Montgomery County sentinel., 1936-09-10
LOOK AT THE RECORD!

Publication Of President Roosevelts summation of the
Federal budget for the fiscal year has aroused Old
Guard campaigners.
The 1887 budget issued last January predicted deficit
of billion dollars, plus any amounts appropriated for relief
expenditures during the year. There appropriated for
relief billion and half, besides which the payment of
the soldiers bonus is adding $50 millions to the years
expenditures. On this basis it was calculated that the
deficit for 1887 would be three billion dollars.
But the budget summation issued September 1st
showed that enhanced business recovery in 1886 assures
increased receipts to such extent as to make
possible substantial reductions in net expenditures These
developments justify the conservative budget estimate of
two billion, 81 Millions decrease of about an even billion
Mr.. Ogden L. Mills chosen by the Republican high
command to correct" the Presidents estimate That is
of logical choice. According to the New York
newspapers Mr. Mills conferred at length with Gov andon
Buffalo prior to the delivery of the governors astonsh
ing speech taxes and waste"
Very promptly Mr. Mills announced that President
Roosevelts budget summation is "decefuP that the 1887
deficit will really be about three billion PCT millions" The
question raised who the better estimator the Presi
the fiscal adviser of Mr. Hoover and Gov Landon?
Let's look at the record.
In May, 1882 Mr.. Mills told the Senate Finance Com
mtee that government revenue for the fiscal year 1888
would be three billion SO millions of dollars In his report
Secretary of the Treasury November 1892 he his
estimate to two billion 64 millions The actual
yield two billion, 80 millions. His original estimate
SO per cent too high Mr. Mills had much to do with
the budget estimates for the previous fiscal year of 1892
which began when he Undersecretary ended while
he Secretary The original estimate of for that
year four billions; the actual collections barely
than two blonsan of than 100 per cent
So Mr.. Mills fine and dandy estimator well qualified
the Landon speech at Buffalo demonstrated, to jugge
figures for the Liberty LeagueOld Guard trinity
And the Roosevelt record? In January, 1884, Presi-
dent Roosevelt estimated receipts for 1884 at three billion,
26O millions and for 1886 at three billion, 975 millions.
Actual receipts in 1884 three billion, 116 millions and
for 1885 they three billion, 800 millions. The
both is less than five per cent In January 1885,
the President estimated for 1886 at three billion,
92 millions Actual receipts for the fiscal year of 1886
that ended June 30th four billion, 116 millions,
about three per cent above the estimate
The President said in January 1884, that the gross
deficit for 1884 and 1885, due to the big push for
those years. would probably higher than nine billion
collars The big push made it decidedly success
u and the actual deficit for 1884 and 1885 toaed
billion, 48 millions, two billion less than estimated
January 1886, the President estimated gross deficit
Tor 1886 of four and half billions Actually it four
billion, 764 millions But with veterans bonus expenses
deducted it just about three billion.
There's the record. We'd rather quote then comment.
For instance Mr. Eugene Meyers Washington Post Rep),
certainly Administration paper said: Even If the cur
rent deficit should prove to be substantially in excess OF
ne latest revised estimate it is evident that the country
in position to progress rapidly toward the goal of
balanced budget" And this from Moodys Bond Survey of
august "a: By the rising tide of business recovery
ana corporate and individual incomes makes virtually GER
an lower Federal deficits in coming years In fact,
anced budget for the fiscal year 1888 could well be wit
eed calendar year 1887 business Is as good as that
Of 1885,"