The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1917-12-05
OUR PEOPLE MUST
SAVE AND INVEST
Enormous Figures of Re-
ceipts and Expenditures
in McAdOO's Report
OVER FIVE BILLIONS
MUST BE PROVIDED
In Addition to Funds from Taxes and
Bond Issues Already Authorized in
order to Meet Estimated Expenses of
Fiscal Year.

WASHINGTON, Dec. congress
was informed by Secretary McAdoo III
his annual report submitted today that
-, ,903,793 must be provided in ad-
dition to funds from taxes and bond
issue already authorized in order TO
make estimated receipts for the fiscal
year ending June 30, 1918 equal dis
burscmcnts If this deficit is met by
q now issue of bonds, the total amount
Of securities TO be issued in the next
seven months is estimated at $9,969,-
1880
For the next fiscal year, ending June
30, 1919, tAe estimated excess of dis
bursements over receipts IS s. ,621 ,9i3,-
qS0.
Huge war expenses and loans TO
America S allies at the rate of half
billion dollars month have made these
estimates many times larger than any
ever presented in secretary OF the
treasury's annual report. OF the $l2,-
3l6.O0o,OOO estimated ordinary expendi-
lures for the year ending next June
| 30. FL ,527 geo 900 is for war purposes,
| for the fiscal year ending in 1913.
! SO far the nation has borne the fl
nancial burdens of the war we'll 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-
! elareS, and Cuisines rs usual can
not be adopted as the guiding princi-
/ Elr Of the war. People must save and
1 invest in government securities 10 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 cur
/ rent fiscal year are Sl2,5S0, 132, 500,
! which, with balance in the treasury
( last June 30 of 81 ,066, 9S3, 36l, makes
total of 1894, 716,161. Most Of
! the receipts, or IS $3.50, 100000, are from
/ sale Of bonds and war savings certiti-
4 Gates; ordinary receipts are So, 6.000,-
\ 000, largely from war taxes; and the
Panama Canal income il $7,000,000.
Ordinary disbursements are estimat-
| ed at $l2.3l6, 2g5.223; loans to allies
in the year at $G,ll5,0 900; public
debt disbursements at 1921 100000; and
4 Panama Canal expenses. S23 1913 ,u0o;
making total estimated disbursements
I $lS,775,9l9, $50.
In order to allow for q balance III
the general fund of about 100000, 900
next Tuue 30 congress must at1thoriz e
raising of about $3.50, 100000 addi-
tional funds. his figure, together with
the 1906 100000 of authorized but UNI
issued Liberty Bonds, and 1868 ,000,0 00
7 estimated receipts from war savings,
make the $1,000, 100000 which Mr.. Me
Adoo believes Americans must loan the
government between now and June 80,
f., 1918.
For the next fiscal year, ending June
I, 30. 1919, the secretary estimated re-
I cciptS at S5,l76,000,00o, and disburse-
mcnts, at Sl2 ,S0i, 034 40, exclusive Of
/ allied loans. This makes a -, 62T ,000,-
. coo excess of disbursements. If the
( pres. Il rate OF loans to allies is con
j tinued IL the 1871 10 fiscal year, $4,000.
I 100000 additional would he required
Estimated interest on bonds to be is
I sued that year Is 1885 100000, and es-
timatcd expense Of floating the bond
issued $2s,U0O.0 900.
Thus if the deficit is to be met by
bonds. Sl4,0i0,oo0, 900 worth must be
tloated between July !, 1918 and june
30, 1919, in addition to receipts from
wa savings.