The Bridgeport evening farmer., 1917-12-08

Washington, Dec. S-Congress was informed by Secretary McAdoo, in his annual report, submitted yesterday, that s5,128,203,793 must be provided in addition to funds from taxes and issues already authorized, to make es- timated receipts for the fiscal year ending June 30, 1918, equal disburse- ments. 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 $9,969,- 433,850. For the next fiscal year. ending June 30, 1919, the estimated excess of disbursements over receipts is $7,627,97a,980.
 Huge war expenses and loans to Americas allies at the rate of a half billion dollars & month have made these estimates many times larger than any ever presented in a Secre- tary of the Treasury's annual report Of the $12,316, 100000 estimated or dinary expenditures for the year end ing next June 30, $11, ,527, 1000 for war purposes and the proportion is about the same for the fiscal year end ing in 1919.
 So far the nation has borne the financial burdens of the war we'll says Secretary McAdoo, owing to healthy business conditions and the valuable aid of the Federal Reserve System. In the future, however increasingly greater habits of econo- my must be developed by individual and business institutions the Secre- tary declares, and business as usu- aP' cannot be adopted as the guiding principal of the war. People must save and invest in government securi- ties to avoid postponing victory.
 With this admonition MT. 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 current fiscal year are SIP, 2,5So, 732, 800 which with balance. in the Treas : ury last June 30 of s1,S36,9S3,361 makes a total of $13, 47,716, ,161. Most of the receipts, or $S,6s6, 100000, are from sale of bonds and war savings certificates; ordinary receipts are $S,- 886, ,O00,000, largely from war taxes and the Panama Canal income is ST. i 900, 900. Ordinary disbursements are esti- mated at 12,316,295,2 ,22S; loans to al lies in the year at sS,115,o00,Oo0t public debt disbursements at $321.' 900, ,ooo;- and Panama Canal expense! | s23,593, ,oo0; making total estimated disbursements SIS, ITS, ,s19,965.
 | In order to allow for a balance fl the general fund of about s5o0,ooo.' l 900 next June 30, Congress must au l thorize raising of about $5,640, ,ooo,'
 GOO additional funds. This figure i together with the $3,666, 100000 o. 1 authorized but unissued Liberty i bonds and ss6s, 100000 estimated re- i ceipts from war savings, make tht 1 $9,969, 100000 which Mir. McAdoo be lieves Americans must loan the gov ernment between now and June 30 i 1918.
 For the next fiscal year, ending June 30, 1918, the Secretary estimat
 ed receipts at $5,176, 100000 and dis
 burse1nents at s12,S04,0S4.z4o, ex i elusive of Allied loans, This make
 a $7,627,OoO,O00 exesss of disburse
 ments. If the present rat of loans to Allies B continued il the 1s1S-1s fiscal year. $s.0o0, ooo.oot additional would be required. Esti mated interest on bonds. to be issued that year is s3S5, 100000 and estimat ed expense of floating the bond issue!
 $2S, 900, 900.
 Thus, if the deficit is to be met b1 bonds, s14,O40, ,000,0 900 worth must b' 1 floated between July 1, 1918, ant June 30, 1919, in addition to receipts from war savings.
 "While these figures represent thu situation as it appears today" tht Secretary says, ''it should be borne
 in mind that the exigencies of tht future may cause changes, particular ly with regard to the estimates fo1 the War and Navy departments" Th'
 estimates on which the Secretar! bases his figures are made by thu Ivarious governme departments. The outstanding fact apparent iron these stupendous figures is that thu cost of the war to the American peo pie, including Allied loans, for thu two years ending June 30, 1919, vii be at least ss6. 5000, 900, 900,