The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1915-12-09
ARE
TAX CHANGES

for the fiscal year which beings July
l. next. Mr.. McAdoo puts at s1.2S5.-
S57,s0S including $316.364.S79 for
the postoffice which Is reimbursable
and about 500. 100000 more for the
Panama canal and sinking fund.
Receipts for the same year based on
existing law without extension OF tho
sugar duty or the emergency tax. Mr..
McAdoo puts at $5S0.20O.0OO and
ordinary disbursements at $S32,-
100000 leaving an excess OF dis
bursements over receipts II legisla-
ton is not passed to change condl-
tions. Of s252.701. 900. As explained
In his recent statement. however,
that amount would be reduced to
about $4,000 900 by tho extension
OF the emergency and sugar tax tax
laws.
Secretary McAdoo's report says the
people Of the United States have rea-
son to congratulate themselves on
the financial and business condition
OF the country after the serious sit
uation which confronted them a year
ago.
1.-THE European war produced In
evjtable suffering In this country as
well as in Europe" said the secre-
tary. Our industrial situation was,
for a time, seriously hurt. and the
cotton growing states OF the South
sustained heavy losses through de-
cline In the price Of cotton. Every
power Of the government was exert
ed to mitigate the situation and /
believe 1t IS not inexact to say that
but for the active agency OF the gov
eminent in protecting and conserving
the business interests Of the country
during that critical period grave dis
aster would have resulted.
at 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
steady. healthy, forward movement
In every line of activity. until now
prosperity has been firmly establish
cd throughout the country"
Mr.. McAdoo included letters from
mercantile agencies to support his
statement. and quoted figures on
railroad and other business to show
increased 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-
dition Of the country Is extraordl-
narlly sound. 1t is greater than that
of amp other nation and II we use our
resources and our opportunities intel
ligently 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 j.,
1915, was $2,198.113,762. compared
with 81 ,505,S75,5S0, on January 2,
and that 1t is by far the largest sum
In gold ever held by one country.
Indications were, he added. that the
present stock would be greatly aug
mented.
The report reviews at length, OPP
erations Of the treasury department
for the year, Mr.. McAdoo's deposits
of gold in the Atlanta, Dallas and
Richmond fedral reserve banks, and
his decision to make reserve banks
government repositories and fiscal
agents.
Legislation recommended included
$4,000 for a second Pan-American
financial conference in Washington
in 1917. and $4,000 for the use OF
the United States section OF the In
ternatlonal High Commission of uni
formity Of Laws for the two Ameri-
cas-.
The method Of legislation for pub
lie buildings In an omnibus bill re-
cetved the secretary's disapproval.
and he asked that Il be discontinued.
Needles waste in public money, he
said. will be avoided II Congress will
hereafter not authorize the acquisi-
tlon Of public building sites until au-
thorization Is made for the buildings
to on the sites. He asked that the
secretary Of the treasury be apthir-
lied to fit the building to the city
and to make 1t Just as imposing as
the sum appropriated under the pres
ent system will permit.
Mr.. McAdoo asked for two cruising
cutters for the coast guard service
on the Pacific coast. TO cost 500 900,
q harbor cutter for New York to cost
$125,000 and one for San Francisco
to cost $4,000. He says that in
plans for national defense the coast |
guard will have important assign
ment and that authorizations for the
service will be valuable from mill
tary standpoint. - osf
Reviewing the oleomargerine and
whiskey frauds Of the year the report
again recommends changes In the
oleo law to reduce the invitation to