davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
COST OF RECOVERY

The total spent for recovery and
relief was $3,O68, SO3,O53, whereas
the 1886 budget estimate was $4,-
068,541, 1852, exclusive of expenditures
made under the Agricultural Adj
justment Act and made by the Gil
william Conservation Corps. This
difference is partly due to this fact :
When the budget for 1886 was
prepared it seemed probable that
the Reconstruction Finance Corp,
in all accounts except relief,
would close the year with an excess
of loans over repayments; and the
amount of the net expenditures
was estimated at $556,000O00. How
ever, because of improved business
conditions, the demands for cor
poration assistance were so much
less than estimated and the repay
ments of loans SO much greater,
that the corporation actually closed
the year with net receipts of $1O7,-
100000. Therefore, the net differ
ence between the estimated ex-
penditul and the actual result
amounted to 1868, 100000. Other
agencies spent for recovery and re-
lief $4,000, 900 less than estimated.
For the operation and mainte-
nance of regular departments and
establishments of the government,
including the Agricultural Adjust
ment Act and the Civilian Con-
servation Corps, actual expenditures
were $2.912,537,50 against the
estimate of 104,961,174.
For statutory debt retirements
there was expended $573,558,2 $50,
and for interest on the public debt
S820,926,3 53, whereas the amounts
budgeted for these items were, re-
spectively, S572, $4,000 and $685.
100000.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
TOTAL 1887 NEEDS

Now let us look at the budget for
the fiscal year 1897:
To run all the regular activities
of the government I will need a
total of 5000, 100000. These regu-
lar activities include interest on the
public debt, major public works,
operations of the Civilian Conser-
walton Corps, and agricultural bene-
fit payments, but do not include
strictly work-relief items. I expect
to pay for these regular activities
with estimated receipts of $685.
100000, leaving an excess of re-
ceipts of $685., 100000. Out of this
$685., 100000 I will need $3.50 900, 900
for debt retirement, which will still
leave 100000 of excess receipts
over expenditures after having paid
for all of the regular expenditures
of the government plus debt retire
ment.
The item for relief remains. With
out that item the budget is in bal
ance. To make today formal bud
| get estimate of the amount neceS-
sary for Work-relief would be of
necessity a difficult task. We have
too recently reached our goal of
putting three and one-half million
people at work; and the beneficial
effects from this program and from
increased expenditures on public
works can not be foretold as &C.
clrately today as it can two months
from now. Furthermore, employ
ment by private industry continues
to show substantial gains over the
figures of a year ago. 1t is reason
ably certain that the total appro-
priations for work-relief during the
fiscal year 1897 will be far less than
during the current fiscal year. 1t
is estimated in this budget that
expenditures for recovery and re-
lief out of uneXpended balances of
previous emergency appropriations
will amount to ST, 100000. In
Guiding these expenditures the gross
deficit for 1887, without an esti-
mate for additional work-relief, is
less than the gross deficit for 1896
by $2136,0O0000. I do not antici-
pate that the need for additional
relief funds will be as great as that
sum.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
NATIONAL POLICY

The national policy which we
then adopted sought to stop the
downward economic spiral by TAX
ing simultaneous action along a
dozen fronts. The chief detectives
were: To make bank deposits Sc
cure, to save farms and homes from
foreclosure, to start public works on
a large scale, to encourage home
building, to increase farm crop
values, to give useful work instead
of a dole to the needy unemployed,
to reduce all interest rates, to in
crease foreign trade in both exports
and imports, to extend government
credit to railroads and other pri-
vately owned activities, to reduce
unsound and generally disastrous
speculation, to eliminate starvation
wages, to seek a higher level Of
values, and then to maintain those
values.
On the part of the Federal gov
eminent the many legislative acts
creating the machinery for recovery
were all predicated on two inter-
dependent beliefs. First, the meas
ures would Immediately cause a
great increase in the annual eX-
penditures Of the government
many of these expenditures, how
ever, in the form of loans which
would ultimately return to the
Treasury. Second, as a result of the
simultaneous attack on the many
fronts have indicated, the receipts
of the government would rise def
nitely and sharply during the fol-
lowing few years, while greatly in
creased expenditure for the pur-
poses stated, coupled with rising
values and the stopping of losses
would, over a period of years, di-
n.inish the need for work-relief and
thereby reduce Federal eXpendi-
lures. The increase in revenues
would ultimately meet and pass
the declining cost of relief.
This policy adopted in The spring
of 1888 has been confirmed in
actual practice by the Treasury fig
ures Of 1884, of 1885, and by the
estimates for the fiscal years of
1885 and 1887
There is today no doubt of the
fundamental soundneSS of the
policy of 1888. If we proceed along
the path we have followed and with
the results attained up to the pres
ent time we shall continue our sue
cessful progress during the coming
years.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
Part One

