Evening star., 1937-10-19


100000 for agricultural adjustment
program, and $1,000 900 (neD for mis-
cellaneous items.
Recovery Relief Program
Trimmed by $l,13s,o0o,ooo.
Recovery and Relief-The estimated
expenditures under the recovery and
relief program will be $l,139,000, ,000
less than in 1887. This amount rep
resents reductions in expenditures OF
1921 100000 for the Works Progress
Administration, $373, 100000 for emer-
gency public works, $85, 900, 900 for Re-
settlement Administration and $780,
100000 for other purposes.
Revolving Funds-The excess re-
ceipts for the Reconstruction Finance
Corp, on account of repayment OF
loans, will be about $184,000,000 less
than last year, thus increasing total
expenditures by that amount.
Last year repayment of loans made
by the Commodity Credit Corp. ex-
ceeded expenditures by $l12,000,000
thus offsetting the total expenditures
of the Government by that amount
This year, however, on account Of the
surplus cotton crop, not only will
there be no corresponding offset, but
instead there will be an excess Of ex-
penditures over repayments Of loans in
the estimated amount of 100000, 900
The total expenditures in 1888 will
therefore be increased by $2l2,000, 900
Other revolving fund items, includ-
ing the Public Works Administration
show a net decrease in expenditures
Of $12,000,000.
Transfers to trust accounts, etc
Investments in the old-age reserve
account for the fiscal year 1898 will
be $160,000,000 greater than in 1887
The annuity payments and invest
ments under the railroad retirement
act will be s134 100000 greater than
the expenditures for 1897. In that
year under the provisions of the re-
tirement act then in force the ex-
penditures consisted of annuity pay
ments only, since that act did not
provide for the establishment of re-
serve, and no investments therefore
were required in 1887.
Contributions to Federal
Workers Retirement Higher.
The contribution by the United
States to Government employees re-
tirement funds will be $27 900, ,00C
greater than in 1887.
Last year s557,00o,0 900 was trans
ferred to the adjusted service certifi-
cate fund for adjusted compensation
payments, but it is not Contemplated
that any transfers will be made dur
ing the current year.
Supplemental items-There is IN
cluded in the 1888 estimates of ex-
penditure an additional amount OF
$3.50, 100000 for supplemental items
which will be needed to meet appro-
priations authorized during the past
session. or deficiencies in existing ap-
propriations.
Debt retirement-There is included
in the 1888 estimate 5000, 100000 for
debt retirement, which is S96,000, ,000
greater than the amount spent for
this purpose in the last year.
DEFICIT.
The estimated net deficit (exclud-
ing debt retirement) for the fiscal year
1888 will be $685., ,245 900, which is
s2,0l2, 900 900 less than the net deficit
for the fiscal year 1887.
INCREASE IN PUBLIC DEBT.
BY reason Of the net deficit, the
total debt will be increased in the cur
rent fiscal year by $685., ,245, 900, pro-
vided that the balance in the general
fund on June 80, 1888, is the same as
it was on June 80, 1887. The point OF
major significance in connection with
the debt, however, will be the change
in the character of the debt which will
occur during the year. There are in
cluded in the total expenditures for
1888 which resulted in the above de-
flcit investments in special Govern
ment obligations in the amount of
$575 100000 In addition, contribu-
tions to be made by the States to the
unemployment trust fund will likewise
be invested in special Government OBJ
legations in the net amount of $780,
100000 Thus public debt receipts
made available from the sale of these
special obligations to investment ac-
counts in the amount of SLOTS, 900. 900
will be used to finance the deficit of
$685., 000,0 and lessen the debt out
standing in the hands of the public by
$780, 100000. This does not mean a
decrease in the total gross debt, but
only switch from the hands of the
public to Government investments ac-
counts.
Gold Sterilization
Policy Is Not Included.
This does not take into account any
change in the public debt which may
occur as result of the Treasury policy
with respect to the sterilization of gold
Future Policy With Respect to Com
mitments Of the Reconstruction FL
Ell2ga2ai][2]k!zq2llZ(s(li17i3
.yyS, = - no