Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-07-28
FIRST YEARS COST
S10,735,8O7,00O
This Amount Is Exclusive of
Loans Made to Euro
pean Allies.
NEED $7,000,oo0,oo0 MORE
Additional War Estimates Are
Given to Congress by
Secretary McAdoo.

year at $10,735.So7. 900. exclusive of
loans to the allies. the administration
informed Congress to-day that new
revenues totaling $1,000. 100000 must
be raised from taxation or issuance Of
securities.
II advancement OF local credit TO tho
allies Is continued al the present. rate
the years total OF war expenditures
will pass $4,000. 100000. and the
amount OF additional revenue required
VIII increase accordingly.
PROBLEM OF RAISING
ENORMOUS REVENUES
How Congress will meet the enor-
nous revenue remains to be deter
mined, but there is distinct senti-
rient in favor OF onsettng most of
the expenditures by bond issues. Many
ieaders on both sides OF the Capitol
predicted to-nigh. that not more than
*2.ooo.O00.0O0 OF the s7.00O.00o. 900 asked
would be raised by taxation. and that
the remainder might be met partially
by bond sales and partially by issu-
ance OF treasury certificates Of indebt-
edness. Equipment and stores for the
national army. particularly artillery.
Will require the lions share of appro-
prtations under the administrators
estimates. or the years total Of $40
735.so7. 900. the War Department alone
expects to spend s7.s642io.o0o. or S.
3ls.oo0.o0o more than has been appro-
priated thus far for It's expenses dur
Ing the year.
The navy expects to spend $780,
100000. of which s:ss.o0o,ooo remains
to be appropriated The Shipping
Board, whose shipbuilding projects
place It third on the last. expects TO
spend $7ss.ooo.ooo. of which $3.50. 600, 900
remains to be appropriated.
Tho figures cover the cost OF the war
from July I. last. TO June 30. next.
They do not include the money spent
pfior to the hrst OF this month.
McADoo ESTIMATES
RECEIPTS For YEAR
Estimated receipts for the year were
placed by Secretary McAdoo. In trans
mitting the estimates to the House
ways and Means and Senate Finance
Committee at sI,3a3.5oo.60O This esti-
mate OF receipts did not include rev.
enues to be raised under the pending
war tax bill. estimated by administra-
tion leaders in Congress at Sl,s7o,6To.-
600. Revision of the bill will begin
Immediately. The appropriations ac-
tually sought by the various depart
ments are placed above actual ex-
pected expenditures in order to pro-
vide a margin Of safety. Thus the
war department expecting to spend
$7.S64,240i0o0, asked for appropriations
totalinE ss.e73,36S.o0O. and the Navy
Department. estimating its expendi-
uSl,. o.
priations OF sl.3ei.l7s.0oo. Total ap-
preparations sought by all depart
ments aggregated sIl,65l,l33.e9a. or
nearly sl.Ooo.ooo,ooO more than esti.
mated expenditures
TOTAL TO DE RAISED
HOHE THAN $4,000, ,OO0, 600
Should this sum be authorized by
Congress. with an additional $4,5oO,-
100000 for the allies-whlch would be
necessary to keep up the present rate
of loans totaling $500. .00O, 900 a month
the total to be raised by bond issues
and additional taxation for the cur
rent fiscal year would be more than
$160OO.OOO.0OO. 1t has been indicated
that additional authorization for loans
Will not be requested of Congress until
the new session begins in December
With estimated expenditures of s1o,-
735.S07,000 as the basis for computa-
tation. the following deductions from
the total of estimated expenditures
were made in reaching the s7,000,0O0,-
600 total of new revenues needed
Income for the year under existing
laws. 1888. 100000.
Bonds authorized under the war
finance bill of April 25, but not issued.
$4,000. 100000.
Other bond issue previously author.
lied to reimburse the Treasury for va
rious items of expense-about s40o. =
100000.
Total, sa.7ss. 500. 900.
The estimate OF receipts during the
next twelve months was computed as
follows:
From customs duties. S225,0o0 600:
from ordinary internal revenue sources.
$65O,000,000; from the income tar.
$350,000,000; from miscellaneous taxes
and other items. $70.000,000; Panama
Canal tolls, s7.O00,00o; and deposits to
retire national bank notes, an item
which Is represented by the same
figure on the credit side of the ledger.
$3o.000,000.
NO SUGGESTIONS MADE
BY SECRETARY McADoO
No suggestions or recommendations
as to methods for raising the money
were made by Mr.. McAdoo He prob
ably will advise later with the Finance
Committee, which wrestled all of to-
day with the war finance problems and
will meet tomorrow for further dis
cussion. Radical differences of opinion
exist within the committee regarding
the future financial burden.
Senator Simmons. chairman of the
committee. said tonight that he ex.
pected the war tax bill would be re-
vised promptly for the $1,000. 00o, 900
) asked by the secretary. although by
far the greater part would be in bond
Authorizations. The latter. many mem.
bers believe, must bear interest at 4
per cent. instead OF s1.35per cent, as
In the case of the Liberty loan. !;