Nothing is easier than the expenditure of public money.  It does not appear to belong to anybody.  The temptation is overwhelming to bestow it on somebody.  But the results of extravagance are ruinous.  The property of the country, like the freedom of the country, belongs to the people of the country.  They have not empowered their Government to take a dollar of it except for a necessary public purpose.  But if the Constitution conferred such right, sound economics would forbid it.  Nothing is more, destructive of the progress of the Nation than government extravagance.  It means an increase in the burden of taxation, dissipation of the returns from enterprise, a decrease in the real value of wages, with ultimate stagnation and decay.  The whole theory of our institutions is based on the liberty and independence of the individual.  He is dependent on himself for support and therefore entitled to the rewards of his own industry.  He is not to be deprived of what he earns that others may be benefited by what they do not earn.  What he saves through his private effort is not to be wasted by Government extravagance.

Our national activities have become so vast that it is necessary to scrutinize each item of public expenditure if we are to apply the principle of economy.  At the last session we made an immediate increase in the annual budget of more than $100,000,000 in benefits conferred on the veterans of three wars, public buildings, and river and harbor improvement.  Many projects are being broached requiring further large outlays.  I am convinced that it would be greatly for the welfare of the country if we avoid at the present session all commitments except those of the most pressing nature.  From a reduction of the debt and taxes will accrue a wider benefit to all the people of this country than from embarking on any new enterprise.  When our war debt is decreased we shall have resources for expansion.  Until that is accomplished we should confine ourselves to expenditures of the most urgent necessity.

The Department of Commerce has performed a most important function in making plans and securing support of all kinds of national enterprise for the elimination of waste.  Efficiency has been greatly promoted through good management and the constantly increasing cooperation of the wage earners throughout the whole realm of private business.  It is my opinion that this whole development has been predicated on the foundation of a protective tariff.

TAX REDUCTION

As a result of economy of administration by the Executive and of appropriation by the Congress, the end of this fiscal year will leave a surplus in the Treasury estimated at $383,000,000.  Unless otherwise ordered, such surplus is used for the retirement of the war debt.  A bond which can be retired today for 100 cents will cost the people 104 1/4 cents to retire a year from now.  While I favor a speedy reduction of the