Evening journal., 1916-12-06
UNCLE SAM Holds
BIGGEST COLD PILE
Bullion and Coin 10 the
Amount of So, ,7OO,136,976
Held Here On Nov. /
RECOMMEND WAR
INSURANCE AGAIN
lir The Ilnited press.

. by I He Auittu it0rs
WASHINGTON, Dec. 6.---An earnest
recommendation for the extension for
another year of the bureau Of war
risk insurance, which expires by Inn
tation september 2 1917, is made in
the annual report OF Secretary of the
Treasury McAdoo, submitted to Con-
gross today.
Gold coin and bullion, TO the amount
OF S2,70O, l36,976. was held in the
United States November 1, 1916, the
report shows the largest stock of
gold ever held in this or any other
country Of the world"
The bureau of war risk insurance,
up TO November IL, had written 1854
policies covering a total insurance OF
s163 .395.6S7, says the report, and the
surplus of premiums paid over losses
amounts to $2.367,657.23. The losses
today have amounted to $685. 924.6O,
from which salvage of S59.055.ST has
been received. The net amount risk
November II was S14.610,S45. While
100000 was appropriated for the
bureau. under the original act, the
operating expenses have amounted to
hut S39113.70.
Unless the bureau is continued,
says the report and the war in Eu-
rope continues after the date of eX-
piration. the inability to grant war
risk insurance on American vessels
and cargoes I'm American vessels, will
seriously injurt the business and COM
merce of the country.
ffsih
TO the value Of the Federal Reserve
system. which says that our great
prosperity could not exist without IT,.
Under the new system created by
the Federal Farm Loan Act, the re-
port says. farmScreaits, the farming
industry. and the farmer win receive
inestimable benefits.
Referring to the Pan-American FL
uancial Congress. in 1917, which
meets in Washington, the Secretary
says;
Il cannot over-estimate the value
OF these conferences in bringing about
a better understanding and promoting
In this practical manner, friendly re-
lat'ons and enlarging trade and COM
merce with our southern neighbors.
There are several serious defects in
the Harrison narcotic law which has
been in effect l6 months in the opin-
ion Of McAdoo. and there IS urgent
need for remedial legislation.
A Congressional appropriation Is
urged for repayment of fines paid by
parties convicted under Section s. OF
the act. which was deprived of effec-
tiveness by a decision OF the Supreme
Court Treatment by the Government
OF persons addicted to the use OF
drugs is also recommended.
The Secretary, recommends appro'
nriations for a vigorous scientihe
study Of infantile paralysis by the
public health service as a preventa-
tive of further epidemics.
The Secretary again expresses con
viction that the Omnibus Bill method
for the construction of public build
ings pursued by the Government fol
the past fifteen years. has resulted
in the construction OF many publC
buildings. in small towns, and locali-
ties where their need is not justified
by the cost and requirements.
He nrged divorcipg of this question
from all local or political eons'dera'
tion, and separate measures TO cover
each building after proper investiga'
tiOn.
A new toast guard cutter is recon.
mended for the Hatteras district. An
increase in the rate of pay for the
enlisted men in the service, says the
report. Is imperative.
Funds for the extention OF the
aviation branch OF this service are
asked Of the present Congress.
Exports FOR the year ending JUNE
30. amounted TO S4.333. .65S.S65 an in
crease Of Sa.76S. .5S9.340 over the prev
ious year. says the report.
Imports amounted to S2197,sS3 $40
an Increase OF S4S4,00O.000. Custom
receipts totalled s213.1S5.S45.63. show
ing a healthy increase.
The estimate Of receipts and dis
bursements for the fiscal year. 1918
says the Secretary, show that the ex
isting laws will not provide suficien
revenues to take care OF the. unusua
expenses OF the Government due. foi
the most part, TO the large expendi
lures Required by the army and nav,
for preparedness. estimate for thl
year. at 1867, $4,000.
Attention OF Congress is called Z,
the necessity OF passing such meas
ures as will provide additional rev
enues to meet the situation