The Elk Mountain pilot., 1917-12-13
war TOCOSTU.S.
$4,000, 100000
FIVE BILLIONS CALLED FOR IN
EXCESS OF TAXES AND BONDS
FOR NEXT TWO YEARS.
M'AD00 MAKES REPORT
SECRETARY PLEADS WITH PEo-
PIE TO EcoNoMIzE TO MEET
HUGE EXPENSES.
Western Newspaper Union News Service.

Western Newspaper Union News Service.
Washington. - Congress was In
formed by Secretary ,McAdoO in his
annual report that $5.123. .203.79S must
be provided in addition to funds from
taxes and bond issues already author
ized in order to make estimated re-
ceipts for the fiscal year ending June
80. 1918, equal disbursements. If this
deficit is met by a new issue of bonds.
the total amount of securities to be
issued in the next seven months is
estimated at $9.969, ,433,S50.
Huge war expenses and loans to
Americas allies at the rate of half
billion dollars a month-have made
these estimates many times larger
than any ever presented In a secre-
tary of the treasury's annual report.
of the $12,316. 100000 estimated, or
dinary expenditures for the year end
ing next June 80, $11. 527 100000 is for
war purposes. and the proportion is
about the same for the fiscal year end
ing in 1918.
So far the nation has borne the fl
nancial burden of the war well. says
Secretary McAdoo, owing to healthy
business conditions, and the valuable
aid of the established federal reserve
system. In the future. however. in
creasingly greater habits of economy
must be developed by individuals and
business institutions, the secretary de-
clares. and business as usual can
nt kA nd nl ha tvrty VNrin
ciple of the war. People must save
and invest in government securities
to avoid postponing victory.
With this admonition, Mr.. McAdoo
proceeds to cite the enormous figures
of government receipts and eXpendi-
lures which are the fruit of war
times.
Total estimated receipts for the
current fiscal year are $12 $3.50, 1872 800,
which. with a balance in the treasury
last June 80 of $1,O66. .9S3. .361. makes
a total of $13.647.716,161 Most of the
receipts. or $S.6S6.OOO.0OO. are from
sale of bonds and war savings certifi-
Gates: ordinary receipts are 1885,
100000. largely from war taxes; and
the Panama canal income is $1,000 900.
Ordinary disbursements are esti-
mated at $12.316.295,223; loans to al
lies in the year at &C. 100000; pub
lie debt disbursements at 1921 900 900;
and Panama canal expenses. $23.593,-
900. making total estimated disburse-
ments $1S.775.919.955.
In order to allow for balance in
the general fund of about $500.000. 900
next June 80. Congress must author
ize raising OF about $5,640,000,O0 ad-
ditional funds. This figures, together
with the $3,666 100000 Of authorized
but unissued Liberty bonds, and $685.
900 900 estimated receipts from war
Mr.. McAdoo believes Americans must
lend the government between now
and June 80, 1918.
For the next fiscal year, ending
June 30, 1919, the secretary estimated
receipts at $5,176.00O,000. and dis
bursements at $12,SO4. 1884, 4,440. exclu-
sive of allied loans.
Thus If the deficit is to be met by
bonds, $4,000. 100000 worth must be
floated between July 1, 1918, and
June 80, 1919, in addition to receipts
from war savings.
while these figures represent the
situation as it appears today" the sec
retary says, "it should be borne in
mind that the exigencies of the fu-
ture may cause changes, particularly
with regard to the estimate for the
War and Navy departments" The es-
Inmates on which the secretary bases
his figures are made by the various
government departments.
The outstanding fact apparent from
these stupendous figures is that the
cost of the war to the American peo-
pie. including allied loans, for the two
years ending June 80, 1919, will be at
least s36,000,0 1000.
To the great task facing the coun-
try, Secretary McAdoo calls the peo-
pie in 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 every
other thing which constitutes a drain
upon the available supplies. materials
and resources of the country Every
thing wasted now is little short of
criminal