The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-12-04
M'ADOO OUTLINES.
FINANCIAL AID
U. S. CAVE WAR
American People Gave Bill
lions in Taxes and Subscrip-
tons, Treasury Report
Shows War Cost $l3,-
222,000,000.
1Rv Associated Press,

" AoIIi4<uA OIN, Lev. = AC imam
cial history OF Americas part in the
war Is set forth by Secretary McAdoo
N his annual report drafted before his
resignation. and made public today
by the Treasury 1t is the history OF
how the American people paid billions
IN taxes, raised four great liberty
loans and created a tremendous pool
OF credit with which the treasury
through it's 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 industries.
ie)ped support the families of soldiers
and sailors and tided farmers over
periods Of financial stringency
The report constitutes Secretary
MoAdoo's Anal accounting of his stew
ardship before retiring as the nations
fpance minister. Throughout the re-
port, Mr.. McAdoo refers repeatedly to
the remarkable achievements OF Amer
teas civilian population in providing
the money and materials of war, and
acting as the ''meagre second line or
defense"
Permanent investments.
For the fifteen months ending last
June 30, Secretary McAdoo estimated
that the actual cost of the war. with
allowances for the governments ordl-
rar yexpenses in ordinary times
amounted to $13,222, 100000. Nearly
half of this, of $6,499, 100000. went in
% permanent investments, in the form
y. ships, shipyards, war vessels, army
camps, buildings, and in loans to Al
lies or to American war industries.
Of the years expenses, BIG per cent.
came from taxation.
The civil establishment Of the gov
eminent during the year spent $l.5O7,
100000, while the War Department
spent 1854, 100000 and the navy ST.
36s, 100000 For the support OF the
army alone the government paid out
S4.412 900, 900.
Looking forward. Secretary McAdoo
icund great difficulty in forecasting ex-
p,nditures tor the current fiscal year
Which ends next June 80, on account
of the sudden coming OF peace. EST
mates which he presented are based
on calculations of each department in
advance of revisions since the sign
Jug of the armistice and he does not
consider them reliable. With this ex-
rIanation, Mr. McAdoo forecast ex-
Ienditures for the year at $20,6S7 ,OOO.-
OCC for government purposes and S4,-
US coo, 900 for loans to Allies and ST.
~, 100000 for redemption OF out
standing certificates and other cancel
lation. Total estimated disburse-
r.ents for the year were put at w.
rs, 100000.
Against this estimate which actual
expenses at the rate OF little more
.Lap a billion and half dollars a
month to date, indicate is too high
Q Mr.. McAdoo calculated that the gov
ernment will receive about So,OOO,OO
90 before the end of the fiscal year
next June 80, from income and profits
taxes, S1,1O0,0 100000 from other taxes,
sleC,OOO,O00 from suctoms and 5000
0r0,OC from miscellaneous sources, in
Gliding $7O.COO,O0O from increased
hostage, making estimated receipts
from ordinary sources $6,OS46.OOO,o0
In addition, he figured roughly on
little more than $5,000,O0O,OOO from
further issues of liberty bonds and
$1,000, O00.00 from war savings. These
figures added to receipts from Liberty
Loan Bonds already sold make Sl4,
GS,C00,000 the total of popular Dor
rowings expected during the year. Or
this basis total estimated receipts
would be $21 .O22 100000 or $3.50, 600,
coo less than tentative estimates o.
disbursements. Actual developments
are expected to charge these calucla
tons greatly.
U. S. Public Debt.
The United States public debt las
June 30 was $12,396, 100000. without
taking into consideration the S1,3l9.
600, 900 free balance in the Treasury &c
partially offset the debt. The public
debt has been increased since then D!
the Fourth Liberty Loan OF nearly
$1,000 ,O00,0 and by Treasury certf,
Gates Of indebtedness amounting tt
seevral hundred million dollars.
The report disclosed for the first
time the activities of the Treasury's
sinking fund to buy up Liberty bonds
IN an effort to keep their price iron
falling far below par. Up to Novem
her 1, II is shown, S244,O36.500 worth
Of bonds. face value, had been pur
chased on the open market for 1924,
100000. or at an average price OF about
eS per cent, and subsequently held by
the Treasury OF this sum. $172,445,
900 were second Liberty Loan bonds
of both and 44 per cent issues
S7O.935, 900 were third Liberty Loar
bonds. and S65, 100000 were first Lib
erty Loan converted bonds
MIR. McAdoo took the occasion t(
emphasize again the importance o
Fastening enactment OF the revenue
hill now pending in congress.
Hope to Continue W. 8. s.
Unless the measure becomes a Law
in the near future" he said, 1T will
not be physically possible for thu