The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1917-12-05
MUST RAISE FIVE BILLIONS
BY JUNE | OF NEXT YEAR TO
MEET EXPENDITURES FOR WAR
Estimates Of Expenses for Next Fiscal Year Exceed Est
mated Receipts by More Than $7,ooooOo Secretary
Of Treasury McAdoo Reports to Congress.

$5,128, posts must be provided in adj
dttion to funds from taxes and bond
issues already authorized in order to
make estimated receipts efor the fiscal
year ending June 80, 1918 equal dis
bursements. If this deficit is met by
a new issue of bonds, the total amount
of securities to be issued in the next
seven months is estimated at $780,
ABB, $50.
For the next fiscal year, ending
June 80, 1919, the estimated excess
of disbursements over receipts is ST.
627, 973,98O.
Huge war expenses and loans to
Americas allies at the rate OF half
billion dollars a month have made
these estimates many times larger
than any ever presented in Score
tary of the Treasurys annual report
OF the $12,316, 100000 estimated or
binary expenditures for the year end
ing next June 80, $11,525880,o0 0 is
for war purposes, and the proportion:
is about the same. for the fiscal year
ending in 1918, So 4
So far, the nation has borne the. fl
nancial burdens of the war well, 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-
clares, and stbusiness as usual cam
not be adopted as the guiding pran-
ciple of the war. People must save
and invest in government securities.
to avoid postponfng victory. -.
With this admonition, Mr.. MeAdoo.
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 s12, 5S0,7S2, 300,
which, with a balance in the treasury
last June Of s1,066, 9s3,361, makes a
total OF $13,647,716,161, Most of the
receipts, or So, 686, 100000 are from
sale of bonds and war savings certifi-
Gates; ordinary receipts are 1885,
100000, largely from war taxes; and
the Panama Canal income is $4,000
600.
Ordinary disbursements are estima-
ted at S12,316,295,223; loans to allies
in the. year at $6,115, 900, 00o; public
oOOb A1oO vi oO1AACiAs< = x - w VI
and Panama Canal expenses, $23,593,-
900; making total estimated disburse-
ments SIS. 5,919,s55.
In order to allow for balance in
the general fund of about 100000
/ 600 next June &c. Congress must au-
thorize raising of about $50 49, 100000
additional funds This figure, togeth-
er with the $3,666, 100000 of author
lied but unissued Liberty Bonds, and
$3.50, 100000 estimated receipts from
war savings, make the IS, 969, 100000
which Mr.. McAdoo believes Americans
must loan the government between
now and June 80, 1913;
For the next fiscal year, ending
June 30 1918, the Secretary estimated
receipts at $5,176,0o0,000 and dis
bursements at $12,804, 034,440, exclu-
sive of allied loans This makes a
1921 ,00O,0 900 excess of disburse-
ments If the present rate Of loans to
allies is continued in the -1918-19 fiscal
year, $4,000, 600, 600 additional would
be required. Estimated interest on
bonds to be issued that year is $685.
100000, and estimated expense OF
floating the bond issue $2s 200, 900.
Thus If the deficit is to be met by
bonds, $4,000, 5000 worth must be
floated between July /. 1918 and June
| 30, 1913, in addition to receipts from
war savings.
while these figures represent the
situation as it appears today" the
Secretary says, sit should be borne in
mind that the exigencies of the future
may cause changes, particularly with
| - 70 fnr tho
and Navy Departments. The esti-
mates 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 peo-
pie, including allied loans, for the two
years ending June 80, 1919. will be
at least s36, zoo, 0o0, 600. -a.az=-7.
To the great task facing the coun-
| try, Secretary McAdoo calls the people
with these words:
| what is of superlative importance
| in the readjustment that must take
place is that our people shall be trn-
pressed with the necessity, of .econo-
MIXING in the consumption of articles
! of clothing, food and fuel, and of
4 every other thing which constitutes
J a drain upon the available supplies,
materials, and resources of the coun-h
4 try Everything wasted now, is little
short of criminal.
4 $50 far as I have been able to OBJ
serve, the American people are not
sufficiently aroused to the necessity
of economy and of saving in this real
ly serious time, not only In the life
Of America. but of the nations of the
world. Up to the present there has
been a relatively small denial of pleas
ures, 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
ton and to the world. The great H.
nancial 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 it to the
government
"It is easy to visualize the course OF
dollar saved from waste and invest
ed in government bonds: First 1t goes
! to the government as loan for the
war; second, it is expended by the
government for food, clothing and
ammunition which go directly to 8
gallant soldier or sailor whose fighting
strength is kept up by the food, whose
body is kept warm by the clothing
, and whose enemy is hit by the ammu-
milton TT has not been extended In