The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1937-01-08

DenOltuTCS Will &hhUuHt w 90
512,779,OOO. an increase over com
parable expenditures for 1886 Of !
S7O9,714,0OO.
MADE UP BY INCREASES
This amount Is made up Of i'm
creases Of 1871, 192,0OO on account
Of the Social Security act, $685.
6O3, 900 on account Of interest on
the public debt, $194. 161 900 for :
the general public works program,
$123, $4,000 for national defense,
and S22,914,0OO for other pur-
poses; and decreases Of $93,321,-
600 for the veterans administra-
tion, $74.996,00O for the agricul-
tural adjustment program, and
$l18,281,0 for the civilian con-
servation corps.
The amount Of the recovery and
relief expenditure has been esti-
mated at S2,166, 1877 900, but there
Is included In the supplemental
expenditure items $3.50, 0OO, 900
from an appropriation Of $780,
100000 TO be requested Of con-
grcss for the purpose Of carrying
the Works Progress administra-
ton and related programs from
February / to June 30, 1887.
INCREASE EXPENSES
This will increase the estimated
expenditures for recovery and
relief to S2,816, 1877 900, an in
crease Of $39,361,O over 1886.
The expenditures in the current
fiscal year will include, however,
the sum of about $165, 100000 for
assistance given to individuals
and communities directly or in
directly affected by the wide
spread drought conditions pre-
vaiIing during the past summer. II
this drought had not occurred,
the net cost of recovery and re-
lief for the current fiscal year
would have been about $125,00O,-
900 below the cost for the pre-
yiOus fiscal year.
DEFICIT, PUBLIC DEBT
The current estimates for the
fiscal year 1887 show a gross de-
felt Of $685.. 654.00O. Deducting
public debt retirements. the net
deficit will be $2,248, $4,000
The increase In the public debt
on account Of the deficit. however,
will be only S1,348, 200, 900 since
1t Is anticipated that S9OO, 1000, 900
Of the deficit will be financed from
cash ON hand. The working bal
ancc will be further reduced by
net expenditures of about $42,-
100000 for trust accounts and
$10O,O00,000 for the retirement Of
national bank notes now part
Of the public debt. This will re-
duce the working balance from
$2,225, 100000 on June 30, 1885, TO
$1,183,O00.0OO on June 30, 1887.
The gross public debt at the end
Of the current fiscal year is esti-
mated at $34,026, OOO, 900. an. in
crease over 1886 Of $1,248, 900, 900.
DEBT END OF FISCAL YEAR
The estimated debt at the end
Of the fiscal year Is based ON con-
templated expenditures set out in
this budget and does not take
into account any change which
may occur as q result of the treas
ury policy In holding as inactive
future acquisitions of gold.
FISCAL PROGRAM FOR 1898
The expected increase in reve-
nue. and decrease i'm expenditures
for relief both reflect the general
Improvement which has taken
place in the economic conditions
Of the country. The revenue act
OF 1886 which was designed for
the purpose Of replacing revenue
lost through the invalidatiOn Of
prOcessin gtaxes, of providing suf-
ficent revenue to am0rtize the
cost Of adjusted cOmpcnsa ton
payments, and of equalizing tax
burdens, gives every indication Of
satisfactorily accomplishing those
purposes. / should like, at this
point, to emphasize the impOrtanc
Of maintaining the productiveness
Of the present tax structure, SO
that we may properly provide for
the fulfllment of our fiscal pro-
gram.
Under legislation enacted dur
ing the last session of congress,
which created authorization for
future appropriations aggregating
more than $1,5O0, OOO, 900, there Is
included about $130,0OO,O0O in the
estimates of appropriations con-
tained In this budget. Such .au-
thOrizations arc contained in the
new federal highway act, the riv-
ers and harbors and the food
control acts, and the rural cIectri-
fication act.
SOCIAL SECURITY FUND
There Is also included S8Io,2%5,-
900 for social security grants and
for the governments contribution
to the 0ld-age reserve account,
more than double the expendi-
lures for these purposes in 1897,
and there will be for several years
still further increases In these re-
quircments. II should be pointed
out that these expenditures will
be Offset 10 large extent by the
increasing revenues under the So
cial security act.
No estimate Of appropriation Is
presented for the needs Of the civ
ilian conservation corps, since It's
extension beyond March 81 of
this year Is dependent on the ac-
ton Of Congress. In furtherance
Of my recommendation for the
enactment Of legislation 70 con-
tinue II as permanent agency of
the government, there Is included
In the supplemental items. an
amount sufficient to meet the ex-
penditure requirements for the
fiscal year 1888.
Receipts
Treasury receipts in the fiscal
year 1888 are expected to reach q
totalsof S7,293.607, 900, an increase
of $1.465, $4,000 over similar re-
ceipts for 1887 and S3,177 .65O,0O
over 1885. This gain Is largely
due 10 an increase In income tax
cs as a result Of improved busi-
ness conditions and the operation
OF the revenue act Of 1895.