EDITORIAL NOTES
By J. D. WATSON
Representative Fitzgerald,
Chairman of the House Appropriation
Committee, issued a statement last week
iwarning the Administration and Congress
that our finances were getting in a critical
condition, and must be readjusted.
Coming from the Democratic Chairman, it
is a little surprising, but figures speak the
truth, and Mr. Fitzgerald saw the danger
ahead in the figures showing that the expen
ditures of the government are running $103,-
000,000 per year more than the government’s
revenue, counting in the revenue that has
been brought in by the War Tax. x
Ever since the Democrats took over the af
fairs from the Republicans, the balance in
the Treasury has been gradually decreasing
until only $45,000,000 of the $166,000,000
which the Republicans left remained there
two weeks ago, and by the end of the year
not only the $45,000,000 will be gone, but we
will have a big deficit on hand.
When the Democrats went into office,
pledged to an administration of rigid economy
with the government’s finances, the Treasury
was getting in more than it was paying out,
and at the end of the fiscal year, when the
Republican policies went out of effect, the
Democrats had $166,000,000 in the Treasury
to start with; while today, with little more
than one and one-half fiscal years passed,
they have only $45,000,000 in the Treasury,
and the $45,000,000 going out at a rapid rate.
The admission of Mr. Fitzgerald's that we
will run $103,000,000 short of our revenue
during the next year, is worse than appears
at first glance, because he includes the esti
mated amount that the war tax will bring
into the treasury in making his estimate.
