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San Miguel offered 500 cattle, San Luis Obispo 200 cattle, Santa Barbara a barrel of brandy, San Diego two barrels of white wine, Purísima six mules and 200 cattle, San Fernando one barrel brandy, San Gabriel two barrels brandy, San Buenaventura said it would try to make up deficits or supply church furniture, etc.
Well, I think the American people are tired of hearing the same old excuses. Together we made a commitment to balance the budget. Now let's keep it. As for those suggestions that the answer is higher taxes, the American people have repeatedly rejected that shop-worn advice. They know that we don't have deficits because people are taxed too little.
These deficits arise in the main from the heavy decrease in tax receipts due to the depression and to the increase in expenditure on construction in aid to unemployment, aids to agriculture, and upon services to veterans.
My buildings were all finished, and were good for many years; and if they burned, the insurance would practically replace them. My granary was full enough of oats and corn to provide for deficits of years to come; and my flocks and herds were now at their maximum, since Sam had turned more than eight hundred pullets into the laying pens.
It is not my duty to report the trial for any newspaper; I will therefore spare myself more than the most general references; but the facts undoubtedly were that a safe in the strong room of the bank had been opened between certain hours on a certain night and its contents abstracted; that young Ormiston, cashier of the bank, was sleeping, or supposed to be sleeping, upon the premises at this time, during the illness of the junior whose usual duty it was; and that the Crown was in possession of certain evidence which would be brought forward to prove collusion with the burglary on the part of the defendant, collusion to cover deficits for which he could be held responsible.
The Syndicate did indeed assist the State, for between 1823 and 1829 it advanced no less than 58,885,443 fl. to meet the deficits in the budget, but the means by which it achieved this result were not revealed.
Unless we check the excessive growth of Federal expenditures or impose on ourselves matching increases in taxes, we will continue to run huge inflationary deficits in the Federal budget. If we project the current built-in momentum of Federal spending through the next 15 years, State, Federal, and local government expenditures could easily comprise half of our gross national product.
They stiffened the property-tax, and for the second time raised the Customs Duties, giving them a distinctly Protectionist complexion. The broad result was the achievement of financial equilibrium. For ten years there have been no deficits in New Zealand.
Here, recalling them, one could venture to criticise and name their several deficits: a Wells divided, a ponderous Ely, a vacant and cold Canterbury, a too light and airy Salisbury, and so on even to Exeter, supreme in beauty, spoilt by a monstrous organ in the wrong place.
The forecast presented by the outgoing administration with the fiscal year 1954 budget indicates that before the end of the fiscal year and at the peak of demand for payments during the year the total Government debt may approach and even exceed that limit. Unless budgeted deficits are checked, the momentum of past programs will force an increase of the statutory debt limit.
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