The Bridgeport evening farmer., 1917-12-08
TWO YEARS OF WAR WILL COST us. 36 BILLIONS SECRETARY TELLS
 CONGRESS; A BILLIONS NEEDED

To the great task facing the coun- try Secretary McAdoo calls the peo- pie with these words:
 What is of superlative importance in the readjustment that must take place is that our people shall be i'm pressed with the necessity of econo- mixing in the consumption of articles of clothing, food, and fuel, and of everything which constitutes a drain upon the available supplies, materials and resources of the country. Every thing wasted now is little short of criminal
 "So far as I have been able to con- vey, the American people are not suf- ficiently aroused to the necessity of economy and of saving in this really serious time, not only in the life of America, but of the nations of the world. Up to the present there has been a relatively small denial of pleasures, comforts and conveniences on the part of the average citizen. He is drawing upon the general store of supplies in the country with almost the same freedom as before America came into the war. This cannot con- tinue without serious hurt to the na- 1 tion and to the world. The great financial operations of the govern ment cannot be carried forward suc- cessfully unless the people of the ] United States economize in every pos sible direction, save their money and lend it to the government.
 Ut is easy to visualize the course of a dollar saved from waste and in- vested in government bonds. First, 1t goes to the government as a loan for the war; second, 1t is expended by the government for food, clothing, and ammunition, which go directly to gallant soldier or sailor, whose i fighting strength is kept up by the food, whose body is kept warm by the clothing, and whose enemy is hit by the ammunition. It has not been expended in the purchase of needless food and clothing for the man at home, and Is, therefore, released for the use of the soldier; it is saved wealth to the man at home ard can be loaned to his government at in- terest, with resulting benefits to him. self and to his government"
 Secretary McAdoo denounced pur- chasers of Liberty bonds who sell their bonds when they do not imper- atively need money.
 Tt is by actually lending money to the government, and not by merely promising 1t and shifting the load to some one else" he said, that the citi- zen really helps in this great time." He added, however, that he did not mean 70 discourage legitimate trading in government securities.
 Mir McAdoo expressed the hope that additional funds to be raj" ed during the balance of the year be by bond issues rather than by taxation saying:
 Tt is earnest conviction that the general economy of the country should be permitted to readjust itself to the new revenue laws before con- sideration should be given to the inn I position of additional tax burdens"
 Of the possibility that interest rates on further Liberty bond issues might be raised, the secretary said:
 "If situation should develop where the government could not sell con- verttble and partly tax exempt bonds upon per cent. basis, it would, believe, become necessary 10 seriously consider further revenue legislation. In my judgment an increase in the Irate of interest of such bonds would be extremely unwise and nurtful.''
 Secretary McAdoo disclosed that he intended to recommend to Congress later in the session constructive and regulatory laws to prevent capital from going into public or private en- terprises unnecessary for the war.
 "It may also become necessary" he added, ito concert some constructive measures through which essential credits may be provided for those in- dustries and enterprises in the coun- by essential to the efficient and sue cessful conduct of the War. The sub ject requires the best thought and study It is receiving the most earn est consideration.
 ''The courage and resources of the nation are so abundant that Ameri- lca's success in the war is beyond queston if they are properly organ ized and intelligently used. The eco- homie and financial condition of the country was never so strong and Americas spirit was never more aroused to the importance and neces-