The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-04
NJ ADOO SUBMITS
annual REPORT
Secretary Of the Treasury
Gives IndorsemeRt to
Currency Bill.
PANIcs WOULD CEASE
Reduction in Tariff Revenues Next
Year viii Be Wiped Out by In
come Tax, Says Cabinet Officer.

The pending currency reform measure,
now before Congress, is Endorsed as a
bulwark against financial panics by Sec
retary of the Treasury McAdoo in his
first annual report to Congress, submit
ted yesterday.
''The people of this country are to be
congratulated upon the early prospect
of sound legislation on this vitality inn
portant subject" says Secretary McAdoo.
SHOULD Congress enact the fundamen-
tails of this pending measure. it is be-
lieved that permanent protection will be
provided against recurring financial
crisis, and that adequate facilities will
be created for the legitimate and sound
expansion of credits so vital TO the pros
perity Of our great and growing country"
A certain business hesitancy, arising
from tariff- and monetary legislation be-
fore the special session Of Congress was
TO be expected, says Secretary McAdoo.
But, he declares. there are evidences
of a propaganda of pessimism," which
produced a condition Of extreme nerv-
BUSINESS and tension.
Reduction i'm Customs. q.
Despite the fact that customs will be
reduced from $31S, Ss1 SO for 1913 to the
estimated sum of 24s,0O0,0OO in 1915,
through tariff revision, Secretary McAdoo
says there will be plenty OF money to run
the government, and it is estimated that
there will be a credit balance next year
and in 1915.
The report, which covers the fiscal
year ended June 80, 1918, estimates that,
whereas the reduction in tariff revenues
may be more than SIS, 10000. the esti-
mated receipts from corporations and
individuals under the income tax clause
of the Underwood tariff law, will be
about s1O6, 10000.
The recommendations of Secretary Nc
Adoo are few. Among them are the fol-
lowing:
That the Secretary OF the Treasury's
contingent fund be increased from $2o-
900 to 10000.
That four new revenue cutters be
acquired by the government
That the expense of maintaining ice
patrols in the North Atlantic Ocean TO
warn liners OF icebergs be abolished.
that the steamship companies pay the
cost of maintaining such patrols.
That the Life-Saving Service and the
Revenue-Cutter Service be consolidated
into a coast guard service. which would
be a sort of naval reserve In time of
war.
The total national debt. June 80, was
s., 9l6, 2O4, sl266.
The teal receipts. including postal,
for the seal year OF lglS, were S,Ol4-
81. 40, against receipts of $992 2I9 20. 70
for 1872, the increase in receipts being
81, S., 80 o.
Cash in Treasury.
The total disbursements for 1913, in.
GLIDING postal, were Sl.0lO.Sl2. IS against
disbursements OF S96S. 20, 677.54 in 1919, an
increase of S45, 53S 771.s4
During the year $41.74l.e g. was spent
on the Panama Canal Under the head
OF cash in the Treasury in June, 1sl3,"
the report gives the following:
Reserve fund, of gold coin and bullion.
s150, 10000 Trust funds. l.573, ID, 169. Cen
eral fund. s157, S44, 7Gs92.
Secretary McAdoo estimates that IL will
cost S2S5.5O00oO TO run the Postoffice De-
partment next year, but says If business
conditions are noumal he believes the re-
ceipts will equal the expenditure. The
cost of running the department in 1915 is
estimated at s3G7, 100000.
1t is figured that $4,000 persons will be
subject 10 the income tax and 10000 cor
porations.
Special mention is made of the govern
ments activity to restore confidence in
Dayton, Ohio, after the food, by max
ing the national banks there government
repositories, and Mr.. McAdoo's offer
to deposit 500. 900, 900 in banks to prevent
a commercial crisis due to the ''propa-
ganda of pessimism."