The Washington times., 1934-01-04
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kAob NOA46A Ooos
Control Is Ordered
No change in the income ta1
law was visualiZed. CONSIDERABLE
additional revenue can be securet
from administrative changes II
the income tax law, amounting
possibly to $150,000.000 a yea
without resort to additional legis
lation, according to Mr.. Roosevelt
The message announced tina
emergency agencies had beer
brought within the Jurisdiction o
the Comptroller General and tn
Bureau Of the Budget. He said:
'Up to now there has been no
OOOrdinated control over emer-
gency expenditures.
To-day, by Executive order,
have imposed that necessary
control in the Bureau Of the
Budget.
Heretofore, emergency ex-
penditures have not been sub
ject to audit by the Comptroller
General Of the general account
ing office. Today, l am, by ex-
ecutive order, repOsing in him
the authority to conduct such an
audit and to continue to audit
each such expenditure. Here
after, therefore, just as In
the departmental expenditures,
there will be, in emergency ex-
penditures, q pre-budget and .
post audit"
PRAISES U. S. CREDIT
The President observed:
'Tt is evident to me, as 1
am sure it is evident to you,
that powerful forces for recOv-
cry exist"
He continued:
ut is by laying foundation
Of confidence in the present
and faith in the future that
the upturn which we have so
far seen will become cumula-
tive. The cornerstone Of this
foundation is the good credit
Of the Government.
ut is, therefore, neither
strange nor is it academic that
this credit has a profound ef-
feet upon the confidence SO
necessary to permit the new
recovery to develop into ma
turity.
'Tf we maintain the course
/ have outlined, we can conf
IDENTIFY look forward to cumula-
tive beneficial forces repre-
sented by increased volume Of
business, more general profit,
greater employment, a diminu-
ton Of relief expenditures.
larger Government receipts and
repayments, and greater human
happiness"
THINKING AHEAD
In discussing the extra item
he intended to recommend TO
1884, Mr.. Roosevelt explained
that about four hundred millio1
dollars would be required for tn
Civil Works Administration, which
has funds only sufficient to Feb
ruary IS.
The four million now on th(
rolls should be given Worl
through the cold weather, h
said at a special press conference
The remainder of the appropria
ton will be sought Cor the hom'
loan bank system, farm credit
and Federal land banks.
The two-billion-dollar item TO-
1885 also is of emergency charac
ter. Relief next winter will cos
from 800 million to 800 milliol
dollars, but he said he planned
to ask Congress for from $50 mi.
lion to 600 million dollars for tina
purpose.
Item was 500 million dollar
to carry on public works opera
tions in the 1885 fiscal yeal
which he thought would be suff.
cient along with a billion dolla
carry-over this year.
S5OO,OO,OOO For PWA
About 500 million dollars wa
held necessary for the Recor
struction Finance Corporation. H
said it was certain additional GOV
ernment lending will be required
Assistance to weak banks, pul
chase of bank assets, and certail
other financing, the Presiden
said, may be advisable.
The President indicated tina
800 million dollars would be RI
uuired for the Civilian Conserve
ton Corps and $100,000,000 TO
farm credit and home loans.
The President said the variou
Government agencies have loan
outstanding with a book value o
So, ,558,5l6,l89 Unofficially he ez
pressed the opinion the estimat
was conservative.
Big Borrowing Ahead
He remarked that minimum es
Inmates of revenues and asset
had been used and maximum est
mates on expenditures. He said
''In order to make clear to
the Congress what our borrow
ing problem is for the next six
months. permit me to remind
YOU that we shall have to bOr-
row approximately $6,OOO,O ,OOO,-
900 of new money and, in addi-
tiOn. $4,000, 100000 to meet ma
turtles Of a like amount.
"The budget estimates Of ex-
penditureS, exclusive of debt re-
tirement Of $525,76S,SOO and ex.
elusive also Of such sum as may
be necessary for new and
extraordinary recovery purposes,
for the fiscal year ending June
on 1Q2S- amount to S3. 9E(l..