established new high record,
largely due to combination Of UNI
usual ana homecoming items IN both
receipts and expenditures. Indeed,
about two-tl1irds Of the $636,OOO,OO
surplus was based on items which
did not recur in the past year. or
which required in much smaller vol
ume. The smaller surplus OF 1921
600 900 this year was. therefore. ex-
pected and is only III per cent less
than the actual Government esu'
mate.
Interest Charges Cut
In addition to this actual reduc-
tion in the amount of the debt, the
Government succeeded in lessening
the interest charges by various re-
financing operations. The annual
interest rate on June 80 this year
was 3.S7 per cent as compared with
s.96 per cent at the close OF the
fiscal wear 1927, and 4.29 per cent
an the same date in 1921. Total in
tarest Dayments in this past fiscal
wear were $732 200, 900 as compared
with $7S7 ,O0O.0 900 in 1927.
The per capita debt has fallen
from S240 in 1919 to 1858 in 1927 and
4 little over $3.50 IN 1928.
Committees Named
President Al. l.. Baldwin, of the
District Life Underwriters Assoc
cjation has appointed the stand
ing committee for this year as
follows:
educational, Paul Sleeper; field
rractice q. T. Stabler: general
agents. John f. Cremen; legisla-
tion RI l.. Choate: Membership.
Kari S.. Hoffman. George I. Black
and Leo u LlOJuI pAOSLNAiA'
r Crowley, E. d. Crewsor. !.
A. DeForce, Miss Mannix and
Frank Strunk; civic agencies. wal
lace Hatch; sales congress, "A, II.
Rryarly; bulletin, Carl S. Dow,
Roger 8. Mccullough and Lester
D., o'Flaherty.
Directors Named
stockholders of the National Union
Insurance Company have elected
the following directors: Charles
r. Brown. Floyd e. Davis, Albert
r. Fox, w. T. Galliher, Holcombe
q. Johnson, J. Leo Kclb, John
B. Larner, Walter s. Pratt, jr.:
B. F. Saul and John C. Weldon.
The following officers were elect
ed by the board: Albert F. Fox,
president; B. F. Saul, vice pres.
ident; W.. T. Galliher? vice pres
idept; William H. Someryell. Sec
retaty, and William H. Marbury.
assistant secretary.
> Vice President Hilleary G. Hos.
kinson, Of the Riggs National
Bank. is spending his vacation in
Ohio.
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