Budget

The President went to Continental Memorial Hall, where the Government's departmental and bureau chiefs were waiting. There he made his annual budget speech.

Reminding his audience of 1921, the beginning of budgeting, the President said:

"During the fiscal year, our expenditures, exciusive of the moneys applied to the reduction of the public debt and the operations of the Postal Service, amounted to $5,116,000,000. Our public debt then amounted to $23,977,000,000. We are now nearing the close of the fiscal year 1925. The expenditures for this fiscal year will amount in round figures to $3,035,000,000, and the public debt will stand at approximately S:20,551,000,000."

Reduction in the public debt saves interest payment of $30,000,000 annually--"good pay," said the President, "for a sound policy."

The remainder of the speech consisted of promises of more reduction to come, and of a eulogy of General Herbert M. Lord, Director of the Budget.