Finance minister

“ A good finance minister therefore would not content himself with restoring order in the collection of taxes, and economy in the disbursements of the treasury, but must apply himself to far greater and more difficult problems, must study how to increase the resources of the country to their utmost capacity, and how to adjust the necessary taxation so as to interfere as little as possible with their development. ”

“ As expressed by the minister of finance in 1973, the budget contains a whole arsenal of financial and economic levers—levers that must be used ever more skillfully to raise the efficiency of economic performance, to improve the structure of production and consumption, and to bring about a well-balanced economy. The budget is also considered a tool for exercising effective control over the entire sphere of production and services, not only to ensure smooth current operations but also to inhibit any undesirable departures from official policy. ”

“ Above all, avoid increase of taxation, especially in new forms, even if improvements have to be foregone. The Finance Minister we desire in India is a man thoroughly acquainted with the details of the administration, who can tell where economies can be effected or improvements in existing sources of revenue made. A great financier, full of theoretical notions of the best way of raising the revenue, and bent on putting them into practice if he can, is a man by all means to be avoided. ”

“ Moreover, some members of the Chamber had complained of the little weight which was attached to their observations by the Council of State, and one of them had even gone so far as to claim for the Corps Législatif the right to prepare the budget.
'In my opinion,' said the Finance Minister, concluding his remarks, 'there is no ground whatever for such claims. The government always observes the greatest desire for economy in preparing its budgets, and so true is this that the Committee of the Chamber had no end of trouble to effect a paltry saving of a couple of millions of francs. ”

“ Owing to such fluctuations, no rate could be assumed in the Budget which was likely to turn out to be the true market rate. As matters stood, the rate realized on an average during a particular year differed so widely from the Budget rate that the finances of the Government became, to [pg 114] employ the phraseology of a finance minister, a “veritable gamble.” ”

“ The budget should, among other things, show budgeted revenues, expenses, profits
or loss, capital expenditure, cash flows, borrowings, grants, transfers, contingent liabilities
including guarantees, and balance sheet. Any amendments to the budget shall also be
submitted to the Minister for Finance for review and approval. The Minister of Finance shall
respect the operational independence of public corporations. ”

“ The first element in the success of any Minister of Finance is the just confidence of the country in his ability, integrity, candor, courage, and patriotism. He may find it necessary, in some great emergency, like our rebellion, to diverge somewhat from the via trita of the past, and enter upon paths not lighted by the lamp of experience. ”

“ The Minister responsible for national financial affairs shall in respect of every financial year cause to be laid before the National Assembly an annual budget reflecting the estimates of revenue and expenditure, which shall, inter alia, reflect capital and current expenditure of the government for that year. ”

“ The Minister of Planning and Finance shall administer the affairs on the establishment of mid and long term strategies for national development, establishment, overall control and coordination of economic and financial policies, management of compilation, execution and outcome of budget and fund, money, foreign exchange, National Treasury, governmental accounting, internal tax system, customs, international finance, management of public agencies, economic cooperation, state property, private investment and national debt. ”

“ At the head of the financial organization of France, and exercising a general jurisdiction, is the minister of finance, who co-ordinates in one general budget the separate budgets prepared by his colleagues and assigns to each ministerial department the sums necessary for its expenses. ”

“ In order that the finances of the country should not be controlled by one man, the whole Cabinet should discuss every tax suggested by the Minister; and it should be the privilege of the King to call in not more than five Senators to discuss with them.
The Army and Navy should be in the hands of experts, with the same provisions as in dealing with Finance.
Foreign Affairs should be in the hands of the King and Minister; only in cases of serious import, such as the sending of an Ultimatum, or great change in foreign policy, should full debate be allowed in the Cabinet. ”

“ The Council of Ministers
may, within the agreed aggregate limit, adjust appropriations in accordance with their
collective priorities. Any increase in the aggregate spending limit must be based on a
proposal submitted by the Minister of Finance and approved by the Council of Ministers. ”

“ Not only two million francs, but indirectly I shall make three or four millions more. Besides, with the General's influence, I shall have an entrée to the Elysée, and be able to secure the Government contracts through the Minister of Finance. Of late several of my schemes have misfired, and my credit on the Bourse is nearly gone, but the moment I can secure this concession directly from the Government, I can obtain credit for as many millions as I require, and then my position is assured for ever. You do want to help your old father, don't you? ”

“ In the system thus organised the Minister of Finance was charged with the functions of providing for periodical inspections of weights and measures, for superintendence of sales and for valuation of commodities, while to other officials was entrusted the duty of controlling shops, stores, and all commercial institutions. Each market was placed under the direction of a headman, who not only presided over its affairs, but also had the responsibility of examining the weights and measures used as well as the quality of the coins circulated, and fixing the prices which dealers were entitled to ask. ”

“ Are our government revenues increasing at a rate which gives hope that within a reasonably short period we shall be able to finance all our ordinary expenditures with current revenues and thereby balance our budget? ”

“ In regard to devising means to fill the deficit of duties and likin, the Ministry of Finance is desired carefully to consider the question. It is, undoubtedly, an important point to be dealt with, but it may be disposed of by weighing advantages and drawbacks and considering all possible resources. Viceroys and Governors who may have valuable suggestions on the question are ordered to memorialise the Throne for their adoption, so that those carrying out the suppression need not be hampered by financial considerations. ”

