Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1917-07-28
Treasury Department SNbmltsI
War Budget for Fiscal Year
Which Contains StartIlng|y|
Big Figures,
FIVE BILLIONS ABOVE
PRESENT REVENUE BILL
Huge Total Is to Be Made Up
Partly by Increased Taxes
and Partly by Issuing More
j, S, Bonds.

lay MORNING JOURNAL SPECIAL LGAsEp wiRsi
Washington, July 27.--Secretary
McAdoo submitting estimates to con-
gress today for the new war budget,
said the first year of the war prom
ised to cost $10,735, ,S07, 900, exclusive
of loans to the allies, making it nee
essary to raise more than Sc, 500, ,000,-
600 additional revenue.
The war tax bill as revised by the
senate finance committee provides
for only q little more than $l,5OO,-
600, 900 in additional revenue.
The $5,000,O00,00O discrepancy
probably will be made up partly by
increasing the bills levies and partly
by bond issue.
Besides the estimate of more than
$4,000, 100000 additional expenses
submitted yesterday by the war de-
rartment Mr.. McAdoo presented es-
Inmates from other departments total
ing upwards of $1,000, 600, 900 All OF
these estimates are for expenditures
during the year ending next July ana
are in addition to more than $1,000
600 900 already appropriated since
the war began.
The largest items in today's esti-
mates are $350,000,000 for the ship
ping board and $2SS,0O0,OOO for the
navy. For the food survey to, be
made under pending legislation SILL
100000 was requested.
Loan to Allies Heavy.
If advancement of credit to the al
lies is continued at the present rate
the wears total of war expenditures
will pass SIS, 1000, 100000 and the
amount of additional revenue requir-
ed will increase accordingly.
How congress will meet the enor-
nous new revenue requirements re-
mains to be determined, but there is
distinct sentiment in favor of offset
ting most of the expenditures by bond
issues. Many leaders on both sides
of the capitol predicted tonight that
not more than 000,OO0,O00 of the
$1,000, 900, 900 ASKED would be raised
by taxation and that the remainder
might be met partially by bond sales
and partly by issuance of treasury
certificates of Indebtedness.
Army Expenses Biggest.
Equipment and stores for the ma
tional army, particularly artillery, will
require the lions share of appropria-
tions under the estimates. OF the
years total of $10,735, 900 the
war department alone expects to spend
s7.S64,24O,0O0, or $5,319, 9,000,0 900 mort
than has been appropriated thus fai
for its expenses during the year.
The navy expects to spend $1,000.
100000, of which $2SS,000,000 re-
mains to be appropriated. The ship
ping board, whose shipbuilding pros
pects place il third on the list, ex.
poets to spend $799 100000, Of which
$3.50, 100000 remain to be appro
priated.
Estimates From July I.
These figures cover the cost of the
war from June l, last to June 80, next
They do not incrude the money spen
prior to the first Of this month. Esti
mated receipts for the year were
placed by Secretary McAdoo, in trans
mitting the estimates to the house
ways and means and senate finance
committees, at $1,333,5OO, 900. Thi'
estimate of receipts did not include
revenues to be raised under the pend
ing war tax BILL estimated by admin
istration leaders in congress
s1.67O,670,000. Revision Of the bill
Twill begin Immediately to embod'
whatever additional taxation it ma.
be deemed best to impose as resui
of the new estimates.