Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1916-12-06
NJ 'AOOO GIVES A
REPORT ON WORK
IN DEPARTMENT


congress today, estimates that the fis-
cal year ending June Both, 1917, will
show a balance of $115,OO0,O0O in the
general fund but that the figures a
year later-June Both, 1918, will show
a deficit in the general fund Of $685.
100000.
Preliminary estimates place the
most of conducting the government for
the coming fiscal year 1918, exclusive
of the postal service which is expect
ed to be self sustaining and other de-
ductions, at 81 ,27S, ,O21, 900. The ordina-
y receipts for the fiscal year 1918 he
5timates at $995.55O,OOO, which is
$2S2, All 600 less than the estimated ex
pense.
Estimates of large expenditures for
national defense carry the estimated
outlay beyond the estimated income.
Sees Great Prosperity Ahead.
For the fiscal year 1916, now draw
ing to a close, the Secretary reports
great prosperity and expresses great
est confidence for the future. During
the past year." the Secretary says, "the
prosperity which set in so strongly
during the fiscal year 1915 has grown
widely diffused throughout the Unit
ed States. Fundamental economic con-
ditions have never been more sound. In
all lines of industry efficiency of or
ganization and production have reach
ed the highest point in the country's
history. General confidence in the flu
ture, healthful enterprise and develop
ment have been marekd characters
ties of the year.
The financial strength of the United
States-the greatest in our history
gives us a commanding position in
world finance. We have been trans
formed from debtor into creditor
nation. On November l, 1916, the
stock of gold coin and bullion in the
United States was estimated at $780,
136,976 an increase of $714,597,S04 in
est stock of gold ever held in the Unit
ed States. or in any other country
in the world. Through the operations
of the Federal Reserve System, and
with our abundant supply of gold as
basis, the credit resources of the Unit
ed States have become more than suf
ficient for home demand, and we have
been able to finance our great domes-
tic and foreign trade without strain
and 10 extend vast amounts of credit
to other nations throughout the world.
Value of Federal Reserve Sysem.
The experience of the past two
years has brought into strong relief
the value of the Federal Reserve Sys-
TEN. 1t is not too much to say that
our great prosperity could not exist
without it. The usefulness of the sys
TEN has been broadened recently by
1916, which renders it more attrac-
tive to member banks and increases
the scope and services of the Federal
reserve banks. Due to the transfer
enee of vault and other reserves to
Federal reserve banks, authorized by
the original act and amendatory act,
the resources of said banks are now
more than $650,000,OO0, while the to-
tai reserves held are over $400, 900, 900,
ard in addition, more than $3.50, 100000
is held by Federal reserve agents as
special security against Federal re-
serve notes. About one-fourth of the
country's stock of gold is thus mobil-
lied in the hands of the Federal re-
serve banks and agents.
War Risk Insurance.
TIL, federal War Risk Insurance bu-
reau, Mr. McAdoo, says should be ex-
tended a year to September 2, 1913,
since Congress might not be in session
next September and it would be i'm
possible then to continue the work if
the European War is still in progress
and serious injury to American busi
ness might result. The report says
up to November II nearly LOO pol
icies were written by the Bureau with
total risk of more than $14,610,000 and
losses amounting to $S33,924. Prem
.ums received amounted to $3,142,525.
In speaking of customs revenues,
which increased abou t$9,400,000 over
the previous year, the Secretary says
the F,uropean conflict is still interfer-