“ It is well known, that the great minister who presides over our finances, took occasion, at opening the Budget in April last, to enter into a particular account of the state of the nation. In this account, he represented us as in a condition the most sound and happy; our trade and revenue flourishing; our common people well provided for; our debts and taxes light; our current specie sufficiently ample; our paper-circulation safe; and the Bank, in particular, as little less firm and durable than the world. ”

“ Under existing legislation it is in the power of the Treasury Department to maintain that essential condition of national finance as well as of commercial prosperity—the parity in use of the coined dollars and their paper representatives. The assurance that these powers would be freely and unhesitatingly used has done much to produce and sustain the present favorable business conditions. ”

“ The first problem on this side of expenditure is the due balancing of outlay by income. The financier has to “cover” his outlay. There is, further, the duty of establishing a proper proportion between the several forms of expenditure. Not only has there to be a strict control over the total national expense; supervision has to be carried into each department of the state. No one branch of public activity is entitled to make unlimited calls on the state’s revenue. ”

“ Chapter Ten The Government has certain responsibilities to control and account for government expenditure, which are primarily exercised by Treasury ministers, although other ministers and accounting officers also have important responsibilities. The Treasury is required to approve finance and public expenditure by other government departments. The Government has established procedures for ensuring efficient and transparent departmental governance and ways to account for government expenditure. ”

“ He cannot have the knowledge, and must therefore lack the efficiency, of a permanent official separated from the partisan conflicts of politics and advanced to the highest office of his department by a regular series of promotions won by long service. The general policy of the government in matters of finance, everything that affects the greater operations of the Treasury, depends upon legislation, and is altogether in the hands of the Committees of Ways and Means and of Finance ”

“ In England, the first great increase of taxes took place under the long Parliament and Commonwealth.
The only administration carried on by delegated authority, that is from necessity obliged to be executed with unabaiting rigour, is the department of finance. Money is a thing of such a nature, that strict rules are absolutely necessary in its administration. ”

“ Whoever contemplates the extent of the United States, and the vast amount of their present expenses, while at the same time all our operations languish, must certainly be convinced that some immediate remedy ought to be applied. The office of Superintendent of Finance I suppose is meant as one means of restoring economy and vigor ”

“ Accordingly, we decided that if we must "raise money" each year in some way or other, we must go about it in a well thought out way and not leave such an important matter to haphazard uncertainties. We have, therefore, formed a small Finance Department and have studied all of the ways of raising money that are known to us, trying of course to make out which ones are particularly adapted to our needs. ”

“ So much being expected as receipt from domaine, aides, and gahelle, and so much anticipated as expenditure,—then the faille must be so much to meet the balance. And to a certain extent the Council of State kept its hand on finance, assisted at need by the financial officers specially convened. But unity of management and administration was conspicuously wanting.
The expenditure of the four Kings cannot, on the whole, if tried by a royal standard, be called extravagant. ”

“ Writers on the theory of Public Finance seem to conceive the subject as though it were primarily a matter of equity in taxation and economy in expenditure. But to a Chancellor of the Exchequer finance is eminently practical with a problem to solve, namely, how to bring about an equilibrium in the Budget. ”

“ Running through the different national systems there are some common elements the result not of inheritance merely but still more of necessity, or at the lowest of similarity in environment. Over and above the details of financial development there is a thread of connexion which requires treatment under Finance taken as a whole. As the great aim of this side of public activity is to secure funds for the maintenance of the state’s life and working, the administration which operates for this end is the true nucleus of all national finance. ”

“ GIBBS: I think the budget rollout will be one aspect of it. But I think -- I think the President will speak extensively, not just about the budget, which will be released later that week, but also he'll talk about the recovery plan; he'll talk about foreclosures; he'll talk about financial stability, the need to begin; and one of the things that he talked about with the Prime Minister today, leading up to G20, the reregulation of the financial industry to ensure we don't encounter the same problems again.
Also, there will be obviously some touching on foreign policy topics. ”

“ Large functions in connection with public finance, likewise, are vested in the body. By it the annual budget is prepared, the accounts which the Empire carries with the states are audited, and important supervisory relations with the Imperial Bank, the Imperial Debt Commission, and other fiscal agencies, are maintained. ”

“ Finance departments, where they existed, were weak and lacked traditions of effective control over public expenditure. An integrated system of financial control coupled with efficient audit is one of the essential adjuncts of democratic government. ”

“ Finally, since all the practical work in the domain of national and financial economy cannot and should not proceed otherwise than in accordance with a strictly defined plan, it is the function of the financial administration to create and compile the state budget in such a manner that it might approximate as closely as possible the budget of the entire national economic life. ”

“ It has come to be infinitely more trouble to spend our enormous national income than to collect it. The chief embarrassments have arisen, not from deficits, but from surpluses. It is very fortunate that such has been the case, because for the best management of the finances of a nation, when revenue is scant and economy imperative, it is absolutely necessary to have financial administration in the hands of a few highly-trained and skillful men acting subject to a very strict responsibility, and this is just what our committee system does not allow. ”