The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1928-12-05
U, S. BOOKS TO
SHOW SURPLUS
OF S36,OOO,OOO
gsEnnr.
President Coolidge Submits
1920 Budget to Con-
greSS.
BY CECIL OWENS
United Press STAFF Correspondent

WASHINGTON, Dec. 5.-PreSi-
dent Coolidge today submitted to
congress the budget for the fiscal
year 1890, totaling with postal serv-
ice payments, $4,417 $4,000 as COM
pared with $4,328,O28,236 in 1929 ap-
preparations.
In his accompanying message, the
President revealed that the gov
2rnment upon closing its books next
June at the END of the fiscal year
will have surplus of $36,990,19
but he warned that I'VE have no
immediate prospect of any further
reduction in taxes"
The predicted surplus caused
surprise, as Budget Director Lord
had said in July there would be a
$94,0O0,000 deficit unless govern
ment expenditures were sharply
3urtailed.
Receipts Lower
Total receipts of the government
in the fiscal year 1929 were esti-
mated by Mr.. Coolidge at 1881
735,661, as compared with receipts
in the fiscal year 1923 of $4,042,-
348,156. Expenditures for 1929 were
put at 1874, ATS, 400, as compared
with expenditures last year of
$3,643,519,875.
The surplus for the fiscal year
1928, which closed June 80, last was
1898, 828,281, which was $55,000,000
less than the estimated surplus.
Taking into consideration the
$50,0O0,000 appropriated by congress
subsequent to transmission of the
budget for settlement of war claims,
the President said the difference be-
tween the estimated and actual sur
plus in 1928 was but 100000.
This current year, 1929, the out
look is not so bright" he continued,
explaining that the forecast in 1927
of a surplus of $252, 540,2 83 for the
fiscal year of 1929 has been mate
rally changed. with actual oper-
ations for four months of the cur
rent fiscal year of record and a
clearer conception of what we face,
the setimate is now that our sur
plus this year will be $50, 990,192.
While this margin. of receipts over
expenditures is small, it is most
gratifying, as on July 1, last, the
best estimate that could be made
indicated a deficit of about $94,000,-
00o.
Include Overtime Pay
1.-THE surplus now estimated is
based on receipts amounting to
1881, 1875, 661 and expenditure of
$3,794, 745 ,469. The difference be-
tween the estimate is primarily re-
hected in the expenditure figures
which have increased 1898, 900, 600"
The postal deficit, Mr.. Coolidge
said, accounts for $68,000000 of this
estimated increase in expenditures.
Included in that amount is about
100000 for overtime pay of pos
tai employees, another 100000
for carrying ocean and air mail,
$14,000,000 for increase in rail
transportation rates, and $36,000,-
900 reduction in postal revenues.
Expenditures for flood control &C
count for $16,000,000. Public build
'ngs under construction and roads
being built account for $26,G00,000.
Increases in pensions raise the eX-
renditures by $11,000,000 and in
creases in pay of government en-
ployes account for $21,000,000.
Tax Refunds Increase
Tax refunds show an estimated
increase Of $18,O00,0O0 and interest
payments of .$5,000,000, while the
navy and shipping board expendi
lures, the message said, account for
$26,000,000.
For the fiscal year 1880, which
will commence on July / next, Mr..
Coolidge forecast surplus of $780,
576,182.
{ The President referred to the
$406,566,762.4 French war debt to
the United States which natures on
Aug. /, 1929, but he said it was not
included in the budget because of
the possibility that it may be fund
ed by ratification Of the Berenger
debt settlement agreement.
Mr.. Coolidge recommended to
Congress that, if the French ratify
the agreement, this country do
likewise.
The amount to be spent for flood
: control projects next year on the
Mississippi and its tributaries was
estimated at $31 100000 in the bud
get.
Increased appropriations were
recommended for the agriculture,
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