mo mortal is permitted unfail-
ingly to predict the future.
This il particularly true of esti-
mates which relate to the money
values Of property and services in a
world Of nations torn by dissension,
by violent price fluctuations, and by
forebodings Of the future.
II is. therefore, a cause for con-
graduation within our own nation
to realize that a consistent, broad
national policy, adopted nearly
three years ago by the Congress and
the President, has thus far moved
steadily effectively, and success
fully toward its objective
In March, 1893, in spite of sub
stantial increases in tax rates dur
ing the preceding administration,
Federal tax receipts had fallen to
such low level that even normal
expenses Of government could not
be carried on without creating a
mounting deficit. In addition to
normal expenses the problem Of
millions Of starving unemployed
called for a relief program which
obviously would greatly increase
that deficit.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
APPORTIONMENTS

Appointments of Appropriations
Within the last few months control
of the administrative expense of 20
emergency agencies has been vested
in the bureau of the budget which
Fafter general survey of all of them
has effected substantial reductions
in proposed expenditures for admin
iStrative purposes. Allowances for
administrative expenses are subject
to such adjustment as the status OF
the agency warrants,
The 20 agencies brought under the
budget are the Agricultural Admin
istration, Commodity Credit Corp,
Electric Home and Farm Authority,
export-import banks 81, Farm
Credit Administration, Federal Co.
ordinator of Transportation, Federal
Deposit Insurance Corp, Federal
Emergency Administration of Public
Works, Federal Emergency Relief
Administration, Federal Farm Mort
gage Corp, Federal Home Loan
Bank Board, Federal Housing Ad-
ministration, Federal Savings and
Loan System, Federal Savings and
Loan Insurance Corp, Federal Sur
plus Relief Corp, Home Owners
Loan Corp, Federal Surplus Relief
Corp, National Recovery Admins
tration, Reconstruction Finance
Corp. and Tennessee Valley Au-
thority.
1t is recommended that Section
3679 of the revised statutes he
amended SO as to bring all agencies
of the government. including gov
ernment-owned and government
controlled corporations, within the
authority of the director of the bud
get with respect to appointments
of appropriations and of other funds
available to them.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
1887 PROGRAM
The Fiscal Program of 1887


There is presented here a brief
factual resume of the principal fea-
lures of the budget year 1887, the
details of which appear in SUISSE
quent text and tables A few high
points stand out and justify en-
phasiS.
Without impairing the ability of
the government to carry on its nor
NAL functions and to prosecute
activities essential to continued re-
covery, the budget reflects a sub
stantial decrease in the spread be-
tween income and outgo. This is
consistent with the prediction made
in the budget message a year ago
and is possible because of progressive
Improvement in the economic status
of the people. The state of national
recovery is such that receipts from
prevailing tax sources on the basis
of present rates appear adequate for
financing the ordinary operations
of the government in 1897, including
service on the public debt; and no
new or additional taxes are pro-
posed.
Legislation enacted by the first
session of the Seventy-Fourth Con-
gress makes it necessary to provide
in the 1887 estimates new appropria-
ton items aggregating $667 100000.
This total will become approximately
$767 100000 should the Congress re-
ject the recommendation, hereinbe-
fore offered, for repeal of that part
of the Agricultural Adjustment Act
which appropriateS sum equal to
30 per cent of customs receipts to
the Secretary of Agriculture.
Legislation enacted by the first
session also permits including in
these estimates a total of $769 ,000,-
900 of additional receipts, of which
about 70 per cent will accrue under
the Bituminous Coal Conservation
Act, the act levying upon carriers
and their employees, and the Social
Security Act. 1t is worthy of note
that but slightly less than 80 per
cent of this increase will be derived
under the Revenue Act of 1885. This
act, it will be recalled, slightly in
creased taxes on individuals whose
net incomes exceed $4,000 a year;
slightly increased estate taxes on
larger fortunes with a corresponding
increase in gift taxes, and If, respect
of corporations, decreased taxes on
net earnings of small corporations
while increasing in relative ratio the
taxes on net income of larger cor
porations. The act also provided for
an increase in taxes on capital stock
and on excess profits of corporations.
The effect of the excess profits tax
was to increase taxes on corpora
lions which earned in excess of GER
tain percentages of their adjusted
declared value of capital stock.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
Part Three
REVIEW OF PAST

