The Barre daily times. (Barre, Vt.) 1897-1959, 1918-12-04
u. S. FINANCING nv
VAR VAS MARVELLOUS
Sec. McAdoo's Annual Report Tells Story
of the Raising of Bilions--Fifteen
Months of War Cost $751;
222,ooo,0oo.

Washington I'D. c., Dec. 1.-The finan-
cial history Of Americas part in the war
is set forth by Secretary McAdoo in his
annual report drafted before his resigna-
ton, and made public to-day by the
treasury. 1t is the history of how the
American people paid billions in taxes,
raised four great Liberty loans and ere
ated tremendous pool of credit with
which the treasury through its many
war agencies paid the bills Of the army
and navy, the shipping board and other
government departments, loaned billions
to the allies and millions to war indus
tries, helped support the families of sol
diers and sailors and tided farmers over
periods of financial stringency.
THE payment into the treasury of
vast sums in war taxes and from bond
Sales" said Secretary McAdoo, ''and the
transformation of our varied and COM
pick economic life to the supreme task
Of winning the war have been accom-
plished without shock or financial dis
turbance The credit and business struc-
ture of the nation remains sound and
strong, The results of the four Liberty
loans are a tribute to the patriotism of
the American people and to the economic
strength of the nation"
The report constitutes Secretary Me-
Adoo's final accounting of his steward
ship before retiring as the nations
finance minister Throughout the re-
port, Mr.. McAdoo refers repeatedly to
the remarkable achievements Of Amer
ica's civilian population in providing the
money and materials for war, and acting
as the eager second line of defense"
Commenting on the showing of finan-
cial arrangements in great detail by the
document, treasury librarians recalled
that the financial history of the Civil
war is buried in great stack Of musty
ledgers, and probably never will be off
cialy compiled.
For the Is months ending last June 80,
Secretary McAdoo estimated that the ac-
tual cost of the war, with allowances for
the governments ordinary expenses in
ordinary times, amounted to Sl3222,-
100000. Nearly half of this, or S8,499,-
100000, went into permanent invest
ments, in the form of ships, shipyards,
war vessels, army camps, buildings and
in loans to allies or to American war in
dustries. OF the years expenses 3l6 per
cent came from taxation.
The civil establishment of the govern
ment during the year spent Sl,507 000,-
900, while the war department spent $5-
684,000,000 and the navy 81 100000.
For support of the army alone the gov
ernment paid out S4,4l2,00000. The ma.
val expenditures included the eonsauc-
tion of new vessels, machinery, arma-
ment, equipment and improvements at
navy yards. Total ordinary disburse-
ments for the year amounted to $685.
100000 and ordinary receipts, excluding
money received from Liberty loans,
amounted to S4,l74,000,000. Loans to
allies during the year amounted to a.
T39000000 additional.
Looking forward, Secretary McAdoo
found great difficulty in forecasting ex-
penditures for the current fiscal year
which ends next June 30, on account of
the sudden coming of peace Estimates
which he presented are based on ealcula-
tions of each department in advance of
revisions since the signing of the armi-
stice and he does not consider them re-
liable With this explanation, Mr.. Nc
Adoo forecast expenditures for this year