The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1914-12-09
.C0kF|DENGEHAS
BEEN RESTORED
!. ISREPQRT|
Secretary McAdoo SAYS Ranie
was Ayerted at 0uthrea
OF European War.
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WASHINGTON, d. C.. Dec.
secretary McAdoo In his annual "a
port to Congress today outlinSd 4
length the steps taken BY the ffesEi, n
department to restore confide nce aili
support American business Anal II
ana weakened by the European ,gar
a catastrophe Of calamitous pro
portions" said the report, was man
rowly ayerted, 1t Is attribute 70 ilia
economic, strength and sonndris IS 81
the country and to the patriotism j
its people in every class and wan, & /
lie that the shock has been IS ~:
mirabiy withstood. Al panic 81
cataclysmic proportions might eSsil
have resulted and II 1t had. the in3tir$
70 the country would have been IN {
calculable and many years would
nave been required to overcome II +.
effects. q q I
By formation of the 100000 OLD
gold pool, the $1S5, 900 900 cotton loan
fund, issres Of emergency currenc,5
AND the deposit OF crop moving none.
N national banks, the Situation Na.
reiieved and confidence wa yifcd
the report says.
Through the prompt and aiiectffS
action of the treasury denaftiii6n
and with the cordial ana irteiilS9,,,
co-operation Of the banking and h6si
ness interests Of the country the
danger has been averted," says flls
report Confidence has been les ofeil
and specie payments have been main
tanned In the face OF the world!
no time since the war broke out liza q
there been to the lsnowiedge oi fi,Is
department, with the exception n +.
Jew isolated cases, q failure dii fiI6
part OF any solvent national biak h.,
honor its checks In currency 81 h,6iI
ey' or to meet its OBLIGATIONS TlIe
general revival OF business tfrUnfii2 -
out the country Is the best eyidene
, 1na1 confidence has been restored
lnere Is every reason why the cotit
Try should look forward to the sfntiifd
with confidence so far as Its trad
commerce. and industry are CON
In spite OF drains from E,ir6ne5
where the nation owed about { h; d
Gvo.OO0 at the outbreak Of. the n q.
Secretary McAdoo says that tIl5
treasury's gold holdings show 4 IL Z
duction OF only SSS,656,279 on Octohe
81, 1914, compared with holdings Z, X
$l.25s,2lS.S57 on June 80, i9i n
Secretary McAdoo referred ia soma
detail to his action against ~ 4 is
which, he publicly announced Rai5'
boarding up money, piling IN resefs6f
and charging high interest rst8
without good cause 1t was I az
agreeable duty, he said, but one which
resulted in a determination on il &
own part to withdraw governifeiit
deposits from banks not using stci.
funds for the benefit OF their CON
This action he said, .had
Statutory influence, because It was
followed by general lcosenine ii,
OF credits; and while 1t Is not Tor q
moment contended. that the improve
ment is attributable wholly IA n
acton OF the department IL is. never.
theless, believed to have had bebe
fetal effect upon the situation.
INT McAdoO's report is devoted
largely to a review Of the actiVifie
Of his department for the fiscal IVe.ff.
ending on June 30, before the Wal.
began, but he included detailed sta,
ments OF the treasury's participati In
in various post-w problems.
The secretary makes several rec.
concentrations. He suggests to Con
gress that the war revenue tax law
should not expire December 81. i 6i6 +,
but that Its operation should be aS
tended until the end OF the ElitoneAi,
war. by proclamation ofEthe presideni (
Discussing the income tax law ire
secretary advocates a change IN il,s
law SO that persons having d ef6sa
income OF $4,000 be required to sn,lii.S
J return instead OF those persons WIFI,
J net income OF that amount or oyer
Such an amendment, he sse1
would simplify the administration q
he law. assure more complete rttnfnS
and materially increase the Income
AK revenue and save an Immense
AMOUNT OF expense TO which the gov
eminent Is now subjected iri main
aiming a sufficient corps OF .insnnt|s
.ors and investigators to hunt oiik tiit
people who have failed to make -
.urns." He recommends also the r. Z
zeal of the provision by which TAX -
10 not accrue until ten days after biz
close Of the fiscal year and fhutA
nuke then accrue July / each year
Although the law did mot pr5dh6e
he revenue expected, the secfef6rI
says, 1t haE proved satisfactol3 alI|
explains the administration 1f iaI~
II that character has many 6batacIse
o. overcome at the outset and fhal
'cliss are accustomed ana inus b
educated to 1t.
Taking the tables of return AIr
dcAdoo infers that there mus h,
many who failed to pay the TAX
1T IS clear says he etii3t thtn.
sers shoasaPss e psEseas s|1o 5a'I