Review of fiscal years 1885 and
1886 and the fiscal program of 1887
This review concerns itself with
cash actually received and paid out
by the Treasury in the fiscal year
1895; and with the estimates OF
receipts, appropriations, and ex-
penditures for the fiscal years 1896
and 1887 includes activities under
the Agricultural Adjustment Act
and the Civilian Conservation Corps
emergency conservation work.
heretofore classed as emergency
Therefore the figures used herein
for 1884, 1885 and 1886 have been
adjusted to a comparable basis.
Fiscal Year 1885
Receipts-Treasury receipts for
the year ended June 80, 1885, were
in excess of estimates prepared a
year ago. Considering all sources
except postal revenues, total re-
ceipts amounted to $4,000, 467 POP, or
100000 above the estimate. IN
ternal revenue, including processing
taxes on farm products, produced
3,277, 69O,028, exceeding the esti-
mate by $80,0Oo,000. Customs re-
ceipts amounted to $343, ,033, ar
increase over the estimate of $685.
100000. Miscellaneous receipts, in
Guiding realization upon assets, esti-
mated at 1927, 184,181, fell short of
the estimate by $46O00,O00; the
amount actually received under
this item was $179,424, 40.
Expenditures-While actual re-
ceipts for the year were greater
than anticipated, actual eXpendi-
lures were less than the amount
estimated by $1,205 100000. The
aggregate of all expenditures was
$7,375 1926, 166, against an estimate
of 1851, 069,026 Approximately a
billion dollars of this difference re-
lated to recovery and relief, and the
regular agencies accounted for the
remainder.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
PROCESSING TAXES

The present estimate for process
ing taxes in 1886, included in above
total, is in round figures $529, O00,-
600, as against the original estimate
Of $570,000,000. Actual receipts for
the five months ended Nov. 30, 1885,
totaled $56,0OO0O0, while up to that
date approximately $14S,OO0,000 of
due payments had been impounded
as the result of preliminary court
action.
It is pertinent to repeat here a
statement appearing in the sunnna-
ton of the 1886 budget: Estimates
of receipts contemplate continued
collection of processing taxes. If
the attack which has been made
upon this act is sustained we will
have to face the problem of financ-
ing existing contracts for benefit
payments out of some form of new
taxes"
Two new taxes, namely, the BIZ
luminous coal tax and the taxes
upon carriers and their employees,
both representing recent legislation,
will contribute $39,0O0,00O not in
cluded in the original estimate of
receipts for 1886. New taxes i'm
posed by the Social Security Act
and the Revenue Act of 1885 will
not produce any income until the
fiscal year 1897.
Expenditures Indications are
that expenditures including debt re-
tirement during the present fiscal
year will not reach the amount
budgeted by approximately $685.
100000; the total now foreseen is
$7645, 301, 1888, against the original
estimate of $500, 413,609. Exclu-
sive of debt retirement the total of
expenditures is now estimated at
S., 1893 ,276,338, while the original
comparable figure was 1888, 979, 500.
For recovery and relief the revised
estimate of expenditures for the
fiscal year 1886 is less than the
original budget estimate by $685.
100000, and expenditures for all
regular purposes, including Agricul-
tural Adjustment Act and Civilian
Conservation Corps, will be less by
$137 100000 Debt retirement will
require $84,000,000 less than was
budgeted and interest payments will
be $133,000,000 less. ALI regular ex-
penditures, excluding service on the
public debt, will be greater than the
original budget estimate by about
$50 900 900.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
Balanced Budget Submitted by President Roosevelt for Regular
Expenditures Forecasts Deficit Nor

