Evening star., 1917-12-05
Treasury Head Declares Gov
ernment Must Have SIS, 5,128,-
2O3,793 to Cover Deficit.
PEOPLE MUST LEND
NATION SO, ,969, ,433,850
Burdens of War Make Huge Issue
Of Securities Necessity-Citizens
Urged to Invest and Save.

Congress was informed by Secretary
McAdoo, in his annual report submitted
today, that $512s, ,2o3, ,793 must be pro-
vided in addition to funds from taxes
and bond issues already authorized in
order to make estimated receipts for
the fiscal year ending June 80, 1918,
equal disbursements. If this deficit is
met by q new issue of bonds, the total
amount Of securities to be issued in the
next seven months is estimated at &c.
800 $50.
For the next fiscal year, ending June
30, 1919, the estimated excess Of dis
bursements over receipts is $7,627,-
e73,9so.
Huge war expenses and loans to Amer
iex's allies at the rate of half billion
dollars q month have made these esti-
mates many times larger than any ever
presented in Secretary Of the Treas
ury's annual report. OF the $12,316,0Oo,-
900 estimated ordinary expenditures for
the year ending next June 80, $11 ,527,
100000 is for war purposes, and the pro-
portion is about the same for the fiscal
year ending in 1919.
Burdens Of Wa.
So far the nation has borne the finan-
cial burdens of the war we'll. says Sec
retary McAdoo. owing to healthy busi-
ness conditions. and the valuable aid
of the established federal reserve sys-
tenn. In the future, however. increas-
ingly greater habits Of economy must
be. developed by individuals and busi-
ross institutions. the Secretary de-
c34res, and business az usual cam
net zbe adopted. Aa the guidfng, prin-.
c,ple of the war. People must save and
i,vssf in government securities to
avoid postponing victory.
With this admonition, Mr. McAdoo
proceeds to cite the enormous figures
lures which are the fruit of war times
Total estimated receipts for the cur
rent fiscal year are $12.5s0.732.s0o.
which. with balance in the Treasuy
a total Of $1s.s4771s1eI Most Of the
receipts. or $S,6S6.o 100000, are from
sale of bonds and war savings Ger
tincates: ordinary receipts are $3.ss6.-
the Panama Canal income is $1,000. 600.
Ordinary disbursements are esti-
mated at $12.316,zs5.22a: loans to allies
as,. n ths at 4 op
Panama canal expenses. $23.593. 900,
making total estimated disbursements.
Must Aid United States.
To allow for balance in the general
30 Congress must authorize raising Of
about $5,640.080.000 additional funds
This figure. together with the $685.
eUty bonds and S. 'ssasn ted
receipts from war savings. make the
ss.sss 100000 which Mr.. McAdoo be-
lieves Americans must loan the govern
ment between now and June 80. 1918.
For the next fiscal year. ending June
80: 1919. the Secretary estimated re-
ceipts at S5.17s.00o, 900 and disburse-
ments at s12: :so4 .os4. 40. exclusive Of al
excess Of Disbursements II the present
rate OF loans to allies Is continued In
the 1s1s-19 fiscal year. $4,000, ,000. 900
mated interest on honds to be issued
that year is $685. 100000. and estimated
expense Of floating the bond issue.
Thus If the deficit is to be met by
bonds. $14.040.0O0. 900 worth must be
foated between July 1. 1918. and June
80, 1913: in addition to receipts from
war savings.
Exigencies May Cause Changes.
while these figures represent the s,tua.
ton as 1t appears today" the Secretary
says. ''it should be borne in mind that
the exigencies OF the future may cause
changes. particularly with regard to the
estimates for the War and Navy depart
ments." The estimates 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 people, in
Guiding allied loans. for the two years
ending enc Ing 1 June ne, 30, 1919. will be at least
To the great task facing the country
Secretary McAdoo calls the people with
these words:
the readjustment that must take place
Is that our people shall be impressed with
the necessity OF economizing in the con-
sumption OF articles Of clothing. food and
fuel. and of every other thing which con-
<titutes drain upon the available sup
piles. materials and resources of the
country: Everything wasted now is little
so far as have been able to observe,
the American people are not sufficiently
aroused to the necessity of economy and
only in the life of America but Of the ma
tons OF the world. Up to the present
thefe has been a relatively small denial
OF pleasures. comforts and convenience
on the part of the average citizen. He Is
drawing upon the general store Of sun
plies In the country with almost the same
freedom as before America came into the
war. This cannot continue without serious
hurt to the nation and to the world The
great financial operations of the govern
ment cannot be carried forward success
fully unless the people Of the United
States econonize in every possible dfrec-
tion. save their money and lend it to the
government.
Traces Course Of Dollar Saved.
TT Il easy to visualize the course NJ .
dollar saved from waste and invested n
government bonds: First. 1t goes to tbs
government as a loan for the war: sec.
ond. It IL expended by the government TO,
food. clothing and ammunition. which se
directly to q gallant soldier or satIo,
whose fighting strength is kept up by thu
food, whose body IL kept warm by thu
clothing and whose enemy is hit by thu
amm1nttion. It has not been expended IL
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