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Updated: June 18, 2025


As we came down to the river, a carriage was seen on the farther bank, and I dropped from the point back to the drag end. Sure enough, as we trailed out, the fiscal agent and the buyers were awaiting me. "Well, Mac, I sold your herd last night after you left," said Siringo, dejectedly.

It was no less than to go to England to sell to English buyers some hundred thousand bales of designated cotton to be thus rescued from spoliation, acting under the supervision and indeed the orders of the Confederate fiscal agency at Liverpool. Of course I was ripe for this; but it proved a bigger job than I had conceived or dreamed. The initial step was to get out of the country. But how?

I anticipate that net expenditures of the Export-Import Bank and expenditures arising from the British credit and the Bretton Woods Agreements will amount to 2,614 million dollars, including the noncash item of 950 million dollars for the fund, in the fiscal year 1946, and 2,754 million dollars in the fiscal year 1947.

To hold down the cost of living, we must hold down the cost of government. In the past decade, the Federal budget has been growing at an average rate of over 10 percent a year. The budget I am submitting Wednesday cuts this rate of growth in half. I have kept my promise to submit a budget for the next fiscal year of $395 billion. In fact, it is $394.2 billion.

An examination of the details of our exports, however, will show that the increased value of our exports for the last fiscal year is to be found in the high price of cotton which prevailed during the first half of that year, which price has since declined about one-half.

Next morning the British commander paid his respects to the Emperor, who was now quite weary of the hopeless struggle he had been maintaining for nearly two years, and who willingly departed towards Hindustan. Before he went he created Mir Kasim Subahdar; and the fiscal administration also vested in him, the English having so determined. The Emperor was to have an annual tribute of £240,000.

The estimate submitted to me by the Secretary of the Treasury and the Budget Director indicates that the Government will close the fiscal year 1930 with a surplus of about $225,000,000 and the fiscal year 1931 with a surplus of about $123,000,000. Owing to unusual circumstances, it has been extremely difficult to estimate future revenues with accuracy.

"I want to make one thing quite clear, that what I am advocating is not merely a change of fiscal policy, not merely or even necessarily what is called Tariff Reform although this may, probably will, incidentally follow but a fundamental change in our ideas of government as applied to economic and national matters. The fact is that the whole concept of modern statesmanship needs revision.

We started toward him; the presidente interfered: "No, Señores, you shall not go to-night; the man is drunk; return to your house." The fiscal stormed; the presidente threatened him with jail, ordered him home, and with a body-guard for our protection led us to our room.

In many places there has been a resulting reduction of more than fifty per cent in the annual death rate. Large sums are spent yearly by the government in drilling additional wells, a policy which is warmly approved by the common people. The recent appropriations for this purpose have been $255,000 for the fiscal year 1912, $60,000 for 1913 and $200,000 for 1914.

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