Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-24

! Continued From FIRST PageD
ago that it should not too greatly re-
| duce taxes.
Commenting on the Treasury's policy
of debt retirement, Secretary Mellon
pointed out that on June 80. 1919, the
| total Understanding debt outstanding
amounted to S25 ,235 900 900. on which
| the average interest rate was 4.18 per
cent and the annual interest charge
| 81 054 0O0. 600 He said that on June
| 30, 1880. the Understanding debt stood
at $l5,9 1922 ,0o0, 900, a reduction of So
| 10000. COO OF this latter amount,
| 81 : 1872, 900 900 was retired since the be-
| ginning of the Hoover administration,
| and the average interest rate has been
reduced to 3.8l per cent. The saving
| in annual interest charges from this
! reduction and refunding OF the debt
amounted, he said, to $44S, 100000.
Opposes Sinking Fund TamperIng.
Secretary Mellon took strong stand
! against tampering with the sinking
/ fund requirements OF the law. These,
| he insisted, must be maintained in order
! to still further reduce the debt He
pointed out that during the present
I fiscal year the Treasury received from
| all foreign governments the sum of
| S239, 565, 900 in debts on account of
| principal and interest.
In a 10-year period, Mr.. Mellon said,
| there have been four continuing reduc-
! lions in taxes and one temporary re-
duction for the 1929 returns.
! The Secretary said that he particu-
| larly wished the country not to think
/ that the Treasury views with COM
| placence the present situation.
ANY Government deficit" Mr.. Mel
lon said. lis matter Of grave concern"
/ Il would like to turn for moment to
| another and happier problem Of the
| Treasury, having to do with subject
| OF general interest throughout the
| country" continued Mr.. Mellon. He
| had reference to the Governments
! building program.
Outlines Building Program.
an accordance with the program
! carefully worked out by Congress" he
said, 1915, PAS 900 will be expended
! during the coming fiscal year One
| hundred and forty seven projects are
! under contract throughout the country
| and in the District of Columbia long
| delayed plans for the City OF Wash
| ingtcn are gradually taking form"
Mr. Mellon said that during the pres
ent calendar year the new Department
Of Commerce Building will be COM
pleted and work will be started on the
Post once Department, the Labor De-
| partment, the Department OF Justice
ana the Archives Building. He said
that in carrying forward the develop
ment Of Washington they were doing
something of permanent value for the
country.
Business depressions may come and
| go and the present one will be forgotten
as time goes on. But the City of Wash
| ington win remain. so let US 60 ahead
with the building OF 1t. and, in so doing,
follow the example President Lincoln
set when he insisted on carrying on the
work on the great dome Of the Capitol,
even during the darkest days Of the
Civil War
I'VE at this moment are engaged in
| another struggle, this time against eco
/ nomic forces. The trial is a severe one.
| but there can be no doubt about the
outcome We know that we shall
emerge net only with mistaken faith
in our country's future. but with re-
| newed confidence in our capacity as a
people 10 meet and overcome any OBJ
/ stacles that may seem temporarily to
| impede our progress"
The full text OF Secretary MELONS
address appears in the editorial section
Of The Star today.