The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1916-12-09
PROSPERITY OF
COUNTRY SHOWN
SECRETARY M'ADOO'S REPORT
TELLS OF VAST VOLUME
OF BUSINESS

WASHINGTON, Dec. 6.-Secre-
tary McAdoo's annual report of the
governments finances. presented to
congress today, estimates that the
fiscal year ending June 80, 1917
will show a balance of $115, 900
in the general fund but that the
figures a year later-June 80, 1913,
will show a deficit in the general
fund of $1S5.OOO,OO
Preliminary estimates place the
cost of conducting the government
for the coming fiscal year., 1918, ex-
elusive of the postal service which
is expected to be self sustaining, and
other deductions, at $1,27S, 021 900.
the ordinary receipts for the fiscal
year, 1918, he estimates at $685.
$4,000. which is $2S2,471,1 100 less
than the estimated expense.
Estimates of large expenditures
for national defense carry the esti-
mated outlay beyond the estimated
income.
For the fiscal yea 1916, now
drawing to a close, the secretary re-
ports great prosperity and expes-
ses geatest confidence for the flu
ture. During the past year." the
secretary says, 1.-The presently which
set in so strongly during the fiscal
year 1915 has grown in strength
and volume and is now widely diff
fused throughout the United States.
Fundamental economic conditions
have never been more sound. In
all lines of industry efficiency of
organization and production have
reached the highest point in the
countrys history. General confidence
in the future, healthful enterprise
and development have been marked
characteristics of the year.
"The financial strength of the Uni
ted States-the greatest in our his
tory-gives us a commanding posi-
ton in world finance. We have been
transformed from a debtor into a
creditor nation. On November l..
1916, the stock of gold coin and
bullion in the United States was es-
timated at $2,7OO, 136,976, an in
crease of $714,597,SO4 in the past
16 months.
This is the largest stock of gold
ever held in the United States or
any other country of the world.
Through the operations of the fed
eral reserve system and with our
abundant supply of gold as a basis,
the credit of the United
States have become more than suf-
ficient for home demand. end No
have been able to finance our great
domestic and foreign trade without
strain and to extend vast amounts
OF credit to other nations through
out the world.
THE experience of the past two
years has brought into strong re-
lief the value of the federal reserve
system. 1t is not too much to say
that our great prosperity could not
exist without it. The usefulness of
the system has been ~broadened re-
Gently by the amendatory act of
Sept. z, 1916, which renders it
more attractive to member banks
and increases the scope and services
of the federal reserve banks.
eff we make intelligent use of our
great power and exceptional finan-
cial resources, we can cope success
fully with any conditions the future
may develop"
One of the features of the report
is a discussion of present methods
of constructing public buildings.
81 am convinced" says the secre-
tary, that the methods pursued
by the congress for the past Is
years of providing federal buildings
through so-called omnibus-public-
building bills have resulted in the
construction Of many public build
ings in small towns and localities
where they are not needed, and at
a cost which is clearly unjustifed
by actual requirements of the COM.
munities in which they are erected.
"The conclusion is irresistible
that authorizations for public build
ings in these small communities are
too frequently dictated by local
reasons and without regard to the
best interests of the government.
The most serious aspect is this:
The annual operation and mainten-
ance of these buildings impose on
the treasury a permanent and con
stantly increasing burden.