ures prove it. Secure in the
knowledge that steadily decreasing
deficits will turn in time into
steadily increasing SURPRISES, and
that it is the deficit Of today which
is making possible the surplus OF
tomorrow, let us pursue the course
that we have mapped.
In my budget message of Janu-
airy, 1895, I said, II am, however,
submitting to the Congress a bud
get for the fiscal year 1886 which
balances except for expenditures to
give work to the unemployed. If
this budget receives approval of the
Congress, the country will hence
forth have the assurance that with
the single exception of this item,
every current expenditure of what
ever nature will be fully covered by
our estimates of current receipts.
Such deficit as occurs will be due
solely to this cause, and it may be
expected to decline as rapidly as
private industry is able to re-
employ those who now are without
work"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06

annum, and the balance was paid
in cash. The average rate on the
securities issued to refund the
Liberty bonds is less than 2A per
cent per annum, saving of ap-
proXimately rs per cent year, or
an annual reduction in interest
payments of more than $100,000,000
on these particular securities.
The average rate on the interest
bearing debt was on June 30. 1884,
approximately 3.18 per cent, whereas
on Nov. 80, 1885, it had been re-
duced to. 2.575 per cent.
If the Congress enacts legisla-
ton at the coming session which
will impose additional charges upon
the Treasury for which provision is
not already made in this budget, I
strongly urge that additional taxes
be provided to cover such charges.
1t is important as we emerge from
the depression that no new activi-
ties be added to the government
unless provision is made for addi-
-tional revenue to meet their cost.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
DEFICIT, PUBLIC DEBT

Deficit and Public Debt-The year
closed with a gross deficit of $685.
357 1854 instead of the estimate of
81, 1863, 418,338. After deducting the
amount paid out for statutory debt
retirement the net deficit was
So, 00l, 799,714. The increase in the
total outstanding gross public debt
was s1,647,751.210, which figure is
properly obtained by subtracting
from the net deficit the decrease in
the general fund balance, the excess
OF receipts from trust funds, incre-
ment on gold, ct cetera, over expen-
ditures from the same accounts and
the amount of retirement of nation
al bank notes from the gold incre-
ment. AS of June 80, 1885, the total
outstanding gross public debt was
S2S, 100. 1872, 624, while on June 80,
1884, it was s27,053, AL Ala.
Fiscal Year 1886
Drawing upon the experience Of
the first six months of the current
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06

proved equipment and additional
personnel for the Army, s193, ZOO, 600.
In the War Department Appro-
priation Act for the fiscal year 1885
the Congress adopted a policy of
increasing the average enlisted
strength of the Army from 1880
to los, 900 men and toward accom-
pliShing such purpose appropriated
an additional S20,000,000 for ex-
penditure during that year. These
funds are sufficient to maintain an
average enlisted strength during
1886 of approximately $4,000 men.
The estimates of expenditure in
Guided in this budget are sufficient
in amount to maintain this aver
age during the fiscal year 1897, with
the purpose in view of providing in
the 1888 budget the funds necessary
to recruit the Army to such strength
by the close of that year as will
produce an ACREAGE enlist e d
strength of 10000 throughout the
fiscal year 1889, the maximum in
dicated by the Congress. It is felt
that this is as fast as the govern
ment should proceed in this matter
in the light of the present forecast
Of fiscal affairs.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
BIZ United Press

