Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1917-12-07
Secretary Sends Statement to
Congress; Says People Are
Not Sufficiently Aroused to
Needs of Strict Economy

WASHINGTON. Dee congress
was informed BY Secretary McAdoo in
his annual report submitted today. that
S5I2S.2OS.s93 usust - provided In ad-
dstIon 10 funds from axes and bond is
sues already authorized in order TO
make estimated receipts for the fiscal
year ending June 30. 1915. equal dis
bursements II this deficit is met by
new issue of bonds. the total amount
az securities 10 be issued in the next
seven months Is estimated at $685.
E33.s50.
For the next fiscal year ending June
-. 1913. the estimated excess OF dis
lursements over receipts Is SI.SzI.s15.-
so.
Huge war expenses and loans to
americas allies at the rate Of a half
d lli6n dollars a month have made these
estimates many times larger than any
ever presented in a secretary OF the
treasury's annual report OF the sl2.-
316.0OO.0O0 estimated ordinary expendi-
lures for the year ending next June 80.
Sl1.Ss7.0OO.000 Is for war purposes. and
the proportion is about the same for
the fiscal year ending in 1910.
so far the nation has borne the finan-
Cial burdens OF the war well. says Sc
Ietsry McAdoo. owing to healthy bus:-
ress conditions and the valuable aid OF
AAAE GSAAhlAN4lcG ANNUHaA W 0NNAAa
In the future. however. increasingly
greater habits OF economy mus, be de-
veloped by individuals and business in
scitutions. the secretary declares. and
business as usual" cannot be adopted
as the guiding principle of the war
People must save and invest in govern
Elent securities 10 avoid pOstponing the
victory.
with this admonition. Mr. McAdoo
49, EFo~Frr
of government receipts and eXpeud:-
tu-ss which are the fruit OF war times.
Total estimated receipts for the cur
rent fiscal year are Si2-5S0.13s,SO0.
which. with a balance i'm the treasury
last June 90 OF s1.Os6.sS3.S 6l. makes
total of sIS.s47.Tl6.I6I Most of the re-
ceipts or SS.6S5. 100000. are from sale
OF bonds and war savings certificates:
ordinary receipts are s3.SS6.OOO.0OO.
largely from war taxes and the Pan
anna canal income = s7.Oo0.000.
Ordinary disbursements are estimated
IT SI23Is.295.223: loans TO allies in the
year at Ss115.OOO.0O0: public debt dis
bursementz at s321. 200. 900. and Pan
ANA canal expenses. sZ3.5s3.ooo. mak-
ing total estimated disbursements SIS
I15.sIs.s55-
In order to allow for a balance in
the general tund OF about s5OO.OO0.0O
next June 81. NOHkEcEH must AAAAAOA ~
raising about $3.50. 900 900 additional
funds. This figure. together with the
s3.sss. 600. 600 Of authorized but unis-
sued Liberty bonds. and s663.0OO.O0O es-
timated receipts from war savings,
make the ssS6S. OO0. OOO which Mr.. Nc
Atioo believes Americans must loan the
government between now and June 60,
ie-S.
le Billion Mere Needed
For the next fiscal year. ending June
90. 1919. the secretary estimated re-
ceipts at s5.I7s.000. OOO: and disburse-
ments at SI9S04O34.4 4O. exclusive Of
allied loans. This makes a s7.s27.00O.-
600 excess OF disbursements. If the
present rate OF loans 10 allies is con-
tinued I'm the 1888 fiscal year. So
600. 900. 900 additional would be re-
quired. Estimated interest on bonds to
be issued that year is s3S5.OOO.OO0. and
estimated expense OF floating the bond
issue s3S.0oO.00o.
Thus IL the deficit is to be met by
bonds. $4,000. 600. 600 worth must be
fIoated between July 1. 1918. and June
80, 1919. I'm addition TO receipts from
war savings.
while these figures represent the
situation as IL appears today" the sec
Rotary says. 1T should be borne in
mind that the eNigeucies OF the fu-
ture may cause changes. particularly
with regard to the estimate for tho
war and navy departments" The es-
Inmates on which the secretary bases
hts 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.
Including allied loans. for the two
years ending June 80. 1919. will be at
least $4,000. GOO, 900.
To the great task facing the coun-
try. Secretary McAdOo calls the people
with these words:
What is Of superlative Importance
in the readjustmsnt 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
so far as / have been able to OBJ
serve the American people are not suf-
ficiently aroused TO the necessity of
economy and Of saving in this really
serious time, not only in' the life OF
America, but Of the nations of the
world Up to the present there has
pleasures. comforts, and conveniences
on the part OF the average citizen. He
Is drawing upon the general store Of
supplies in the country with almost
the same freedom as before America
came into the war. This cannot con-
tinue without serious hurt TO the ma
tfon and TO the world The great
financial operations of the government
cannot be carried forward successfully,
unless the people OF the United States
economic in every possible direction.
save their money and lend II to the
government"
II IS easy TO visualize the course Of
a dollar saved from waste and invested
ia government bonds: First IL goes TO
the government as a loan for the war:
second. IL * expended by the govern
ment for food. clothing and munition
which 90 directly to a gallant soldier
or sailor whose nghting strength is
kept Up by the food. whose body is
kept warm by the clothing. and whose
sEemy is hit by the ammunition 1t
has not been expended in the purchase
Of needless food and clothing for the
man at home, and Is. therefore. re-
leased for the use of the soldier; IL is
saved wealth TO the man at home and
can be loaned TO his government at in
terest. with resulting benefit to him