Show ECONOMY URGED UPON CONGRESS New T Liberty Loan Seen if I Taxes l Are le e Reduced or Expenses Not Pared l f s Press Washington Jan 11 Another Another Liberty Lib i erty crt loan will be bo necessary it If Congress I embarks on new nc fields of or large ex expenditures ex- ex or reduces the aggregate I volume of or taxes Secretary Glass de declared declared de- de dared in a statement tonight setting I forth the governments government's financial conI con con- I dillon If It the present tax level Is re reI retained sc re- I tamed and new expenditures are kept leep down the turn has come in the tide of or orI I government go financing The secretary I asserted that although further Issues of treasury certificates of or Indebtedness Ima may be expected thc they will bo be redeemed from cash on hand rather than through h the sale of now issues of certificates for or the first time since late laic in 1917 Debt In Is Reduced I As indicative of progress re 8 made b by bythe bythe the treasury Mr Ir Glass pointed to re reductions reductions re- re between September 1 and Jannary January Jan Jan- nary uary 1 In the nations nation's gross s-ros debt and andIn andin andin in the two to clil classes ses of or certificates of or in indebtedness In- In I outstanding Time The gro gross s I debt which on September 1 was 6 S was on January Januar I 1 Reduction In the floating debt un- un matured treasury treasur certificates of ot indebtedness edness ot of 62 50 has been made since September 1 I 1 leaving the tIme total outstanding obligations of this nature at on January Januar 1 1 A re reduction reduction reduction re- re of or was reported for forthe forthe forthe the same period In the outstanding so- so called loan certificates leaving 1326 of ot these yet et to bo be funded to 10 Suc Succeed d The loan Joan outstanding Januar January Jan Jan- uary 1 were of or issues maturing maturing- January Jan Jan- uary 2 January l 13 15 February 2 and February 16 All of or these the secretary secretary secre secre- tary said have been or will be paid out of cash on hand January Januar 1 I or from the proceeds of oC sales salea of ot tax tat Mr Ir Glass believes es this Indicates Indi cates success for tor the treasury's plan to avoid old further large operations operations opera opera- and for financing tho the portions portion of the war var debt |