Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1915-12-08

The total estimated appropriations
for the fiscal year which begins July
/, next Mr.. McAdoo puts at $685.
57S,S0S, including $316,364,879 for the
postoffice which is reimbursable and
about $90,000,000 more Off the Pana-
ma Canal and sinking fund Receipts
for the same year based on existing
law without extension of the sugar
duty or the emergency tax, Mr. Nc
Adoo puts at $5S0,200,000 and ordin-
airy disbursements at 1882, 901 900
leaving an excess of disbursements
over receipts if legislation is not
passed to change conditions, of $751;
7C1,O00. AS explained in his recent
statement however, that amount would
be reduced to about $50,000,000 by the
extension of the emergency and sugar
tax laws.
Secretary McAdoo's report says the
people of the United States have reas-
on to congratulate themselves on the
financial and business condition of
the cyountry after the serious situa-
ton which confronted them year
ago.
1.-THE European war produced inc
vitable suffering in this country as
we'll as in Europe, said the SECRETARY
"Our industrial situation was, for
time, seriously hurt, and the cotton
growing states of the South sustained
heavy losses through declines in the
price of cotton. Every power of the
Government was exerted to mitigate
the situation and l believe it is not
inexact to say thet but for the active
agency of the Government in protect
ing and conserving the business in
terests of the country uring that
critical period grave disaster would
lave resulted.
1T is a pleasure to acknowledge
that the efforts of the Government
were seconded and supported by the
earnest and patriotic cooperation of
the business interests of the country.
During the year there has been a
steady, healthy, forward movement in
every line of activity, until now pros
perity has been firmly established
throughout the country"
Mr. McAdoo included letters from
mercantile agencies to support his
statement, and quoted figures on rail-
road and other business operations
to show increase activities.
THE financial situation of. this
country" he continued, has never
been SO strong and favorable as now.
Our financial resources are the great
est in our history, and our banking
system through the creation of the
Federal Reserve system, is now the
strongest in the world. In every re-
spect the economic and financial con
itlon of the country is extraordinarily
sound. 1t is greater than that of any
Other nation and if we use our re-
sources and our opportunities intelli-
gently and wisely, we shall establish
the prosperity of this nation upon an
impregnable foundation for many
years to come
In that connection the Secretary's
report showed the stock of gold in
the United States on November l,
1915, was $2,19S, 1892 compared
with $1,SO5, S76,5SO on January . and
that it is by far the largest sum in
gold ever held by one country. Indi-
cations were, he added, that the pres
ent stock would be greatly augu-
mented,
The report reviews at length, oper>
ations of the Treasury Department for
the year Mr.. McAdoo's gold deposits
in the Atlanta, Dallas and Richmond
Federal Reserve banks, and his deeis-
ion to make reserve banks govern
ment repositories and fiscal agents.
Legislation recommended included
$4,000 for a second Pan-American
Financial conference in Washington
il 1917 and S25 OOO for the uCa of tho