The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1915-12-08
Secretary Of Treasury Sets Forth
Financial Condition Of Nation;
No Bonds for National
Defense
ROSEATE VIEW OF
BUSINESS OUTLOOK
Commerce and Industry Undergo
Remarkable Change. L eaving
Prosperity Firmly Seated in
Saddle; Panic Days Gone
BY United Press.

DJ 0HiAcQ IIcSS.
WASHINGTON, Dec. Wv. G.
McAdoo, secretary Of treasury, today
submitted his annual report setting
forth in detail the financial status of
the government.
The document is a voluminous one.
covering every department of govern
ment business.
In discussing means of raising reve-
nues TO meet the cost of proposed
preparedness" the secretary said:
Il believe that no part of these ex-
penditures should be provided by the
sale Of government bonds. with the
possible exception OF the payments for
the Panama canal. Even as to the
Panama canal it seems to me wise to
continue to provide for its necessities
out of the revenues of the government.
The policy OF providing for the ex.
penditures Of the government by tax
alton and not by bond issues is un-
doubtedly sound one and should be
adhered to, A nation, no more than an
individual, can go constantly into debt
for current expenditures without even.
tually impairing credit. A wise,
sound and permanent policy of raising
the additional revenues required for
preparedness and the expenditures Of
the government should, therefore, be
devised and adopted
with the return OF peace in Europe
the revenues from customs viii un-
douhtedly increase again, and in time
large part OF the customs revenues
lost In the fiscal year 1915 will be
restored
Internal taxation was suggested as
the best method of increasing govern
ment revenues
At the beginning OF his report the
secretary discussed the business situ-
alton in the country, saying in part;
1T must be a source of profound sat
isfaction to the people Of the United
States, regardless Of political affili-
ations, TO contrast the conditions to-
day with those prevailing in this
country in December, 1914. Then the
country was just recovering from the
terrific shock of the European dis
aster We had gone through months
OF serious, If not critical. experiences.
a countrywide panic of appalling pro-
portions was threatened but averted.
We had emerged with our credit not
only unimpaired but strengthened.
Our sound economic foundation had
been preserved and fortified, and we
we're fully prepared to meet the ex-
igencies Of the future because we had
recovered our confidence and were
conscious OF our power. The European
war produced inevitable suffering in
this country as well as in Europe.
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 | believe that Ii is
not inexact to say that but for the
active agency of the government In
protecting and conserving the business
interests of the country during that
critical period grave disaster would
have resulted It is pleasure to ac-
knowledge that the efforts of the gov
ernment we're seconded and supported
by the earnest and patriotic cooper
alton of the business interests of the
country.
"The railroad situation shows extra
ordinary Improvement and strength.
Increases in gross and net earnings
have been marked, in some cases being
above the highest point ever before
recorded AS recently as June /,
1915, there we're 100000 idle cars, with
corresponding surplus Of idle loco
motives. Now there are no idle
cars or idle locomotives in the
country, and the railroads are buying
new equipment. A summary of re-
cent statement shows that the rail