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To go further than these limits in either expenditures, taxes, or borrowing will destroy confidence, denude commerce and industry of its resources, jeopardize the financial system, and actually extend unemployment and demoralize agriculture rather than relieve it.

The financial situation in the first half of the nineteenth century may be briefly described as one of expenditures constantly exceeding income, and of repeated recourse by the Bakufu to the fatal expedient of debasing the currency.

Before the war America was heavily the debtor of the rest of the world and the interest payments she had to make to foreign countries on American securities held abroad, the expenditures of American travelers abroad and the ocean freight charges she had to pay to others, about balanced the value of her pre-war favorable balance of trade.

Under these circumstances, I am driven to the necessity of prudence in all my expenditures." "But three or four hundred are not much, Pa," Emily urged, in a husky voice, and with dimmed eyes. For the fear of not being able to go somewhere, was terrible to her. None but vulgar people staid at home during the summer season. "It is too large a sum to throw away now.

It is doubtful if the peak of expenditures will be reached even under present legislation for sonic time yet to come.

The expenditures for all objects other than the public debt are estimated to amount during the year to about $16,500,000, while a still larger sum, viz, $18,000,000, will have been applied to the principal and interest of the public debt.

The indispensability of these things after the habit and the convention have been formed, however, has little to say in the classification of expenditures as waste or not waste in the technical meaning of the word.

More than once Steve counted the monthly expenditures, with the same result Beatrice was living on her father's income quite as much as on his own. Her position was not unlike that of people who say to their prosperous neighbours possessing a motor car: "We'll furnish the lunch and the gasolene, and you take us to the picnic grounds!"

I recommend that Congress give earnest consideration to the possibilities of prudent action which will give relief from our continuously mounting expenditures. The finances of the Government are in sound condition. I shall submit the detailed evidences and the usual recommendations in the special Budget message. I may, however, summarize our position.

Many people have the idea that as a nation we are overburdened with debt and are spending more than we can afford. That is not so. Despite our Federal Government expenditures the entire debt of our national economic system, public and private together, is no larger today than it was in 1929, and the interest thereon is far less than it was in 1929.

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