Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1917-11-15
Secretary of Treasury Says
Ten Billion Dollars More viii
Probably Be Enough for
War Up to July, 1918,
HUGE SUM CAN BE
RAISED WITH EASE
MSAdoo Tells Bankers No
Cause for Alarm Exists
Over Financial Ability of.
United States.

tsr MORNING JOURNAL SPECIAL LEASED wrasI

lsf MORNING JOURNAL SPECIAL LEASED WIRGl
Baltimore, Md, Nov. 14.-In a
speech before the Investment Bank
ers' association here tonight, Secre-
tary McAdoo disclosed that govern
ment expenditures are running far
below estimates given congress, and
predicted that the amount of money
still to be raised for the fiscal year
would not exceed ten billion dollars.
Vague and unfounded apprehen-
sions seem to exist in the public mind
as to the extent of the financial re-
quirements of the United States dur
Ding the current fiscal year" the sec
retary said.
1T may be helpful to the country
to know that these requirements have
been greatly exaggerated and that in
the judgment of the secretary Of the
treasury there is no reason whatever
for apprehension on this score This
opinion Is based upon the latest esti-
mates of our financial needs
Only Ten Billions Needed.
During the past few days the
various departments of the govern
ment have submitted to me their esti-
mates of exenditures during the cur
rent fiscal year. On the basis of these
estimates l am confident that, al
lowing for a liberal balance in the
general fund at the close of the fiscal
year, not more than $4,000, 900, 900
remains TO be raised by the issue of
bonds, war saving certificates and
treasury certificates of Indebtedness
This is not regarded by the treas
Jury department as a task which will
in any way strain the capacity or re-
sources of the United States The
splendid success of the second liberty
loan shows that the people are fully
determined to support the war and
are prepared to make such sacrifices
of luxuries, pleasures, comforts and
conveniences as may be necessary.
Less Than Expected
1.-THE estimates of the various de-
partments include appropriations al
ready made and proposed, supple
mental estimates to be submitted at
the forthcoming session of congress.
Though the estimated ordinary ex-
penditures (excluding advances to the
allies) for the year averaged about n
billion month, the ordinary oxpendi-
ture for the four months period end
ed October 81 has been only $780,
100000 or at the rate of 1924 900, 900
month. For instances the expendi-
lures for the war department for the
four months period have been so per
cent less than was estimated by that
department for that period 1t may
be confidently expected, therefore.
that the actual expenditures for the
balance of the fiscal year ending June
30, 1918, will not at the most exceed
the estimates.
Merely Shifting of Credits.
The actual credits to the allies have
averaged s500.000,0O0 per month, or
within the estimates of the secretary
of the treasury, and the actual cash
disbursements against the credits SO
established have fallen below the esti-
mates. OF the expenditures made for
the account of the United States az
well as those for the account OF the
allies, very great preponderance Is
for purchases in the United States, SC
that the operations involve merely n
shifting OF credits and have not beer
Ia strain on the financial resources OF
the country. Not only is this true. but
lIevery precaution is being taken, by
wise restrictions upon the shipment
Of gold, accompanied by careful study
of the course of international trade tc
husband the resources of the country
THE gold monetary stock (coin and
bullion used as money in the United
States on November I, 1917, Is esti.
lmated at 1904, 100000. The in,
crease in the past ten months has
been $174,500.000: while in the past
five years it has been s1,161,333, 900
In five years the portion of worlds
gold monetary stock held by the Unit
ed States has increased from approx
mately one-fifth to more than one.
third"