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Thus, after a long period of increasing public debt resulting from depression budgets and war budgets, it is anticipated that no increase in the Federal debt will be required next year. Fiscal year Expenditures: 1946 1947 Defense, war, and war liquidation $49,000 $15,000 Aftermath of war: Veterans, interest, refunds 10,813 10,793 Other activities 4,552 5,813

If we subtract expenditures for debt retirements and interest, veterans' relief, increase of pensions, and other special outlays, consisting of refunds, trust investments, and like charges, we find that the general expenditures of the Government in 1925 were slightly more than twice as large as in 1916.

Nearly one-third 11 billion dollars of estimated Federal expenditures in the fiscal year 1947 will be for purposes that are largely inherited from the war payments to veterans, interest on the Federal debt, and refunds of taxes. "Veterans' pensions and benefits" has become one of the largest single categories in the Federal Budget.

This increase reflects chiefly payment of interest on additions to the debt this year. Assuming continuance of present interest rates, the Government's interest bill is now reaching the probable postwar level. An estimated total of 1,585 million dollars of refunds will be paid to individuals and corporations during the fiscal year 1947.

A member of the ideal and perfect commonwealth of letters lends another a hundred pounds for immediate and pressing use; and when he applies for it again, the borrower has still more need of it than he, and retains it for his own especial, which is tantamount to the public good. The Exchequer of pure reason, like that of the State, never refunds.

Nearly one-third 11 billion dollars of estimated Federal expenditures in the fiscal year 1947 will be for purposes that are largely inherited from the war payments to veterans, interest on the Federal debt, and refunds of taxes. "Veterans' pensions and benefits" has become one of the largest single categories in the Federal Budget.

Thus, after a long period of increasing public debt resulting from depression budgets and war budgets, it is anticipated that no increase in the Federal debt will be required next year. Fiscal year Expenditures: 1946 1947 Defense, war, and war liquidation $49,000 $15,000 Aftermath of war: Veterans, interest, refunds 10,813 10,793 Other activities 4,552 5,813

If we subtract expenditures for debt retirements and interest, veterans' relief, increase of pensions, and other special outlays, consisting of refunds, trust investments, and like charges, we find that the general expenditures of the Government in 1925 were slightly more than twice as large as in 1916.

This increase reflects chiefly payment of interest on additions to the debt this year. Assuming continuance of present interest rates, the Government's interest bill is now reaching the probable postwar level. An estimated total of 1,585 million dollars of refunds will be paid to individuals and corporations during the fiscal year 1947.

Please inform your co-workers respectively and take care that in case duties have to be paid they should be laid out; please see to it that Orgell refunds the money to you later; this was the simplest and the only way by which the badges could be sent in order to arrive on time. With the German people's greetings, E.A. VENNEKOHL.