Evening star., 1928-06-12

enacted during the last session OF Con-
gTeSs, the President said that for the
year 1929. receipts would be about
SS,1OT,OOO.0O0 and estimated expendi-
lures s3.S0l. .O00. 900.
For the current year, which ends this
month, the President said he had no
concern. as there appeared 70 be
s1ostantlal surplus in excess of
For the year ending June 30. 1890,
sStlnates Ior which viii be asked with
IN Few days by the Budget Bureau
the President said he had t'tentatiyeIv
nxed upon So, 700. 900 900 as the amount
available, including tax refunds. per-
manent and indefinite appropriations,
the postal deficit and funds for ex-
traordinary new projects.
The amount contemplated In the lo31
restrictive figure for the ordinary rolI-
tine operations Of the Government. the
PreSlcent said. was really less by 500
OOO,OoO than the availability for these
purposes IN 1929"
The necessity Of keeping expend;-
lures within receipts. the Importance OF
continuing our pay-as-we-go policy.
the Chief Executive.
President Coolidge delved into the
history OF Government finances some
what at more length than has been his
custom at these semi-annual meetings
OF his business managers. He linked
this with prosperity OF the country. He
pointed with some pride To four tax re-
auctions since 1921, which when fully
operative will reduce taxes BY approx
imately two billions of dollars a wear.
as compared with what would have
been collected If the act Of 1918 had
remained in force"
Present Position Of Trade.
THE prosperity Of TODAY" he de-
clared, can be directly attributed in a
large measure to the lesSening OF the
burden of Federal taxes
Painting a vivid picture Of unfavor-
able conditions in trade and industry
IN 1921. the President sketched a con-
uast with what he called "the remark
aoly favorable position Of our trade in
Employment. he pointed out. had
greatly improved, manufacturing output
curing the FIRST quarter OF 1928 he re-
ported az rate nearly one-third
higher than in 1921" with iron and steel
production more than twice as large as
In the earlier year, and the autonobile
industry showing a much more rapid
growth"
"The mining industries we're in a
particularly depressed condition in 1921.
whereas several of them have been yery
active thus far in the present year"
said the President. Check payments.
electric-power production and contract
awards for new building have had. in
the early months of 1923, a monthly
average about twice as large as In the
po1NN 49,. -
IIourth greater, Agricultural prices
have been more favorable during the
current year. whereas the reverse was
the case in 1921
Stabilization and feeling OF Sc
curity nave been the primary factors In
the great upward swing OF American
industry and commerce since 1921. -
increases In paw To Federal employees
tnrough the original classification act
or 1923 were reviewed by the President,
who. said the average salary by that
aet had been increased from $l.6T4 10
sl'oo,', ana mad been further advanced
year
While the pecuniary benefits of this
act said President Coolidge. apply
TO both the departmental and the field
services, the Congress has wisely pro-
Vlueu Tor study OF the salaries OF pO-
Sitions in the field services as com
pared with the compensation OF like
positions In private business and for
the submission OF recommendation with
respect TO the proper compensation for
such positions
Gen. Lord Reviews Finances.
Now that salaries have been In
creased, II Is the duty OF all SuperviS-
ing onlcerS to see that they are earned.
one OF the most valid criticisms against
the Government service Is its lneffi-
cheney, wherever II exists. Those per-
sons ON the pay roll who are not able
20 earn these high rates of salaries
should be replaced by those who are
more competent"
Gen. Lord reviewed several phases
ot the Governments finances, pointed
10 how the public debt had hern de-
creased from its peak OF $26, see. TOi.-
eaS,0l ON August 81. 1919, 10 Sl8.sll.-
eoo,vsl % as Of juno 80 last. and pre-
aleted II would be down TO SIT ,HSO, 00O-
200 py the end OF this month. lie
sounded call for new objective.
the national debt down TO SIS, 900 600
600 In three years"