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Show II HOOVER PROUD I OF G. 0. P. WORK Harding's Conduct of U. S. Business Reviewed and Praised GRAND RAPIDS. Mich.. Oct. IS H What termed 18 months of busl- H 'ncss la government under tho Harding H administration was ro lowed hero "I'uesday In an address by Secretary- of Commerce Hoover. As outstanding accomplishments, he H pointed to tho ve-ostabllshment of H peace with Germany and Austria, the H work of the arms conference, rcduc- H T" tlona In federal expenditures and the publlo debt. Improvement In agricultural agricul-tural and unemployment condition H end the organization of tho budget H bureau and tho allied debt commle- elon for refunding the war loans H Of the arms conference, the com- H mcrco secretary said it had succeeded In not only reducing the navies of the H world, but had "settled the two out- H standing dangers In our generation H naval rivalry with England and the H rising conflict with Japan DEBT REDUCED. H "The second outstanding mark to be n Hacked was tho reduction of governmental govern-mental expenditures and taxes." continued con-tinued Mr. Hoover. "As a result of hammering for economy In every H direction the expenditures of the fed- H rsl government have been reduced H from jr..5:iS,0iO,O00 for the year ended H June 30, 1921 to an expenditure not exceeding $3,070,000,000 for the fiscal H year ending June 30. 1923, for which H appropriations have already been made and the budget settled. H In the meantime between March. H 1921, and September 30, 1922. the na- ttonal debt has locn reduced from $24,-H $24,-H 045,000.000 to $22.S12,0OO,000. H 'The funding commission has been iiH established to handle the foreign debt H Practically no Interest or payments on H principal had been made by foreign H governments during the previous &d- H 'ministration. Under this funding H ommlsslon we are rapidly reaching H . settlement with tho British gfOVern- H rnent which comprises 4b per cent of H this debt by whicli their payments are H to begin at once. This will bring Into H ur treasury somewhere from $175,- B 000,000 to $200,000,000 per annum. LIBERTY BONDS I P. H Liberty bonds have been restored to H i par with an Increased 14 per cent in H value ftinco- March 4. 1921, or a sav- H 1ng of over three billion dollars to the eighteen million holders of gov-H gov-H rrnraent securities. Gradually the H ;reat national debt is being converted I j .into new securities at lower rates of 1 -interest and with a steady saving to H taxpayers. "Taxes have been reduced by over .$800,000,000 by repeal of the nuisance itaxcs and other war taxes. There ro-J ro-J mains much to be done, but 18 month Is too short a time to do everything.' |