The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1918-07-01
Third Has Been in Loans to
the Allies, But Our Ex-
penses Are Soaring
TOTAL FOR JUNE
BILLION AND HALF
Receipts for Month Reach a Figure
Never Before Attained in History
Owing to Inflow Of Income and Elk
cess Profits Taxes.

3 WASHINGTON, July 1.-The govern
ment on Saturday closed its books for the
first full fiscal year Of the war, and to-
day opened records for another year.
In the government financial history
the year will go down as period Of ex-I
pense not dreamed of decade ago.
More than $4,000, oO0,eea has been paid
out to meet the bills run up for the army,
navy, shipbuilding program, airplane con-
struction. coast defense requirements, and
other government activities, and the
needs of the allies for loans to finance
purchases of war materials in this
spent less than sl,00800O,000 annually.
With the addition of the 81 ,000, 000, 600
which the government spent in the three
months of war preceding this fiscal year,
the wars cost in money to date has been
sl3, 800 900, GOO.
The war activities are now draining
about $50, 000000 day from the nation .
public Treasury, and IN june the running
expenses were greater than ever before,
although loans to the allies dropped 10
smaller amount than IN any month
since April 9l7,when the United States
became a beligerent.
Including estimates for the last two
days of the months, not yet recorded,
the expenditures for June were about
81 500 100000
Ordinary expenses for the month were
about 81. 25S 200, 600, new. record, and
| the payments to allies We're approximately
$236, 100000, less than half the total
which the treasury has figured as nee
essary to finance allied purchases in the
| United States every month Use of ships
to transport troops to France, instead d
/ for war materials, is thought primarily
responsible for the reduction of allied
| loans.
Owing to the inflow of income and ex
cess profits taxes, receipts for june hav,
collapsed all records. From taxation ano
other minor sources OF revenue, the re
ceipts are expected to reach s., $50
100000 Payments on Liberty bonds an,
certificates of indebtedness have yielde,
nearly 81. 400 100000. tei Ill
With figures not yet i,tabnlated. ex
pensds for the fiscal searI are aslfolloSes:'
Ordinary expenses for ffs5ot a
| departments, E 5000 .ODu.uDl
Payments 80 allies, I'D 4,79s, 0Oo,0et
Interest on Liberty bonds III
and other debt items, 1T5,0lO,0 90
Fed. farm loans ito be re-
/ paid, 65,0o0,00i
| In addition, So AZ O0O,0i9 certificates
issued earlier in the year, were redeemed
S27 1862, 900 in one-year treasury note
were paid, and 81 $50 900 national ban
and federal reserve bank notes were n
tired
Receipts for the year. without th
last two days, include these items;
Liberty loans, s7,563, 900, 90
Income and excess profits
taxes, 2,115O00,0 90
Miscellaneous revenue, 1,l50000,00
War savings and thrift
stamps, 100000, 90
Customs tariff, revenue, 17s,000,00
Panama Canal tolls. $4,000
The government also took in s., i6s ,et
from sale Of certificates of Indebtedness
redeemed later in the year; 81 ,020,o
from postal savings bonds. $40. l50.600 d
posted for purchase of one year treasm
notes under the federal reserve act, al
4 Sl0,240000 deposited for retirement
national bank and federal reserve baI