Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-08-18
WAR Will COST
j. 5. 10 billion
NNEXT YEAR
This Vast Sum includes Prob
able Advances of Credit
to the Allies


ing the cost OF the war for the com
ing year at $10,735, s07 900, exclusive
of loans to the allies, the administra
ton informed congress today that new
revenues totaliRg $1,000, 000, 900 mus
be raised from taxation or issuance
of securities.
II advancement OF credit to the al
lies is continued at the present rate
the years total OF war expenditure:
will pass SIS, 600, 000.000 and the
amount of additional revenue required
will increase accordingly.
How congress will meet the enor
nous new revenue requirements re
mains to be. determined. but there is
a distinct sentiment in favor of off
| setting most of the expenditures b.
bond issues. Many leaders on botl
sides, of the capital predicted tonight
that not more than $4,000, 100000 OF
the $1,000, 100000 asked would be
raised BY taxation and that the re
mainder might be met partially By
bond sales and partially by issuance
Of treasury certificates Of indebted
ness.
Army Needs Huge Sum
Equipment and stores for the ma.
tional army, particularly artillery, will
require the lions share of appropria-
tions under the administration esti-
mates. OF the years total Of $10,.
| I35, S07, 900 the war department alone
expects to spend 1885,, 240, 900, or S..
319, 000. 900 more than has been appro-
priated thus far for its expenses dur
ing the year.
The navy expects to spend $1,2e0,-
100000, Of which $2SS,000, 900 remains
to be appropriated The shipping
board, whose shipbuilding projects
place 1t third on the list, expects to
spend $799, 900, 900, of which $3.50 ,0o0,-
600 remains to be appropriated. E.
These figures cover the cost of the
war from July 1 last to June 80 next.
They do not include the money spent
prior to the first Of this month. 7,
Estimated Receipts
Estimated receipts for the year
were placed by Secretary McAdoo, in
transmitting the estimates to the
House Ways and Means and Senate
Finance Committees, at 81, 33S, 500, 900.
This estimate of receipts did not in.
clnde revenues to be raised under the
pending war tax bill, estimated by ad.
ministration leaders in congress at
1870, SIC, 900. Revision of the bill
will begin Immediately to embody
whatever additional taxation it may
be deemed best to impose as result
Of the new estimates.
Tremendous as are the estimated
expenses Of the government for the
year, the appropriations actually
sought by the various departments
are placed above these totals In order
to provide margin Of safety. Thus
the war department, expecting to
spend $7,S64,2l0, 900, asks for appro.
priations totaling 81, 673, 1868 900, and
the navy department, estimating its
expenditures at 200, 000, 900, asks for
appropriations Of 1880, LIS, 900.
The total appropriations sought by
all departments aggregated $11,651,.
193, 1888, or nearly 1000, 0OO, 900 more
than estimated expenditures.
May Exceed &c, 600 ooo, 900.
Should this sum be authorized by
Congress, with an additional $4,000
100000 for the allies. which would be
necessary to keep up the present rate
Of loans, totaling $500, 000. 900 q month,
the total 70 be raised by bond issue
and additional taxation for the cur
rent fiscal year would be more thar
SIG, 0O0, 900, 900. It has been Indicated
that additional authorization for loans
win not be requested Of congress until
the new session begins In December.
With estimated expenditures Of $40.
135, 6O7 900 as the basis for eomputa,
ton, the following deductions from
the total of estimated expenditures
we're made IN reaching the $1,000, 000.-
900 total Of new revenues needed:
Income for the year under existing
laws, $1,333. SOC, 900.
Bonds authorized under the war
finance bin Of April Is. but not issued,
$4,000 100000.
Other bond issues previously au.
thorized to reimburse the treasury for
various items Of expense. about $500,
100000.
Total, ss,7ss, 10000
The estimate OF receipts during the |
next twelve months was computed as
follows:
From customs duties. s325. o00. 600
From ordinary internal revenue |
sources, $3.50, 900, 900.
From the income tax, $3.50, coo. 900.
From miscellaneous taxes and other
items, 70.000. 900.
Panama canal tolls, $1,000, 900.
Deposits to retire national bank
notes, an item which Is expressed by
the same figure on the credit side Of /
The ledger, $50, 900. 900.