Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-11-15
j. s. EXPENDITURES
!. BELOW ESTIMATES
Secretary McAdoo Dispels
Unfounded Approximations
About Financial Needs.
TO RAISE TEN BILLIONS

BALTIMORE, November 15.-1n a
speech before tho Investment Bankers
Association here last night Secretary
McAdoo disclosed that government ex-
penditnrss are running far below esti-
mates given Congress, and predicted that
the amount Of money still to De raised
for the fiscal year would not exceed
ten billion dollars.
> Vague and unfounded apprehensions
seem to exist in the public mind as to
the extent Of the financial requirements
of the United States during the current
nscal year." the Secretary said II may
be helpful to the country to know tnae
these requirements have been greatly
exaggerated and that in the Judgment
of the Secretary of the Treasury there
Is no reason whatever for apprehen-
sion on this score. This opinion is
based upon the latest estimates OF our
financial needs.
Not More Than Ten Billions.
During the past few days the va
rious departments of the government
have submitted to mo their es.ima ass
cal year. On the basis OF these es.i-
mates am confident that. allowing
for a liberal balance in tho genera
fund at the close Of the edn fiscal year: h to
be raised by the issue Of bonds. war
savings certificates and Treasury Ger
tifcates of Indebtedness.
This is not regarded by the treasury M
Department as q task which VIII IN
any way strain the capacity or re-
sources Of the. United States. Inc
splendid success OF the second merry
loan shows that the people are 1uily
~Nrtf h "A
prepared to make such sacrifices OF
luxuries, pleasures, comforts and con-
veniences as may be necessary.
so Per Cent Less. Than Estimate.
'The estimates Of tho various de-
partments include appropriations al,
estimates to be submitted at the forth
coming session of Congress. Though
the estimated ordinary expenditures
Excluding advances to the allies) Tor
the year average about billion a
month. the ordinary expenditures for
the four-month period ended october
II have been only $1.296,000,oO0. or at
the rate of 1924 100000 month. For
instance. the expenditures for the War
Department for the four-month period
have been so per cent less than was
estimated by that department for that
period. 1t may be confidently expect
ed. therefore. that the actual expendi-
lures for the balance Of tho fiscal year
ending June 80, 1918. will not at the
most exceed the estimates.
500 Millions a Month to Allies.
The actual credits to the allies have
averaged $500 900 600 per month. or
within the estimates Of the Secretary
Of the Treasury, and the actual cash
disbursements against the credits so
established have fallen below the es-
Inmates. OF the expenditures made for
the account of the United States as
well as those for the account of the
allies a very great preponderance is
for purchases in the United States. so
that the operations Involve merely
shift of credits and have not been
4 strain on the financial resources OF
the country. Not only is this true. but
every precaution is being taken. by
wise restrictions upon the shipment OF
gold, accompanied by careful study OF
the course of international trade. to
husband the resources of the country.
saThe gold monetary stock (coin and
bullion used as money! in the United
states on November /. 1917. IL esti-
mated at 1904, SOC. 900. The increase in
the past ten months has been $174:-
800. 600, while in the past FIVE years it
has been s1.161 .ss3. 900. In the five
years the portion Of worlds gold none
tary stock held by the United States
has increased from approximately one
nfth to more than one-third."