The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1915-12-09


cident to a policy of military pre-
paredness.
THE policy of providing for the
expenditures of the government by
taxation and not by bond issues, y
said the report, is undoubtedly a
sound one and should be adhered to.
A nation, no more than an individual,
can go constantly into debt for cur
rent expenditures without eventually
impairing credit. A wise, sound and
permanent policy of raising the addi-
tional revenue required for prepared
ness and the expenditures of the gov
ernment should therefore be devised
and adopted"
Mr.. McAdoo expressed the belief
that with a return of peace in En-
rope, customs receipts which fell off
$50, 900, 900 in the last year will in
crease and that the legislation sug-
gested, with a provision to make the
surtax of the income tax law appli-
cable at $4,000 instead of 100000,
the whole or part of the additional
revenues can be raised. Taxes on
gasoline. crude and refined oils, horse
power of automobiles, and "varous
other things" are suggested as fur
ther revenue-raising measures.
The total estimated appropriations
for the fiscal year which begins July
1. next, Mr.. McAdoo puts at $1,2S5,-
S57,SOS including $316,364,S79 for the
postoffice, which is reimbursable,
and about S9O,000,000 more for the
Panama canal and sinking fund. Re-
ceipts for the same year based on
existing law without extension of the
sugar duty or the emergency tax Mr..
McAdoo puts at $5S0,20O,O00 and ordi-
nary disbursements at 2,9Ol 900,
leaving an excess of disbursements
over receipts if legislation is not
passed to change conditions, of $780,
7O1 900. AS explained in his recent
statement, however, that amount
would be reduced to about $50 100000
by the extension of the emergency
and sugar 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 situ-
alton which confronted them a year
ago.
THE European war produced inev-
liable suffering in this country as well
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 | believe it is not
inexact to say that but for the active
agency of the government in protect
ing and conserving the business in
terests of the country during that
critical period, grave disaster would
have resulted.
at is 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 countrH
During the year there has been a
steady, forward movement in every
line of activity, until now prosperity
has been firmly established through
out the country
Mr.. McAdoo included letters from
agencies to support ms
statement, and quoted figures on rail
road and other business operations to
show increased activities.
THE financial situation of this coun-
.ry," he continued, has never been
so strong and favorable as now. Our
financial resources are the greatest
in our history, and our banking sys
.em. through the creation of the red
nral reserve system, is now the
in the world. In every re-
,pect the economic and financial con
iition of the country is eXtraordinar-
Ilv sound. 1t is greater than that OF
anv other nation and if we use cur
intelligently and wise
". we shall establish the prosperity
of this nation upon an impregnable
for many years to come.
In that connection the secretary S
report showed the stock of gold IN
the United States on November IT,
1918, was $219S,113,762, compared
with $1.SO5,S76.5SO on January and
that it is by far the largest sum OF
gold ever held by one country. md'-
cations were. he added that the pres
ent stock would be greatly augmented.
The report reviews at length, op-
erations of the treasury department
for the year Mr.. McAdoo's deposits
,f ,,l1 n, Atlanta Dallas and Rich