BIZ United Pvess
WASHINGTON, Jan. 6.-Follow-
ing is the text Of the Presidents
message transmitting the 1897
budget to Congress:
Pursuant to provisions of law
transmit herewith the budget of the
United States government for the
fiscal year ending JUNE 80, 1887, to-
gether with this message which is
definitely part thereof. The esti-
mates have been developed after
careful analysis of the revenues,
obligations, and reasonable needs of
the government, and I recommend
appropriations for the purposes
specifically detailed in the tables
which follow.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
CREDIT RATING

The credit of the government is
at its highest. The average of the
business men of the nation stand
ready to do their share. It is to be
hoped that motives and attacks
which spring only from the desire
for political or financial power on
the part Of few will not retard
the steady progress we are making.
Our policy is succeeding. The fig
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
HIGHWAY AID

Existing authorizations for the
Federal aid highway system pro-
vide for appropriations of $125, 000,-
600 for each of the fiscal years 1888
and 1887. Under these authorize
tons $4O,0OO0OO has previously been
appropriated for the fiscal year
1886. Toward the balance of $685.
100000 authorized for that year
there is provided under the item
general public works program" an
estimate of $60,O00,OOO, which it is
believed will be sufficient to meet
commitments maturing during 1887.
AS to the authorization of S125,O00,-
600 for the fiscal year 1887, Ian
guage is included in this budget
having for its purpose the cancela-
ton of this authorization for 1887
and making it applicable to the
fiscal year 1888. This course ap-
pears fully justified in view of the
fact that during the fiscal years
ASOo w LOU 1llCllAS1NS, ldS
been made available for emergency
funds total Of approximately
S1,192, 100000 for the construction of
highways and the elimination Of
grade crossings. and that from these
funds there will be available for ex-
penditure during the fiscal year
1897 a total of more than $3.50 .oO0.-
600 in addition to the 100000 600
provided for in the general public
works program, previously referred
to. Moreover, roads of secondary
Classification and farm to-market
roads are being constructed under
allotmentS of emergency funds in
amounts approximating SIZE, 900 900.
The following table shows the ap-
proximate estimate of appropria-
tons required to administer new
legislation enacted during the last
session Of Congress, and also shows
the amount of receipts anticipated
in 1897 from new general tax pro-
visions.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06


Estimated reeeipts from taxes under the
Social Security Act the act leVying taxes
mon carriers and their employees and the
Biturlinous Coal Conservation Act. s541,-
I00. 0C0.
Because there has not been suf1-
cient time to plan the organization
and methods required, no detailed
estimates are included in the budget
for expense to be incurred by the
Social Security Board, and by the
Bureau of Internal Revenue for coll
lecting taxes authorized by the
three new acts heretofore referred
to. However, the probable expense
has been Appropriated and is IN
Guided in the total lump sum Of
5000 900 900 estimated to cover 1887
supplementals. The necessary esti-
mates covering the remainder Of
the current year will be transmitted
during the early days of the session,
together with complete details for
1887. Likewise no estimate for adj
ministering the Potato Act has been
prepared since 1t is believed this act
should be amended along lines TO
be recommended by the Secretary
Of Agriculture, and supplemental
estimate can then be transmitted.
FRANKLIN D. ROOSEVELT.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-01-06
Fiscal Year 1886

Drawing upon the experience Of
the first six months of the current
The Waterbury Democrat., 1936-03-18
HORNELL HART TO
 SPEAK TOMORROW
Hartford Theological Sem- mary Professor Coming
 to First Church

Professor Hornell Hart of the Hartford Theological Seminary, who speaks on '"The Worlds New Cal- vary" in the union Lenten lecture course at the First church tomor- row evening, is a widely known so- ciologist who has distinctly i'm. pressed the Waterbury audiences which he has previously addressed. He taught at Bryn Mawr college from 1924 to 1883, and was a mem Der of President Hoover's commits sion on social trends in 1930-31. He has held the chair of social ethics at Hartford Seminary since 1883. He is the author of "The Science of So- cial Relations, "The Technique of Social Progress" and Personality and the Family" 1935).
 Dr. John c. Walker of the Second Congregational church will assist in the service, which begins at 8 o'clock.