The Daily Missoulian., 1917-07-28
IS BILLION
TO FINANCE
WAR NEEDS
Estimates Of Depart
ments Garry Figures
Into Staggering
Proportions
BY Associated Press.

Washington. July 27.-Estimating
the cost of the war for the coming
year at $10,7S5. .S07. 600 exclusive OF
loans to the allies. the administration
informed congress today that new rev.
enues totaling $1,000, ,00o. 900 must be
raised from taxation or issuance OF Sc
curities.
II advancement Of credit to the al
lies is continued at the present rate,
the years total of war expenditures
viii pass $4,000 10000 and the
amount OF additional revenue REQUIRED
VIII increase accordingly. How con-
gress will meet the enormous new rev.
cnuc requirements remains to he de-
tcrmined. but there is a distinct SEN
timcnt in favor OF offsetting most Of
the expenditures by bond issues.
Many leaders on both sides Of the
capitol predicted tonight that not
moro than $4,000 900 900 OF the $1,000
900 100000 asked would be raised by
taxation. and that the remainder might
be met partially by bond sales and par
italy by issuance of treasury ccrtifi-
Gates OF indebtedness
Army Item Biggest.
Equipment ana stores for the ma
tional army. particularly artillery, will
require the lions share of appropria-
tons under the administrations cst1-
mates. OF the years total of sf0,73h,-
SO1 900. the war department alone on
poets to spend 81 .S64, 100000, or $5.3l9.-
900 900 more than has been appropri-
atcd thus far for its expenses during
the year.
The navy expects to spend $780,
100000. Of which $2SS,ooo,0oO remains
to be appropriated. Tho shipping
board, whose shipbuilding program
places It third on the list. expects to
spend $799,000 ,ooo. of which $3.50. .0O0.-
600 remains to be appropriated.
These figures cover the cost of the
war from July I last to June 80 ncxt.
They do not include the money spent
prior to the first of this month.
Only $4,000. .ooo, 600 in Sight.
Estimated receipts for the year wcro
placed by Secretary MeAdoo. In trans
mitting tho estimates to the house
ways and means and senate finance
committees. NJ s1.a33, 1900, 900, This cs-
innate of receipts did not include rev.
enucs to be raised under the pending
war tax bill. estimated by administra-
ton leaders In congress at $i.67O.670-
900. Revision of the bill will begin
Immediately to embndy whatever ad-
ditional taxation 1t may be deemed
best to impose as result of the new
estimates
Tremendous as are the estimated
epenses of the government for the
year the appropriations actually
sought by the various departments are
placed above these totals In order to
provide n margin of safety. Thus the
war department expecting to spend
s7.S64,2 900. asks for appropriations
of sS.G73, 36S, 900. and the navy depart
mcnt, estimating its expenditures at
$1,000. .O00, 900 asks for $f3o417S,
Total appropriations sought by all
departments aggregate sll l,65l .193. 1913.
or nearly 81 900, O00. 900 more than es-
timated expenditures.
should this sum he authorized by
congress and an additional $4,5O0. 900
600 for the allies. which would be nee
essary to keep up the present rate OF
loans totaling $500 900. 900 a month,
the total to be raised by bond issues
and additional taxation for the cur
rent fiscal year would be more than
5000 100000. 1t has been indicated
that additional authorization for loans
will not be requested of congress until
the new session begins In December
With estimated expenditures of $l0,-
735, 900 as the basis for computa-
tion. the following deductions from the
total of estimated expenditures were
mad" in reaching the $1,000 oOo. 900
total of new revenues needed:
Amount Of Deductions.
Income for the year under existing
laws, 1888. .50O.O
Bonds authorized under the war H.
nance bill of April e5, but not issued.
$4,000 900 900
Other bond issues previously author
lied to reimburse the treasury for va
rious items of expense, about s4OO. .
O0O, 900.
Total. $3.733. 500. 900.
The estimate of receipts during tho
next IL months was computed as fol-
lows:
From customs duties. $225,00O, 900,
From ordinary internal revenue
sources, $3.50. 0.O00,0 900.
From the income tax. $500 600.
From miscellaneous taxes and other
items. $4,000, 900.
Panama canal tolls. $1,000, 900, and
deposits to retire national hank notes.
an item which is represented in the
same figure on the credit side of the
ledger. $50. .00O, 900.