The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-01-31
SHIP PROGRAM
is DISCUSSED
BY PRESIDENT
Continued from page cne)

Continued from page one)
hope there will be none in its final
consideration by the congress.
1--WE must not depart from the
wise policy established and thus far
ri9idly followed Of keeping our ex.
penditures withir our receipts. That
l had in mind in making my recon.
mendation. It has made . rich con-
tribution to the present splendid fl
nancial status Of the country. It
has enabled US TO hire money 1t q
lowei rate than any othe. business
in the world. 1t has been effec-
tive in the maintenance Of prosper
ity. It has the hearty endorsement
Of the taxpayers.
Must Not Modest Policy
"That policy Of a balanc d budget
expenditures within receipts-must
not be molested. It must not be en-
dangered. The great good which has
come to this country from a bal.
anced budget is too measureless, too
preaching, even to suggest any
other course. This nation is neither
too weak nor too IT. .orovident to
meet it's obligations as they occur.
1.-THE budget for 1929 which fore
cast surplus Of $25c,j4O,000 is
now before the congress. The action
so far taken by the congress on that
budget indicates no intention OF di-
minishing the expected surplus. With
continuation OF the efforts for
ECONOMY in federal o, arations. we
can have a moderate reduction in
taxes and at the same time ade-
quately meet the urgent national
problems which are now confronting
US.
Past economy has given US the
means for internal improvements
and developments and more adequate
national defense. But we cannot
stand the cost of the things which
we should and must have, II we
adopt excessive tax reduction. It is
far better to have no tax reduction
than to have too much. We have the
public debt to which to apply every
dollar Of whatever surplus may &C.
cruc. That, indirectly, is tax reduc-
tiop. Every dollar applied to the
debt saves perpetually the interest
on that dollar. 1t is q contribution
to the welfare Of the people, a logical
step nearer adequate tax reduction"
Easier to Borrow Than to Pay
That it i. nue.! easier to borrow
money than to pay it, Mr.. Coolidge
said, is shown by the fact that the
national debt was increased from
slightly over 81, 250, COO, 900 to enarly
$26, 6OO, 100000 from 1917 to 1919.
Although the deb, was increased up.
proximately $25, 600, O00, 900 in about
two years, he said, it has required
more than eight years to reduce it
by $500, 100000, leaving the debt 1t
approximately SIS, 900, 900 00). Since
the declaration Of war in 1917, he
pointe>. out more than 81, 600, 00O, 900
has been paid in interest an prin-
cipal.
1--WE cannot .verestimate or over.
emphasize the importance Of the re-
duction which has been made in our
debt Mr.. Coolidge added. "Our
interest cost is still = great burden.
This cost for next year, however,
will be $1,0O0,(OC . day less than it
was at the peak Of or interest
charges"
Asserting that economy in fed
eral operations is here to stay, Mr..
Coolidge declared that by economy,
he meant, constructive economy
that provided ample appropriations
for necessary expenditures. A large
source of expense, he asserted, is
for national defense.
1.-THE cost of this for next year is
estimated at approximately $780,
100000" the president continued.
"That means an average expenditure
Of 81 ,233 for every minute of $20.50
for every second of the year. The
army program contemplates an ex-
penditure in excess Of 100000, 900
and a construction program. for the
navy is now receiving the considera-
ton of the congress.
1.-THE authorization of 1916 was
the last complete navy program and
that has been practically completed.
The recommendation now before the
congress to replace obsolete naval
vessels and moderately increase our
naval strength contemplates an Or
derby construction procedure; moth.
ing more"
COmmends Director Lord
President Coolidge closed his re.
marks with 2 tribute to Director
Lord, of the Budget Bureau, who he
said had the Judgment to say YET
when the facts warranted and the
courage to say no when the facts
warranted"
Following the president, Director
Lord declared that while there will
be no slackening in the effort fol
economy, there is an irreducible min.
imum of expenditure below which
the government cannot 20.
I'VE may possibly have reaches
that terminal" the director added
THE country grows and develops
The bigger the country the bigge,
the operating costs. But Is long .,
there is q federal employee not full,
committed to the doctrine Of homes
service, as long as there 10 m ar
ticle of federal supply wasted an.
not completely and properly utilized
as long as there Is q taxpayers dol
lar not profit bly, employed, til
drive for constructive economy vii
20 on. If we canont reduce expand
iture or check its growth we can an.
will see to it that every increase i
amply justified, and If we ~
obliged to spend more we can an
will see that that more Is spen
wisely"